Rakuten Wallet, subsidiary of Japanese e-commerce giant Rakuten has partnered with blockchain security firm CipherTrace to strengthen AML compliance for its upcoming exchange. CipherTrace, which recently partnered with Binance, will improve the security of Rakuten’s upcoming exchange and help ensure compliance.
Rakuten’s exchange is gearing up for a launch next month. According to CoinTelegraph, Rakuten Wallet has already opened account registration process for trading services in April. The account can be opened free of charge and the customer funds will be secured in a cold wallet.
Japan’s Financial Services Agency (FSA) also wants cryptocurrency exchanges to strengthen their internal supervision of cold wallets, following an increase of exchange hacks. Rakuten is among the first e-commerce giants to enter the cryptocurrency space.
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