Binance Will Strengthen KYC Controls and Sanctions Enforcement Through New Tech Partnerships


As part of its ongoing effort to strengthen its client identification and sanctions enforcement procedures, the global crypto exchange Binance has announced new collaborations with technology firms.

To keep out criminal actors and sanctioned businesses, Binance has teamed up with data analytics and security firm Kharon and screening service Neterium, according to a recent press release.

As a result of this cooperation, Binance will be able to make use of Kharon’s industry-leading data and analytics platform to improve its sanctions screening and overall KYC procedures.

In collaboration with Neterium, Kharon’s data will be sent to Binance’s transaction screening environment. As a result of our partnership, bitcoin trading platforms will be better equipped to identify and prevent unlawful conduct,” a company statement reads.

New agreements will allow Binance to enhance its service while also dealing with rising risk and regulatory constraints, according to the company’s news statement.

In order to combat money laundering, financial institutions must follow KYC requirements, which require them to conduct identification checks on their clients.

Global head of sanctions at Binance Chagri Poyraz says, In order to sustain and grow the world’s biggest cryptocurrency exchange, we are dedicated to developing an industry-leading compliance programme. The revolutionary technology of Neterium combined with Kharon’s best-in-class data enables us to mitigate our risk thanks to our partnership with Kharon and Neterium.”

Binance agreed in April to close Russian accounts worth more than 10,000 Euros in accordance with the fifth wave of sanctions imposed by the European Union (EU) on Russia for its involvement in the Ukraine conflict.

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