Leading cryptocurrency exchange Binance has partnered with blockchain analytics startup Elliptic to power its continued drive towards compliance and security. The new partnership will help the exchange combat money laundering as it expands into newer jurisdictions, according to a report by CoinDesk.
This is Binance’s third partnership related to its compliance initiatives. Recently, the company also partnered with blockchain security company CipherTrace and risk management and RegTech compliance platform IdentityMind.
CoinDesk further adds that Elliptic’s software helps identify potential transactions linked to illicit activities such as money laundering and terrorist financing, and is claimed to have monitored risks for transactions worth ‘several trillion dollars.’