Business

Neil Mathew

Binance partners with IdentityMind for KYC compliance

Binance, considered to the largest cryptocurrency in the world by daily volume, is looking to implement stronger regulations with regards to compliance via a partnership with IdentityMind, CoinDesk reported.

IdentityMind seeks to improve overall security and compliance with regards to the cryptocurrency markets and identity verification. The company is part of Medici Ventures, the wholly-owned blockchain-focused subsidiary of Overstock.com that is helmed by famous cryptocurrency proponent Patrick Bryne.

Many are concerned about the amount of fraud in the cryptocurrency sector, and that criminals are able to move massive amounts of money with relative ease thanks to blockchain. As a result, there are those that wish to take an extra step to improve the fight against money laundering and identity theft, which governments all around the world have been vocal about being concerned about, with regards to the sector in general.

Binance has been interested in making sure that they are compliant than many other cryptocurrency exchanges, which is why it has maintained the reputation that it has. The exchange has previously partnered with Chainalysis, but the partnership with IdentityMind makes it so that Binance can work harder to meet regulations all around the world. This is essential, considering that Binance has expanded rapidly and its users live in over 190 countries.

Many believe that Binance is one of the exchanges that can help prove just how legitimate the cryptocurrency markets are, and that these steps are necessary for institutional money to be interested. While there are some that believe that volatility is the main issue with regards to institutional money flow, others argue that the public perception of the cryptocurrency markets are that there is still a certain level of fraud and criminal activity, which might exist thanks to the various scams that have been pulled off with respect to initial coin offerings (ICOs) of all kinds. Regardless, this is a major step for one of the most respected companies in the space.

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