Binance, the leading exchange known for its highest funding over $151 million has signed a partnership with crypto analytics startup Coinfirm to enhance its anti-money laundering (AML) compliance. In the mean time, Binance is also making rounds to start its investment in China after 2016 when the company has to shift its headquarters from China due to ban of crypto Industry by the Government. In the coming year 2020, the exchange is going to come up with many new inventions and updates that going to blow away the mind of users.
Introduction of new platform for FATF compliance
The addition of Coinfirm’s blockchain –agnostic AML platform will supposedly bring Binance’s compliance on the main focus with the AML rules issued by the Financial Action Task Force (FATF), as per the news released by the press on October 3, 2019.
The new rules and measures created by the FATF want the Cryptocurrency operators to establish their identity behind crypto funds senders and recipients, and able to conduct proper because of the attentiveness to assure that they are not engaging in any illegal activity, and develop risk-based programs, among others. The exchange is going to set up Coinfirm’s products to evaluate and scrutinize AML risk in regards to over 1,200 digital currencies, tokens and diverse blockchain offered on its trading platform. To deal with errors and problems of Binance, users can directly contact with the team of skilled professionals who are there to assist you. You have to call on Binance support number which is functional all the time to get solutions related to your queries. The team is always there to support you.
FATF shakes up the crypto industry
As talked previously, crypto market aggregator CoinGecko stepped in to the network of CoinFirm in order to escalate its exchange Trust score algorithm, as well as serve users with a means of reporting scams and hacks. In addition to that, San Francisco-based tech start up Ripple which is the main and integral source behind XRP signed an agreement with Coinfirm, where the last one is going to explore XRP’s compliance with AML provisions. Speak to the team anytime by calling on Binance Phone support number which is functional all the time for assistance. You can take support from the skilled professionals who are there to support you.
When asked to comment on the FATF’s intention to establish control over crypto exchanges, Jeff Horowitz, Chief compliance Officer at American major crypto exchange Coinbase said that he knows the reason behind why the FATF is really wanted to do this. He further mentioned that applying bank regulations on this Industry could help in engaging many people to conduct person-to-person transactions that would bring less transparency for law enforcement.
Upcoming Binance line ups
Binance is going to amaze its users by providing ample of new features and invention. One such invention is introduction of Venus project which is going to be a direct competition to Facebook’s stablecoin project, Libra. Many other projects are coming on way and it would be worth it to watch Binance fly high.