Binance has reportedly entered a partnership with public blockchain protocol Shyft Network, as its next move to stay compliant with the regulations established by the Financial Action Task Force (FATF).

Specifically, as revealed by Samuel Lin – Binance’s chief compliance officer – before the Shyft Network was officially built, there had been a lack of suitable infrastructure, which would help companies maintain compliance level with the new FATF laws. 

The partnership should help to move this […] industry to the next level when it comes to effectively interfacing with regulators. Other exchanges would be well advised to participate in federations that practically address global compliance requirements, particularly the FATF’s Travel Rule.” Rick McDonell – ex-executive secretary for the FATF and current Shyft advisor – reportedly shared. 

Shyft offers its open-source technology – consist of identity passporting, database bridging and data attestation infrastructure and was particularly designed to achieve required compliance level with both FATF guidelines and the European Union’s GDPR data privacy law – as a viable solution for crypto firms in this matter. 

Shyft technology also looks to keep the decentralized network fully operational, along with establishing principles for secure data-sharing, which can be effective throughout a wide array of different jurisdictions.