Binance Partners With Analytics Firm to Increase Compliance
May 02 2019 - 12:50PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
May 2, 2019 -- ADVFN Crypto NewsWire -- Binance has been making
more of an effort this year to be seen as a truly “compliant”
exchange. At the same time, given the fact that last year, they
were accused of various regulatory violations by the New York
Attorney General and they continued to support projects like
Tether, it is easy to question their willingness to work with
government authorities.
Whatever the case, they are making
efforts to directly combat money laundering and fraud with the help
of partnerships with companies like CipherTrace and Elliptic.
Considering what these companies have to offer, together with the
fact that Binance is still aggressively pushing for global growth,
it could still be said that crypto’s leading exchange is looking to
radically change its’ image.
In an article today, CoinDesk
reminds us that as of this March, Binance is basically offering
true KYC compliance, due to their work with another company called
IdentityMind. Therefore, as has been suggested already, they may be
looking to put themselves on equal or higher footing than Coinbase
in the future. If this proves to be true, than institutional
clients, especially those with their headquarters in jurisdictions
like the United States, will have to decide which is a more
trustworthy service.
Even saying this, though, is
jumping the gun since Binance has not been given any sort of public
green light by United States regulators yet. The SEC and the CFTC
are not known as agile entities in terms of how they make decisions
on new assets and asset classes. Looking at examples like the
continued delays surround the Bakkt project perfectly illustrates
this. Since this is the case, unless Binance is ready for a long
conversation that will likely span a few years, they are nowhere
close to leaping over Coinbase, state-side.
By: BGN Editorial Staff
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