Crypto exchange Binance intends to strengthen control over user identification (KYC) and minimize risks to its business. To do so, the company has entered into agreements with analytics firm Kharon and cloud diagnostics provider Neterium to help it detect illegal activity on the site.
Chagri Poyraz, Head of Sanctions at Binance Global, has said that Kharon and Neterium will enable the use of best-in-class data and innovative technologies to mitigate both material and reputational risks for the company.
Howard Mendelsohn, Chief Account Officer at Kharon, has said:
“Virtual Asset Service Providers demand the highest quality data and technology as compliance programs are ever-changing and growing regulatory requirements become increasingly difficult to meet. So our partnership with Binance is a milestone.”
In November 2021, it became known that after the introduction of the KYC procedure, Binance lost only 3% of its customers. However, this decision attracted more institutional investors to the site.