Binance and blockchain startup Elliptic will join forces in the fight against money laundering

Binance and blockchain startup Elliptic will join forces in the fight against money laundering

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Binance and Elliptic blockchain-start-up unite efforts in the fight against money-laundering The Binance cryptocurrency exchange has entered into a partnership with an analytical startup Elliptic, CoinDesk reports.

According to representatives of the exchange, cooperation with Elliptic will increase Binance compliance with regulatory requirements, as well as improve its security. In addition, solutions from a startup will help the exchange to counteract money laundering, which is especially important in the process of expanding the company’s activities into new jurisdictions.

Elliptic software helps identify suspicious transactions allegedly related to illegal activities, including money laundering and terrorist financing. According to the representatives of the startup, this software effectively tracked transactions “for several trillion dollars.”

Note that the Binance Exchange has recently put a lot of effort into meeting all sorts of regulatory requirements, including personal identification, anti-money laundering, etc.

For example, in March, the exchange entered into a partnership with the supplier of RegTech solutions IdentityMind to protect user data matching In April, Binance began working with CipherTrace, a cybersecurity and blockchain analytics company. The partnership aims to increase the effectiveness of countering money laundering.

Binance and blockchain startup Elliptic will join forces in the fight against money laundering

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