Exclusive: Binance Korea to Integrate Coinfirm Real-Time AML Monitoring

Binance Korea will be monitoring activity on its platform for signs of money laundering thanks to a solution developed by Coinfirm.

The partnership, announced on Monday, will help Binance's Korea branch remain compliant with Anti-Money Laundering egulations resulting from the Financial Action Task Force's Travel Rule.

Coinfirm provides a blockchain-agnostic AML platform offered to various institutions dealing with cryptocurrencies.

As Cointelegraph previously reported, Binance already integrated Coinfirm's solution on its main platform back in October.

The main Binance platform generally maintains a minimal compliance burden, with the exchange preferring to open distinct branches in countries where this approach may not work, such as the United States.

This is the first usage of Coinfirm's compliance solution on a national Binance platform, taking place less than two months after the platform's launch.

Binance's competitor Bithumb already integrated a similar compliance solution in response to the law.

It is unclear how the Coinfirm integration will be felt by the exchange's end users.

"At the end of the day it's up to Binance's compliance team what they do action wise with the data and results they're provided."

It's worth noting that Binance Singapore previously froze a user's account for using CoinJoin's privacy protocol before depositing.