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Today Binance announced on their blog that the company has officially teamed up with IdentityMind, a risk management and compliance company which will be coming on to enhance the Know-Your-Customer (KYC) and Anti-Money Laundering (AML) practices on the exchange.
The end goal of this partnership seems to be to bring Binance into as high a degree of compliance with regulations in as many markets as possible. Automating compliance protocols is essentially what IdentityMind does. Samuel Lim, Chief Compliance Officer of Binance, had the following to say:
"The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it... We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide."
Many governments have adopted some form of regulation concerning crypto and KYC/AML practices. It is believed that in order to keep customers safe as well as prevent the funding of terrorism, these protocols must be enforced. Even for nations that have yet to implement policies, most believe it is just a matter of time.
It seems Binance is simply trying to stay in the head of the pack be proactively automating this system. It is unclear what, if any, changes users can expect, but be sure to stick with Chepicap for all updates!
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