According to a recently published report, this change in rule according to regulatory measures is because of the global expansion of the exchange.
With the aim of guaranteeing the smooth working of exchange’s services in the new states having multiple crypto-related rules, Binance has decided to work in collaboration with the firm Elliptic to ensure the compliance of the platform with all demands from the state authorizes.
The chief compliance officer of Binance has stated that the current cooperation with Elliptic will majorly focus on Anti-Money Laundering (AML).
A few weeks ago, the exchange has also aligned up with CipherTrace- a blockchain analysis provider company focusing majorly on AML, after the regulating experts based in Malta, where the exchange’s headquarters has endorsed its actions.
He stated that the relationship with CipherTrace has strengthened the company’s strive for growth by building trust within its consumers, regulators and financial organizations.
Lim further added that the collaboration with Elliptical will boost our standing outstanding Anti Money Laundering assent package and has also aided in Binance’s expansion to new markets in the most amenable manner.
Moreover, Binance has entered into another collaboration with a firm called IdentityMind-a software company during March.
Consistent with the previous news, Binance is also looking forward to inaugurating its personal devolved trading ecosystem expected to be named as Binance DEX, in the months to come.