Singapore, SINGAPORE – Binance, the world’s number one cryptocurrency exchange by 24-hour trading volume has joined forces with U.S.-based financial technology firm Refinitiv, to integrate the firm’s “World-Check” KYC software into its trading platform.
Effective KYC tools are becoming a critical need for the cryptocurrency industry with the increasing demand for regulatory oversight. The solution will enable Binance to integrate the advanced functionalities of World-Check into their internal workflow, allowing them to streamline the screening process for onboarding, KYC and third-party risk due diligence.
Founded in Beijing, China in 2017, Binance moved to Japan before China’s crackdown on all-things crypto. A report by the South China Morning Post shows that their decision to expand worldwide while skirting China has been fruitful. The Changpeng Zhao led crypto exchange are now looking into growing their compliance competency by partnering with well-recognized market leaders for KYC solutions.
“Following existing Anti-Money Laundering (AML) standards in the fiat world and incorporating advanced third-party transaction monitoring tools, as well as our own proprietary tools, will help us build trust with regulators and financial institutions.” – Wei Zhou, Binance CFO
Owned by Blackstone Group and Thomson Reuters, Refinitiv is valued at $26.4 billion, and claims to deliver over 40 billion market updates daily to its forty thousand customers around the globe. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community.
“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.” – Nadim Najjar, Managing Director, Middle East & Africa, Refinitiv.
While Nakamoto’s vision for Bitcoin rallied around decentralisation, increasing regulations on the nascent crypto market have led exchanges to establish KYC programs in order to comply with AML regulations.