The largest cryptocurrency exchange platform in the world, Binance, has recently issued a statement that suggests that the exchange platform is planning to make some big changes.
The news is particularly important for the cryptocurrency investors who have an account on the Binance exchange. The exchange has recently informed its users that it is planning to make its KYC and regulatory compliance rules more stringent.
To make the changes, Binance has partnered with a host of new cyber-security solution-providing companies. It is not that Binance does not already have KYC protocols in place, but the exchange platform is planning to implement the screening process more vehemently than before.
Binance’s New Technical Alliances are Set to Make the Platform More Secure
Recently, Binance was able to get a shoe into the European markets despite facing a considerable number of issues from the regulatory agencies of several countries. However, the exchange is determined to keep working on its regulatory compliance policies. In the latest press release, Binance management told the media that it is partnering up with a data processing and cyber-security enterprise called Kharon.
Another technical organization that has signed a service contract with Binance is Neterium which is determined to reduce the number of illicit financial activity on the platform and ensure that threat actors are discouraged and exiled from the market. Kahron will work on collecting the transaction data on Binance and share it with Neterium for screening.
Commenting on the matter, Chagri Poyraz, the head of global sanctions at Binance, recently told the media that for Binance, it is a complicated matter to maintain its regulatory compliance contracts on an international scale. The recent press release also suggested that the new policies of the organization will ensure that the respective regulatory authority can access the necessary details of the consumers to screen for AML implementation.
Poyraz told the media that Kharon and Neterium’s affiliation would mitigate the risks for the exchange platform and make it more secure for the digital currency investors at large. Binance also joined Coinbase, among a few other cryptocurrency exchanges, to decommission the cryptocurrency accounts of the Russian investors who hold more than 10,000 Euros worth of tokens.