Temperatures rising: Binance announces partnership with another KYC/AML solutions provider IdentityMind
March, 26 2019 Binance, the leading crypto stock exchange by trading volumes, let the whole crypto world know they became partners with IdentityMind – a regtech KYC/AML (Know Your Customer, Anti-money Laundering) tools oriented company.
IdentityMind, per their own opinion, is the very right type of compliance tools provider that can take on the activity tier of Binance, process enormous amounts of accounts and transactions and locate bad actors to ensure the safe usage of the platform.
Going back a couple of months, October 2018 Binance teamed up with Chainalysis(another blockchain analytics KYC/AML solutions vendor) to tighten compliance. By doing so, they set a trend for other, smaller exchanges that clearly said they had to put up with regulators in order to safe their operations from unwanted attention.
As it was cited earlier in our blog post on expectations and predictions for 2019, the financial privacy of crypto holders had never been so jeopardized as it is now. Today’s reality is that each and every transaction is being watched by regulatory bodies through dozens of blockchain intelligence tools like Chainalysis and IdentityMind.
You cannot naively assume that coins in your possession are clean of any illicit traces – you can end up receiving somebody else’s money with dubious background any time. Once you do, what happens is whenever you attempt to use these assets at a stock exchange or convert to fiat money, their KYC systems instantly spot and tie this illegal use history to you (for more details on the subject read 9 services for Bitcoin tracking) and, consequently, make you a scape-goat.
Mixer.money’s “Complete anonymity” mode applies the technologies that are advanced in protecting clients from deanonimization. Its mechanisms aim at cleansing your coins so that this money will never get you into trouble. Take a trial now to get a taste of the service’s capabilities for free.