Binance Set To Tighten KYC Controls Via New Tech Partnerships

Binance is making headlines folowing the new regulations. Check out the latest reports below.

It’s been just revealed that the global crypto exchange Binance is announcing new partnerships with tech companies to shore up its know-your-customer (KYC) controls and enforcement of sanctions.

According to a new press release, Binance teams with data analytics and security company Kharon and screening provider Neterium in order to prevent illegal activities by bad actors and sanctioned entities.

“Through this partnership, Binance will utilize Kharon’s industry-leading data and analytic platform in order to enhance its sanctions screening and broader KYC controls.”

The notes continued and said the following:

“Kharon’s data will be delivered into Binance’s transaction screening environment in partnership with Neterium. The collaboration will contribute to the further development of data solutions dedicated to advancing the capabilities of cryptocurrency trading platforms to detect and prevent activity by illicit actors.”

As per the press release, Binance’s new partnerships are going to enable the crypto exchange to improve its service while addressing increased risk and regulatory requirements.

KYC guidelines are regulations that mandate financial entities to verify the identity of their customers for anti-money laundering purposes.

Chagri Poyraz, Binance’s global head of sanctions stated the following about the latest events:

“As we continue to maintain and build the world’s largest cryptocurrency exchange, we are committed to building an industry-leading compliance program. Working with Kharon and Neterium allows us to leverage Kharon’s best in-class data with Neterium’s innovative technology to address our risk.”

Despite the massive market volatility in the crypto space and the latest sad events, there are still exciting things going on. For instance, Binance just marked an important achievement. Check out the latest news below.

Binance is the first important crypto exchange that got regulatory approval in Italy. Check out the following tweet below.

JUST IN: Binance becomes the first major crypto exchange to gain regulatory approval in Italy 🇮🇹 pic.twitter.com/MOjLnMlzH8

— Blockworks (@Blockworks_) May 27, 2022

Stay tuned for more news.