Binance, the largest cryptocurrency exchange in the world by both trade volume and user base, has announced it has partnered with US blockchain forensics and intelligence firm CipherTrace to enhance the exchange’s anti-money laundering (AML) compliance program. The aim is to raise its compliance standards in line with the worldwide progression of cryptocurrency regulation and developing frameworks.

In its official blog post (Apr 11), Binance Chief Compliance Officer Samuel Lim said, “The selection of CipherTrace as our on-chain security solution will augment our expansion drive and build greater trust among our users, regulators and financial institutions. This partnership will bolster our existing world-class AML compliance program and help us expand into new markets in the most compliant fashion.”

“With regulators in the world’s most progressive jurisdictions that encourage innovation also using CipherTrace to assess and monitor risks of licensed cryptocurrency businesses, we are looking forward to helping the crypto economy grow by raising the level of transparency and trust in the overall market,” said CEO of CipherTrace, Dave Jevans.

Just last month, CipherTrace scored a major partnership with Malta Financial Services Authority (MFSA) to help the Malta financial regulator in monitoring crypto business activity in the country for compliance purposes, reported TheCryptoSight.

In January, CipherTrace released a report showing that some $1.7 billion in cryptocurrency had been picked up through illicit means last year. $950 million of it had been stolen from crypto exchanges – an increase of 3.6 times since 2017.