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?
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.