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Binance to Strengthen KYC Measures & Sanctions Enforcement with New Partnerships

Richard M. MAY 30, 2022 1 minute read

The global crypto exchange Binance has announced that it will strengthen its KYC controls & sanctions enforcement with its new partnerships with tech companies.

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.”

According to the press release, Binance’s new partnerships will allow the crypto exchange to improve its services while addressing increased risk and regulatory requirements.

KYC requirements and guidelines oblige financial institutions to perform identity verification along with background screening checks for anti-money laundering purposes.

Chagri Poyraz, Binance’s global head of sanctions said, “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 the fifth wave of sanctions placed against Russia by the European Union (EU) for waging war against Ukraine.

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