Cryptocurrency exchange platform to enhance KYC checks and enforce sanctions through new technology partnerships

Global cryptocurrency exchange Binance has announced new partnerships with technology companies to strengthen know-your-customer (KYC) checks and enforce sanctions.

According to a new press release, Binance is partnering with data security and analytics company Kharon and filter provider Neterium to prevent illegal activities by malicious actors and sanctioned entities.

Through this partnership, Binance will use Kharon’s industry-leading data and analytics platform to enhance sanctions vetting and KYC scrutiny more broadly.

Kharon’s data will be delivered to Binance’s transaction screening environment in partnership with Neterium.

This cooperation will contribute to the further development of data solutions dedicated to improving the capabilities of cryptocurrency exchanges to detect and prevent the activities of illegal actors.

According to the press release, Binance’s new partnerships will allow the cryptocurrency exchange to improve its services while meeting increased risks and regulatory requirements.

Know Your Customer Guidelines are regulations that require financial entities to verify the identity of their customers for anti-money laundering purposes.

Shagri Poyraz, Global Head of Sanctions at Binance says,

“As we continue to maintain and build the world’s largest cryptocurrency exchange, we are committed to implementing an industry-leading compliance program. Working with Kharon and Neterium allows us to leverage Kharon’s best data using innovative Neterium technology to address our risks.”

In April, Binance agreed to close Russian accounts worth more than 10,000 euros in accordance with the fifth wave of sanctions imposed by the European Union on Russia for waging war on Ukraine.

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