The world’s third-top cryptocurrency exchange by adjusted volume, Binance, announced that it has partnered with blockchain analytics company CipherTrace. The partnership was announced in a blog post published on April 11.
Per the announcement, the partnership is meant to strengthen the company’s regulatory compliance by enhancing its Anti-Money Laundering (AML) measures. The post claims that CipherTrace also serves regulators, financial institutions and auditors. In March the Malta Financial Services Authority has appointedthe company to monitor activity by crypto businesses in Malta.
At the end of January, CipherTrace also released a report stating that about $1.7 billion in cryptocurrency had been obtained via illicit means in 2018, of which over $950 million was stolen from crypto exchanges, representing a 3.6 times increase over 2017.