Crypto Exchange Binance To Tighten KYC Controls and Sanctions Enforcement With New Tech Partnerships

Global crypto exchange Binance is announcing new partnerships with tech companies to shore up its know-your-customer (KYC) controls and enforcement of sanctions.

According to a new press release, Binance is teaming up with data analytics and security company Kharon and screening provider Neterium to prevent illegal activities by bad actors and sanctioned entities.

“Through this partnership, Binance will utilize Kharon’s industry-leading data and analytic platform in order to enhance its sanctions screening and broader KYC controls.

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

The collaboration will contribute to the further development of data solutions dedicated to advancing the capabilities of cryptocurrency trading platforms to detect and prevent activity by illicit actors.”

As per the press release, Binance’s new partnerships will enable the crypto exchange to improve its service while addressing increased risk and regulatory requirements.

KYC guidelines are regulations that mandate financial entities to verify the identity of their customers for anti-money laundering purposes.

Says Chagri Poyraz, Binance’s global head of sanctions,

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

In April, Binance agreed to shut down Russian accounts worth over 10,000 Euros in compliance with a fifth wave of sanctions placed against Russia by the European Union (EU) for waging war against Ukraine.

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