Exclusive: Binance Korea to Integrate Coinfirm Real-Time AML Monitoring
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Binance Korea will be monitoring activity on its platform for signs of money laundering thanks to a solution developed by Coinfirm.
The partnership, announced on Monday, will help Binance’s Korea branch remain compliant with Anti-Money Laundering egulations resulting from the Financial Action Task Force’s Travel Rule.
Coinfirm provides a blockchain-agnostic AML platform offered to various institutions dealing with cryptocurrencies. Their previous clients include European banks, blockchain projects such as XRP and RSK, custodians such as Xapo and the government of Gibraltar.
As Cointelegraph previously reported, Binance already integrated Coinfirm’s solution on its main platform back in October. Nevertheless, the main Binance platform generally maintains a minimal compliance burden, with the exchange preferring to open distinct branches in countries where this approach may not work, such as the United States.
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