Binance Korea Deploys Anti-Money Laundering Tool from Regtech Company Coinfirm

Blockchain analytics provider Coinfirm will help Binance Korea better comply with anti-money laundering rules.

AccessTimeIconJun 3, 2020 at 2:49 p.m. UTC
Updated Sep 14, 2021 at 8:47 a.m. UTC

Binance's Korean crypto trading arm is now working with blockchain analytics startup Coinfirm to better ensure anti-money laundering (AML) compliance.

The extended partnership, announced Tuesday, will see Coinfirm's AML solution integrated with Binance Korea's services on Binance Cloud – a platform for launching digital asset exchanges. The platform opened in April to allow Binance's digital asset trading infrastructure to be rebranded by smaller exchanges for their local markets.

"Coinfirm has one of the most advanced analytics systems and data on virtual asset wallets related to money laundering crimes. We look forward to further working with them on implementing the best AML tools and standards,” Jaewon Baek, Binance Korea's money laundering reporting officer, said in a press release.

Coinfirm’s AML and analytics platform is designed to assist compliance efforts, monitoring transactions and crypto addresses across around 1,400 blockchain assets and protocols, according to its own figures. The product is utilized by companies ranging from financial institutions to cryptocurrency exchanges.

Binance's global entity announced its initial AML partnership with Coinfirm in 2019 to address international guidelines on anti-money laundering issued by the Financial Action Task Force (FATF) last year. Binance Korea was launched in November 2019, after months of indications that the exchange was seeking to set up shop in the nation.

See a video workshop from Consensus: Distributed: Is Crypto Ready for the Travel Rule?

Binance has other local entities in SingaporeJersey and Uganda, as well as a partner firm in the United States.


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 to register and buy your pass now.