Refinitiv, a provider of data, analytics, trading and risk assessment tools, will provide cryptocurrency exchange Binance with KYC tools.
Through the partnership, Binance will be able to integrate an advanced KYC toolset into its workflow, enabling them to streamline screening processes for onboarding, KYC and third-party risk due diligence.
Binance will continue to partner with KYC solution providers like Refinitiv as it continues its global expansion efforts, the company said. With the existing AML standards in the fiat space, its advanced third-party transaction monitoring capabilities and other proprietary tools, Binance believes it can cement trust with regulators and financial institutions.
Refinitiv, formerly the financial and risk business division of Thomson Reuters, provides financial markets data and infrastructure to over 40,00 institutions across 190 countries. The company offers data and insights, trading platforms and open data to help drive performance across a range of verticals including investment, regulatory compliance, and enterprise risk, among others.
Its KYC solution supplies client identity, verification, screening and monitoring to create an accelerated onboarding, remediation and refresh. The solution collates trusted legal equity information from authoritative sources spanning more than 200 countries.
Refinitiv Middle East & Africa managing director Nadim Najjar said, “We are proud to collaborate with Binance and lead on KYC solutions in the cryptocurrency world. Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations.
“In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank.”
Earlier in the year, Binance partnered with Chainalysis to boost the transaction monitoring ability of the crypto exchange.
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