AML Compliance for Crypto Exchanges!

[darylalban]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

[Ailmand]

One of the reasons why binance is most trusted by traders, users and developers is their non-stop aim to provide better and more secured service to their users and developers who are using their platform as a tool for them to trade cryptocurrency. As time goes by, exchanges should do the same, as to avoid scam and being attacked by hackers which we know targets exchange with low-security system.

[kryptqnick]

I read various regulation guidelines for exchanges in different countries, and I think the policies are very unfavourable for usual customers. I get it that money laundering is a problem, but if terrorism is not a good enough reason to invade privacy of people, I don't think this one is. In some countries, crypto exchanges are obliged not only to know all of their customers and investigate suspicious cases but also to keep records of all of the transactions and make regular reports to the authorities.
I think that customers with low volumes should not be bothered and looked into when it comes to AML policies.

[maianh09]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

This is one of the collaborations that bring many positive things when we can show the world that their money will be safe thanks to Blockchain. Besides, we can introduce the Crypto platform to many stock investors.

[jjbanks994]

This collaboration sets both Binance as an exchange and Ciphertrace as a cyber security firm away from the rest. I agree it's important not only to track large cases of money laundering but also any sign of terrorism is crucial even in the digital realm

[dothebeats]

I read various regulation guidelines for exchanges in different countries, and I think the policies are very unfavourable for usual customers. I get it that money laundering is a problem, but if terrorism is not a good enough reason to invade privacy of people, I don't think this one is. In some countries, crypto exchanges are obliged not only to know all of their customers and investigate suspicious cases but also to keep records of all of the transactions and make regular reports to the authorities.
I think that customers with low volumes should not be bothered and looked into when it comes to AML policies.

True. Here in the country I'm currently staying, my account was banned and my funds are on hold because I haven't submitted my banking details, where the funds come from every month and the nature of my trades. It truly sucks that AML regulations be that tight when I'm only trading not even a thousand dollars on my account, and knowing that I'm not even in my home country is what really grinds my gears. They wouldn't be able to come up with a generalized AML regulation that will work country-to-country and that's for sure.

[0zero0]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

Why does blockchain needs security when it is itself considered as a most secured platform ?

[Haunebu]

Doube edged sword:

- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.

- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.

[Beerwizzard]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

Those things may be called something secure only from the side of the government. Because AML stuff is only needed to the government because people on exchanges don't really care whom they are talking with and where did the other person is getting money. The only thing about people care for is trade volume. Maybe it provides security only from the legal point of view but nothing else.

[Josmorio]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

Binance is really on fire 🔥.
They are just firing up every single day trying to stay ahead of the curve in all areas.
Anyways am  happy for them and for similar platforms likes Darb & others that's are striving to go global and at the same time remain compliant to the government.

[LeGaulois]

Nothing much exciting. Binance is just looking to protect itself from current and future regulations and laws, which is quite understandable. The laws differ from one country to another, not to mention unions, it changes fast too. Binance surrounds themselves with people qualified.
For the users, it doesn't bring much, if a site closes they go elsewhere. It could even become an obstacle to using Binance for some if the country is a cryptophobe.

[mohammedmattar]

Binance has partnered with blockchain analytics CipherTrace to help with on-chain securities and help define a world-class AML compliance program. There is a rising demand for blockchain security as global expansion takes place and compliance is needed more than ever.

https://www.theblockcrypto.com/tiny/binance-teams-up-with-ciphertrace-to-up-the-exchanges-compliance-procedures/

What the binance does by stepping in to increase confidence in its exchange helps crypto in general
I think binance will be one of the reasons for adoption if it continues in this way.

[alexcopper]

I believe Ciphertrace is the only firm that works strictly with crypto forensics which I think is needed with all the shady stuff that's been happening. Quadriga, monero kidnapping and other scams

[r1s2g3]

I guess currently many people might be using binance even crypto is banned in their country. I do not think these people will like to submit KYC and use binance in future.

[Jan_Vl]

That's why Binance is one of the best exchanges, they always try to improve their protection system

[Zadicar]

Doube edged sword:

- Helps Binance improve their security standards which are pretty damn great already making it an even more reliable exchange to trade in.

- AML compliance forces people to disclose their identities which goes against the entire point of cryptocurrencies in the first place.

There would be always a corresponding disadvantage if you do tend to seek out for more things.For those people who do mean or concern about security then
this add up wont really be a bother but for those who give importance into their identity then will surely lost interest to this. We know on how AML do imposes.

[akeegan]

it's a great partnership imo. I think we will see more like this in the future

[lyks15]

That idea is great. This is for our security. I think we need to start in giving our personal information using to provide a KYC form or online registration for KYC. Because when we have KYC people who are planning to do scam or other online crime will surelly detech easily. But I think this will possible when centralization comes.

[eaLiTy]

One of the reasons why binance is most trusted by traders, users and developers is their non-stop aim to provide better and more secured service to their users and developers who are using their platform as a tool for them to trade cryptocurrency. As time goes by, exchanges should do the same, as to avoid scam and being attacked by hackers which we know targets exchange with low-security system.

To avoid being attacked by hackers they need to have a secure system, check and secure their ports and avoid any sort of injection attacks and make sure the files uploaded even for verification is carefully scrutinized for any back doors, expect AML compliance to be strictly implemented in all the sites to avoid unwanted attraction from the authorities, but all these implementation must not bring any hurdle for the common user and that is the important thing every business should consider.

[pooya87]

the more they push for centralization and imposing these types of laws on this decentralized world the more WE should push back for more decentralization and freedom if we truly understand what bitcoin is and want to use bitcoin not just fill our pockets with "fiat".

and it is time that we start slowly migrating to decentralized exchanges and leave all these centralized ones specially those that have become so big (like Binance) that are starting to think they define the market.