Binance Partners With IdentityMind for Enhanced Compliance and Security
So, obviously, IdentityMind isn’t new to the crypto industry. In 2015, the company introduced a service to help companies remain in accordance with New York State’s BitLicense framework. Not a lot of organizations ever received approval from New York State to run under the terms of both BitLicense, but also the framework, which remains in place today, was nevertheless vital as an early attempt by government authorities to govern Bitcoin and other cryptocurrencies.
By Dealing with IdentityMind to provide much better safety and compliance options, Binance seems eager to set itself apart from other trades and supply assurance to customers concerned about fraud or theft.
It’s but one of several companies within the portfolio of Medici Ventures, a subsidiary of Overstock.com which invests in blockchain-focused companies.
The company’s platform works by monitoring financial transactions and assessing the electronic identities of users to identify behaviors or characteristics which could signal a fiscal fraud or compliance problem. It also helps customers evaluate the fiscal reputations and reliability of organizations they want to work with.
Released at Wed, 27 Mar 2019 15:08:04 +0000
Thus far, the companies have shown few details about how, exactly, IdentityMind’s services are being integrated with Binance. It’s also unclear whether the principal purpose of the venture is to help Binance fulfill its security and compliance obligations, or to help Binance clients with this goal.
The companies announced the deal on March 26, 2019, predicting it ldquo;a combined mission to help raise the industry’s standard. ”
Nonetheless, given that the frequency of reports about fraud in the crypto business, in addition to the continuing association of crypto with illegal activities such as money laundering in several peoples’ minds, any movement to strengthen security and compliance with Binance will probably give it a leg up from the competitive world of crypto exchanges.
The Binance venture expands IdentityMind’s operations into a sector of the crypto industry where it stands out to make a larger effect: cryptocurrency exchanges. Binance, which supports more than a hundred cryptocurrencies, is currently the largest market in the world in terms of volume traded.
Binance has partnered with Medici Ventures’ portfolio company IdentityMind, a threat management and regulatory-technology compliance system, in a bid to boost its fraud protection and compliance protocols.
“The partnership involving Binance and IdentityMind further strengthens our compliance abilities and our commitment to re-invest from the blockchain ecosystem and also grow this,” Samuel Lim, chief compliance officer of Binance, stated in the release.