How Binance is Legitimizing the Crypto Market by Eliminating Money Laundering
How Binance is Legitimizing the Crypto Market by Eliminating Money Laundering
Binance, the world’s largest crypto exchange, has voluntarily engaged in an initiative to eliminate money laundering on its platform. For years, despite the inherent lack of privacy measures on major public blockchain networks like Bitcoinand Ethereum that discourage the settlement of illicit transactions, a widely pushed narrative against crypto has been the suspected usage of digital assets by criminals.
Eliminating Easily Refutable Claims
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and many other major cryptocurrencies are not anonymous by nature. With Know Your Customer (KYC) and Anti-Money Laundering (AML) systems integrated by cryptocurrency exchanges, it is extremely difficult for criminals to utilize digital assets to settle the transfer of illegal proceeds. Authorities and government agencies across the globe are well aware of the non-anonymous characteristic of blockchains, which could have motivated governments like the US, Japan, and South Korea to legitimate and recognize the cryptocurrency market. This week, Binance has started to cooperate with Chainalysis, a leading blockchain analysis company that evaluates suspicious transactions and addresses, to improve its AML system and to further legitimize the cryptocurrency sector. “Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance’s lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions,” said Jonathan Levin, co-founder and COO of Chainalysis. In 2018, some of the world’s most influential banks were cracked down for money laundering. Danske Bank laundered $243 billion from criminal groups, and as CCN reported on October 20, Nordea Bank, the largest financial group in the Nordic countries, is said to have taken several illicit payments from banks in the Baltic region. With the institutional market of cryptocurrencies growing exponentially, the tightening of AML systems employed by public exchanges is expected to solidify cryptocurrencies as a recognized asset class and the digital asset market as a well-regulated sector. Wei Zhao, the CFO at Binance, said that maintaining the firm’s vision of increasing the freedom of money globally, the exchange will continue to adhere to regulatory mandates in the countries it operates in.
“By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.”
Importance of Compliance
The cryptocurrency sector is entering a new phase of development and growth, as Zhou explained. During the 2017 bull market in which the valuation of the cryptocurrency market surged to $800 billion, the asset class obtained significant mainstream awareness in both countries that support crypto and regions that have established impractical regulatory frameworks to prevent local blockchain markets to flourish. In a period in which governments are introducing increasing efforts to embrace crypto and blockchain businesses as a part of the fourth industrial revolution, voluntary initiatives by companies like Binance to legitimize the industry will ease the process of governments in regulating and acknowledging the global market. original article : https://www.ccn.com/how-binance-is-legitimizing-the-crypto-market-by-eliminating-money-laundering/
This web public API was created by Binance. The Binance API endpoint is located at wss://stream.binance.com. You can find the Binance portal / hompage here.If you need Binance API support, you can contact support directly at [email protected], or reach out to their Twitter account at @binance_2017.For more information, check out their API Documentation. Binance's 9th Community Coin of the Month Winner GoChain (GO) listing Set for Tomorrow. Getting listed by a popular coin exchange like Binance is every crypto coin’s dream. Well, things are about to change for the GoChain (GO) altcoin following a Binance announcement that the coin will be available within its platform from 12 th September. This is barely a day from now; the coin exchange has ... Binance Is Becoming an All-in-All Crypto Platform. The exchange giant Binances seems to be expanding across all crypto-related sectors. Its CEO and founder, Changpeng CZ Zhao, said a quarter of Binance’s yearly profit is being invested to grow the company’s business portfolio beyond trading. Last year, the exchange made about $550 million ... UpdateApril 15, 2019:ShapeShift CEO Erik Voorheestweetedthat his exchange "stands with Binance and CZ's sentiments," adding that it will delist Bitcoin SV from ShapeShift within 48 hours. Kraken's ... A new patent filing suggests global exchange operator Nasdaq has a particular interest in protecting blockchain-based order-matching technology. Bitcoin plunged more than 10% Wednesday morning, as low as $9,600, after rumors began to swirl on Twitter and Reddit that major cryptocurrency exchange Binance had been hacked.. Binance is one of ... Bitcoin Nordic On Bitcoin Nordic you can purchase bitcoins using international bank transfers from any country and CashU prepaid cards sold in North Africa and the Middle East. buy bitcoin . HolyTransaction.com HolyTransaction is the universal multi-currency wallet with instant exchange. buy bitcoin. xCFD Bitcoin (CFDs) with short positions and leverage. Leverage 5:1, Short positions, Advanced ... Binance's cryptocurrency exchange platform has expanded into the European market with its entry into the Island of Jersey, a self-governing. Binance Exchange It has never been so easy doing to invest to Turkish Stocks Market (BIST100) with CRYPTO CURRENCIES - Personal Portfolio Management. We add value to your portfolio with low risk. Binance, the world’s largest crypto exchange, has voluntarily engaged in an initiative to eliminate money laundering on its platform. For years, despite the inherent lack of privacy measures on major public blockchain networks like Bitcoin and Ethereum that discourage the settlement of illicit transactions, a widely pushed narrative against crypto has been the suspected usage of digital ...
How To Trade Bitcoin Cryptocurrency for Beginners - Duration: 7:48. Fred Yen ... Coinbase, Binance, & Bittrex - Which Crypto Exchange To Use in 2019 - Duration: 41:22. The Cryptoviser 13,365 views ... Since Binance is not going to be available in the US anymore after September 12th, here are some alternative exchanges to use. ----- Get Brave a... If you want to use bitcoin for buying things online, you should use a bitcoin wallet that broadcasts transactions immediately. Most accounts and exchange ser... CryptoRobert's quick and easy tutorial on how easy it is to send Bitcoin or Ethereum to Binance using GDAX. You read that correctly. ANYONE can use GDAX to quickly fund not just your Binance ... I compare Binance vs Coinbase side-by-side to determine which exchange is the best platform for trading cryptocurrency. My answer may surprise you! I strateg... Crypto-Adventures #07 - BINANCE EXCHANGE - In this video I show you how to deposit Bitcoin on to the Binance Exchange, and then how to go in to the Tron Market to buy Tron using your Bitcoin. 🎥: Top 4 Exchanges To Buy Bitcoin & Cryptocurrencies For Beginners! 🚩: Binance Exchange (My Favourite): 👉 https://www.binance.com/en/register?ref=RMY9N5F0