The world’s largest crypto exchange, Binance, is looking for new partners to better enforce sanctions and expand control over user identities.
Binance intends to strengthen control over user identification (KYC) and minimize risks to its business. Exchange concluded agreements with analytics company Kharon and cloud diagnostics provider Neterium, which will help detect illegal activity on the site.
Chagri Poyraz, Head of Sanctions at Binance Global, said that Kharon and Neterium will enable the use of best-in-class data and innovative technologies to mitigate both material and reputational risks for the company.
“Virtual Asset Service Providers demand the highest quality data and technology as compliance programs are ever-changing and growing regulatory requirements become increasingly difficult to meet. So our partnership with Binance is a milestone,” said Howard Mendelsohn, Chief Account Officer at Kharon.
In November last year, it became known that after the introduction of the KYC procedure, Binance lost only 3% of its customers. However, this decision attracted more institutional investors to the site.
Recall that earlier Binance CEO Changpeng Zhao said that his company would resist calls to limit services to “ordinary people”, referring to the Russians. However, a month later, the crypto exchange still limited users from the Russian Federation by introducing a withdrawal threshold of €10,000.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
