Binance uses crypto surveillance “Traveler” system to comply with FATF travel rule – regulation Bitcoin News

Binance announced yesterday that it has implemented Ciphertrace’s Traveler system as part of its compliance efforts. Traveler is the first system developed for exchanges to comply with travel rules proposed by the Financial Action Task Force. The exchange would be one of the first exchanges to implement this automatic system of compliance with travel rules.

Binance implements Ciphertrace’s Traveler protocol in its trading platform

Binance, one of the largest cryptocurrency exchanges in the market, announced the implementation of Traveler, a system that will help them achieve the Travel rule established by the Financial Action Task Force (FATF). Ciphertrace, a blockchain analytics startup, created Traveler as a third-party compliance platform.

According to Ciphertrace, Traveler automates the process of complying with the FATF mandate, automatically connecting and identifying various VASPs (Virtual Asset Service Providers). Therefore, exchanges simplify their due diligence by implementing them.

As a consequence of this deal, the exchange would be able to quickly recognize and identify money laundering. Because of this, Samuel Lim, Binance’s Chief Compliance Officer stated:

We are proud to partner with Ciphertrace to deliver their traveler compliance solution. As always, we strive to provide our users with a superior product – one that is secure, decentralized, and meets global compliance standards.

Ciphertrace CEO Dave Jevans also addressed the issue. The CEO emphasized:

We are confident that Traveler will help Binance continue to meet the highest standards for global anti-money laundering compliance.

Regulatory penetration for the crypto industry

According to some reports, this type of tool would appease regulators who are currently investigating crypto exchange activities around the world. This announcement comes after Binance was exposed to a series of warnings from regulators in several countries. The Japanese cryptocurrency watchdog FSA recently warned about Binance. Japanese regulators say the company has not registered to offer crypto trading services. Similarly, UK regulators issued a similar warning stating that Binance was not permitted to do business in the country.

Likewise, Binance ceased offering its services in Ontario after the Ontario Securities Commission said Binance was offering securities trading without authorization. Changpeng Zhao, the exchange’s founder and CEO, has repeatedly stated that Binance has no headquarters because “it’s like Bitcoin,” and avoids answering where the company is based. Consequently, its location has remained a mystery, with some pointing to the Cayman Islands as a possible base.

What do you think of Binance’s implementation of Ciphertrace Traveler? Let us know in the comments section below.

Tags in this story

Binance, Binance Exchange, Bitcoin, Cayman Islands, Ciphertrace, fatf, regulators, regulatory crackdowns, Travel Rule, Travel Rule Regulations, VA, vasp, VASPs, warnings

Photo credits: Shutterstock, Pixabay, Wiki Commons




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