Binance, the world’s leading crypto exchange, is taking services from IdentityMind. During, recent hacking of crypto exchanges the company wants to make strong (know your customer) KYC compliance.
IdentityMind Services
IdentityMind, offers digital identity services firm, uses advanced technology to avoid fraud along with (Anti-Money Laundering) AML. It serves KYC compliance and identifies any mischievous user activity in the financial transactions.
On Tuesday, IdentityMind stated that it made a partnership with Binance for KYC. The company will improve the existing data security and agreement process for global operations.
Real-time Platform
IdentityMind offers “real-time” operations for cryptocurrency exchanges for KYC and AML. This prevents fraud and hacking. IdentityMind uses the latest technology such as artificial intelligence and machine learning techniques. The firm serves cryptocurrency exchanges transaction monitoring and client onboarding.
Binance is growing rapidly with high trading volumes and fast expansions. Generally, compliance is the most challenging task in the fast-changing marketplace for IdentityMind startup.
The news reveals that Binance moved to strict rules. The firm previously avoided strict conditions. Due to the recent attacks, it took this partnership decision like Coinbase exchange.
In the past, the Binance exchange KYC process is very simple. A statement from Bloomberg, users only need email id to open the trading account with the crypto exchange. It increased anonymity level. It is very hard to identify market manipulation and money laundering.
Lessons From Past
Since the recent hacking of Cryptopia, the exchange makes much effort in security. In October, the crypto exchange tied up with investigation software company Chainalysis. This firm monitors in real-time tracings and avoids any unlawful or illegal activity.
It also, in the next month, made collaboration with Refinity, a financial division company, for an automatic KYC solution.
In the coming days, the other crypto exchanges are also making strict compliance and procedures to trade with them. Now, the traders must do trading with their identity.
