Binance intends to strengthen user identification control (KYC) and minimize risks to its business. The exchange has signed agreements with analytics company Kharon and cloud diagnostics provider Neterium, which will help identify illegal activity on the site.
Chagri Poyraz, head of sanctions at Binance Global, said Kharon and Neterium will leverage best-in-class data and innovative technology to reduce both material and reputational risks for the company.
“Virtual asset providers require the highest quality data and technology, as compliance programs are constantly changing, meeting growing regulatory requirements is becoming increasingly difficult. That’s why our partnership with Binance is an important development”said Kharon Chief Customer Officer Howard Mendelsohn
Last November it became known that Binance lost only 3% of its customers after the KYC procedure was introduced. However, this decision attracted more institutional investors to the site.
Recall that earlier Binance CEO Changpeng Zhao said that his company will resist calls to restrict services to “ordinary people”, meaning Russians. However, a month later, the Crypto-exchange still restricted users from the Russian Federation, introducing a threshold of €10,000 for withdrawal.