Binance To Tighten KYC and Sanctions Screening To Address Exchange's 'Risk' - Aliens: AI Crypto News & Markets Updates
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Binance To Tighten KYC and Sanctions Screening To Address Exchange's 'Risk'

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Blockworks

Thu, May 26, 2022

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Data analytics firm Kharon and cloud-native screening provider Neterium will assist Binance in its efforts The exchange says the partnership will complement its existing screening controls for illicit crypto activity including sanctions measures Cryptocurrency exchange Binance is vying to bolster its know your customer (KYC) controls and sanctions screening via a new partnership aimed at curbing the exchange’s potential risk.

“Working with Kharon and Neterium allows us to leverage Kharon’s best-in-class data with Neterium’s innovative technology to address our risk,” Binance Global Head of Sanctions Chagri Poyraz said in a statement.

Previously hesitant about imposing restrictions on Russians, Binance CEO Changpeng “CZ” Zhao said in an interview with Bloomberg in March his exchange would resist calls to limit services to “normal people.” A month later, Binance moved to restrict its services to Russian users following the country’s invasion of Ukraine in February and reactionary financial sanctions designed to curb capital flows to Europe’s largest nation.

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