Binance with new partner | Bitcointalksearch.org

FreeEarnsActivist

jr. member

Activity: 124

Merit: 8

Quote from: squatter on October 07, 2019, 02:46:19 PM

Quote from: coinerspace on October 07, 2019, 10:37:28 AM

Its already implemented

I'm sure they're already implementing Coinfirm's software, but they must be ignoring the FATF thresholds for now. I haven't seen any changes to their KYC verification tiers -- that's what matters. They're still allowing 2 BTC ($16,500) per day withdrawals with no verification or recipient info required. I wonder for how much longer...

Yep, but it's gonna be monitoring transactions - AML, not changes in Binance KYC process.

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: coinerspace on October 07, 2019, 10:37:28 AM

Its already implemented

I'm sure they're already implementing Coinfirm's software, but they must be ignoring the FATF thresholds for now. I haven't seen any changes to their KYC verification tiers -- that's what matters. They're still allowing 2 BTC ($16,500) per day withdrawals with no verification or recipient info required. I wonder for how much longer...

coinerspace

newbie

Activity: 2

Merit: 1

Quote from: marcotheminer on October 07, 2019, 01:24:16 AM

Quote from: squatter on October 06, 2019, 02:21:41 PM

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.

https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

At least CipherTrace lost their bid. That's the only good thing I can say about this.

My question is, when is Coinfirm's system being implemented? Hardly any country -- let alone Malta -- has begun complying with FATF travel rule. Is Binance planning to apply the rule before it even becomes the law of the land? That doesn't seem like something Binance would do.

The $1,000 threshold is pretty scary.

Definitely not, they will want to (and do their best) to delay implementation until the last minute. Do they alert users when such tech starts being used or is that not a necessary disclosure for them to make?..

Quote from: marcotheminer on October 07, 2019, 01:24:16 AM

Its already implemented

Quote from: squatter on October 06, 2019, 02:21:41 PM

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.

https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

At least CipherTrace lost their bid. That's the only good thing I can say about this.

My question is, when is Coinfirm's system being implemented? Hardly any country -- let alone Malta -- has begun complying with FATF travel rule. Is Binance planning to apply the rule before it even becomes the law of the land? That doesn't seem like something Binance would do.

The $1,000 threshold is pretty scary.

Definitely not, they will want to (and do their best) to delay implementation until the last minute. Do they alert users when such tech starts being used or is that not a necessary disclosure for them to make?..

coinerspace

newbie

Activity: 2

Merit: 1

Quote from: Bttzed03 on October 07, 2019, 01:57:43 AM

This is a better move than delisting privacy coins like what some Korean exchanges did I guess. The downside is that some users might feel uncomfortable that their address is being monitored 24/7.

Quote from: squatter on October 06, 2019, 02:21:41 PM

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

~snip

At least CipherTrace lost their bid. That's the only good thing I can say about this.

What is the issue with CipherTrace?

DARPA originated project, doesnt care much about crypto, doesnt get AML...

Bttzed03

legendary

Activity: 2114

Merit: 1150

https://bitcoincleanup.com/

This is a better move than delisting privacy coins like what some Korean exchanges did I guess. The downside is that some users might feel uncomfortable that their address is being monitored 24/7.

Quote from: squatter on October 06, 2019, 02:21:41 PM

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

~snip

At least CipherTrace lost their bid. That's the only good thing I can say about this.

What is the issue with CipherTrace?

marcotheminer

legendary

Activity: 2072

Merit: 1049

┴puoʎǝq ʞool┴

Quote from: squatter on October 06, 2019, 02:21:41 PM

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.

https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

At least CipherTrace lost their bid. That's the only good thing I can say about this.

My question is, when is Coinfirm's system being implemented? Hardly any country -- let alone Malta -- has begun complying with FATF travel rule. Is Binance planning to apply the rule before it even becomes the law of the land? That doesn't seem like something Binance would do.

The $1,000 threshold is pretty scary.

Definitely not, they will want to (and do their best) to delay implementation until the last minute. Do they alert users when such tech starts being used or is that not a necessary disclosure for them to make?..

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: FreeEarnsActivist on October 04, 2019, 05:19:45 AM

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world.

https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

At least CipherTrace lost their bid. That's the only good thing I can say about this.

My question is, when is Coinfirm's system being implemented? Hardly any country -- let alone Malta -- has begun complying with FATF travel rule. Is Binance planning to apply the rule before it even becomes the law of the land? That doesn't seem like something Binance would do.

The $1,000 threshold is pretty scary.

magneto

hero member

Activity: 1666

Merit: 753

I'm not sure if this would be good news or bad news for Binance users.

Obviously all exchanges right now are going to move in the direction of stricter anti-money laundering procedures in general, and Binance is no exception of this. But at the end of the day, what are they actually preventing? Probably a tiny portion of actual laundered funds, while the majority of funds actually held up if Coinfirm was actually implemented will probably be legitimate users' funds.

It threatens not only the fungibility of BTC, which is central to its value, but also provides an excuse for the exchange to hold customer funds indefinitely and ask for additional verification (which they already can do, but now more the reason to do it).

FreeEarnsActivist

jr. member

Activity: 124

Merit: 8

Binance Partners with Coinfirm to Protect the Global Cryptocurrency Economy and Ensure Compliance with FATF AML Rules.

Binance will integrate Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange servicing users in over 180 countries and regions for ensuring secure trading for its customers and compliance with the FATF’s guidelines to cryptocurrency exchanges around the world. Coinfirm’s real-time risk score analysis, alerts, and investigations system, built on blockchain agnostic platform will help Binance thwart money laundering attempts and allow the exchange to take quickly informed decisions on transactions to better protect the crypto economy as a whole.

Coinfirm is a global leader in AML & Risk Analytics for blockchains and cryptocurrencies. With the largest blockchain coverage of over 1200+ cryptocurrencies supported including BTC, ETH, ERC20 tokens, Dash, NEO, Hyperledger, LTC and first in the world integrated XRP, our AML solutions are used by over 140+ global clients ranging from crypto exchanges and protocols to major financial institutions. They created their own token - AMLT.

Coinfirm analyst looks like this:

- AML Report Risk

AML Report Risk

Coinfirm analytics work

Sources:

- https://twitter.com/AMLT_Token/status/1171011192816640001

- https://www.binance.com/en/blog/386484403820867584/Binance-Partners-with-Coinfirm-to-Protect-the-Global-Cryptocurrency-Economy-and-Ensure-Compliance-with-FATF-AML-Rules

- https://www.coinfirm.com/

Topic: Binance with new partner (Read 181 times)