One of the leading cryptocurrency trading platform – Binance – reportedly entered into a partnership agreement with Elliptic project that deals with market analysis.
With this contract, Binance will manage to boost its regulatory compliance and improve security level at the platform making use of Elliptic team's expertise in this area.
"This new partnership with Elliptic enhances our industry-leading AML compliance programme, world-class security systems and supports our rapid growth into new jurisdictions...Both the breadth and depth of Elliptic’s capabilities and experience speak for themselves. We are pleased to be working with them to combat money laundering together and further promote the freedom of money," noted in the press release Samuel Lim, Chief Compliance Officer of Binance.
It is also believed that Elliptic can enable Binance to expand measures against money laundering activities, which is highly required for the company in terms of its global expansion to new countries.
Elliptic offers effective and trusted solutions that help to monitor transactions in the blockchain and select those that can be connected with criminals and illegal activities. The company spokesperson stated that their system has already "assessed risks for transactions worth several trillion dollars" coming from different financial crimes.
James Smith, co-founder and CEO of Elliptic commented on the partnership:
"It’s a privilege to partner with Binance to provide them with access to our advanced transaction monitoring system."