As part of its ongoing commitment to compliance, Binance is deploying CipherTrace Traveler
CipherTrace Traveler is the first commercial product created to help virtual asset service providers comply with global “travel rules” regulations; Binance is among the first exchanges to deploy it
MENLO PARK, California, June 30, 2021 / PRNewswire-PRWeb / – Binance Holdings Ltd. (“Binance”) announced today that it has deployed CipherTrace Traveler, the leading commercial solution created to enable compliance with global “travel rules” regulations. Traveler is designed to help Virtual Asset Service Providers (VASPs), including cryptocurrency exchanges, custodians, OTC trading desks, banks and other financial institutions, come into compliance with the Financial Crimes Enforcement Network (FinCEN) and the Financial Action Task Force (FATF) travel rules.
Traveler will also support Binance’s compliance commitment to detect bad players and prevent their use of the Binance platform, as the industry experience growing number of DeFi hacks and frauds. CipherTrace released Traveler in March 2021. Binance, the leading global blockchain ecosystem behind the world’s largest digital asset exchange, is one of the first exchanges to deploy Traveler.
“We continue to invest in our compliance program and our technology to further strengthen our standards,” said Samuel lim, Chief Compliance Officer of Binance, “We are proud to partner with CipherTrace to deploy their Traveler compliance solution. As always, we are committed to delivering a superior product to our users – a secure, decentralized and standards-compliant product. global compliance. “
CEO of CipherTrace Dave jevans said, “We are confident that Traveler will help Binance continue to meet the highest standards of global anti-money laundering compliance, especially as the regulation of VASPs tightens in jurisdictions around the world. Our product is a solution that enables VASPs to achieve AML compliance without compromising security or business continuity. We are excited to work closely with Binance and look forward to supporting their business and commitment to global compliance.
Traveler simplifies the user experience by automatically identifying VASP-to-VASP transfers and the recipient VASP by analyzing addresses associated with incoming cryptocurrency transactions. Traveler securely checks the original VASP and the recipient’s VASP against each other. Traveler ensures that sensitive transaction confirmations are only shared with other travel-compliant institutions to prevent data leaks and maintain confidentiality. Additionally, Traveler helps overcome the Travel Rule Sunrise Issue by automating the onboarding and validation of new counterpart VASPs, especially those from jurisdictions that have not yet deployed these information sharing regulations.
Traveler is the first commercial Travel Rules Information Sharing Alliance (TRISA.io) which performs the VASP due diligence of the counterparty as prescribed by the FATF and issues Know Your VASP (KYV) digital certificates. Controlled VASPs can obtain and review the TRIXO Due Diligence Questionnaire developed by TRISA.
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a suite of financial products that includes the largest digital asset exchange by volume. Trusted by millions of people around the world, the Binance platform is dedicated to increasing the freedom of money for users and offers an unrivaled portfolio of crypto products and offerings including: trading and finance, l education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information visit: https://www.binance.com
CipherTrace, the leading cryptocurrency intelligence firm, connects virtual currencies and financial services with fraud protection, anti-money laundering, and financial crime prevention. CipherTrace derives superior intelligence from cryptocurrency by analyzing massive amounts of validated blockchain transaction attribution. The founders of CipherTrace are dedicated to protecting consumer privacy and growing the blockchain economy, while defending themselves against illicit financing. Deep expertise in cybersecurity, eCrime, payments, banking, encryption and virtual currencies forms the basis of CipherTrace’s business offerings. For more information visit CipherTrace.com, subscribe to CipherTrace Newsletters, and follow us on Twitter @CipherTrace.
Kili wall at (310) 260-7901
Kili (at) MelrosePR (dot) com
Binance: [email protected]
Kili wall, Melrose PR, 3102607901, [email protected]