Rakuten Brings in Compliance Partner for New Crypto Exchange

E-commerce giant Rakuten has partnered with blockchain analytics firm CipherTrace to ensure AML compliance for its soon-to-launch exchange platform.

AccessTimeIconMay 29, 2019 at 10:00 a.m. UTC
Updated Sep 13, 2021 at 9:15 a.m. UTC

Japanese e-commerce giant Rakuten, has partnered with blockchain analytics firm CipherTrace to help ensure compliance for its soon-to-go-live cryptocurrency exchange.

CipherTrace announced Wednesday that it will help ensure sound anti-money laundering (AML) processes are in place for the firm's Rakuten Wallet exchange platform, which is based in Tokyo.

Rakuten Wallet started accepting account registrations last month from those who have an account at Rakuten Bank or who already have a Rakuten member ID. It is yet to open the platform for the wider public.

“Regulatory compliance and anti-money laundering protections are of the utmost importance,” said Yoshinao Kiyama, head of the risk control department at Rakuten Wallet. "We believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet."

Last month, cryptocurrency exchange Binance also partnered with CipherTrace to enhance AML processes such as tracing the source of on-chain funds and matching user IDs to problematic wallet addresses across its platform.

Rakuten Wallet was previously known as Everybody’s Bitcoin, an exchange Rakuten acquired for $2.4 million last August. A rebranding of the entity to Rakuten Wallet took place on March 1, at which time the older service was closed.

The new exchange received a license earlier this year from the Japanese Financial Service Agency. The exchange is therefore registered with the Kanto Local Financial Bureau as a virtual currency exchange service provider under the country’s Payment Service Act.

Rakuten itself was a relatively early adopter of crypto, launching bitcoin payments for its U.S. e-commerce platform in 2015 via an integration with bitcoin payment processor Bitnet.

Rakuten image via Shutterstock 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.