DUBAI, UNITED ARAB EMIRATES – Refinitiv, formerly the Financial & Risk business division of Thomson Reuters, will provide an automated Know Your Customer (KYC) application to Binance, the world’s largest cryptocurrency exchange by adjusted trade volume.

Effective KYC tools are becoming a critical need for the cryptocurrency industry with the increasing demand for regulatory oversight. The solution will enable Binance to integrate the advanced functionalities of World-Check into their internal workflow, allowing them to streamline the screening process for onboarding, KYC and third-party risk due diligence.

“As we continue to grow our business globally, we will also continue to grow our compliance competency by partnering with well-recognized market leaders for KYC solutions. Following existing Anti-Money Laundering (AML) standards in the fiat world and incorporating advanced third-party transaction monitoring tools, as well as our own proprietary tools, will help us build trust with regulators and financial institutions,” said Wei Zhou, CFO at Binance.

“We are proud to collaborate with Binance and lead on KYC solutions in the cryptocurrency world. Increasing regulations on the cryptocurrency market have led exchanges to establish KYC programs in order to comply with AML regulations. In the past few years, regulators have been working to ensure that anyone moving cryptocurrency into fiat currency is subject to the same KYC requirements as individuals dealing with a conventional bank,” says Nadim Najjar, Managing Director, Middle East & Africa, Refinitiv.

KYC as a Service offers client identity, verification, screening and monitoring for accelerated client on-boarding, remediation and refresh built on a collaborative platform that streamlines KYC compliance and the distribution of due diligence documentation. The service integrates trusted legal entity information from authoritative sources in over 200 countries and 60 languages and is underpinned by a global policy that has been stress tested with over 100 regulators and financial institutions.

For more information on Refinitiv, visit: https://risk.thomsonreuters.com/kyc-as-a-service.

About Refinitiv

Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime.

About Binance

Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, Trust Wallet, and Blockchain Charity Foundation (BCF). Binance Exchange is one of the fastest and most popular cryptocurrency exchange platforms in the world, capable of processing over 1.4 million orders per second. The platform focuses on security, robustness, and execution speed - attracting enthusiasts and professional traders alike.

CONTACTS
Tarek Fleihan
Refinitiv
97144536527
tarek.fleihan@refinitiv.com

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.