Binance Korea Deploys Anti-Money Laundering Tool from Regtech Company Coinfirm

Blockchain analytics provider Coinfirm will help Binance Korea better comply with anti-money laundering rules.

AccessTimeIconJun 3, 2020 at 2:49 p.m. UTC
Updated Aug 19, 2021 at 2:21 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Binance's Korean crypto trading arm is now working with blockchain analytics startup Coinfirm to better ensure anti-money laundering (AML) compliance.

The extended partnership, announced Tuesday, will see Coinfirm's AML solution integrated with Binance Korea's services on Binance Cloud – a platform for launching digital asset exchanges. The platform opened in April to allow Binance's digital asset trading infrastructure to be rebranded by smaller exchanges for their local markets.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • "Coinfirm has one of the most advanced analytics systems and data on virtual asset wallets related to money laundering crimes. We look forward to further working with them on implementing the best AML tools and standards,” Jaewon Baek, Binance Korea's money laundering reporting officer, said in a press release.

    Coinfirm’s AML and analytics platform is designed to assist compliance efforts, monitoring transactions and crypto addresses across around 1,400 blockchain assets and protocols, according to its own figures. The product is utilized by companies ranging from financial institutions to cryptocurrency exchanges.

    Binance's global entity announced its initial AML partnership with Coinfirm in 2019 to address international guidelines on anti-money laundering issued by the Financial Action Task Force (FATF) last year. Binance Korea was launched in November 2019, after months of indications that the exchange was seeking to set up shop in the nation.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.