Shyft Network To Help Top Crypto Exchange Binance Comply With FATF’s Travel Rule

2020-2-28 01:18

The world's largest crypto exchange platform, Binance, has selected Shyft Network, the public blockchain protocol, to help with the implementation of the Financial Action Task Force's (FATF) requirements.

The Shyft Network was initially developed as a peer-to-peer solution for players within the cryptocurrency space to adhere to international compliance requirements within the stringent FATF ‘travel rule’.

Before Shyft, There was no Infrastructure in Place

Samuel Lin, the Chief Compliance Officer at Binance, stated that before the development of the Shyft platform, there was no other infrastructure that companies could use to fulfill the FATF's rules where it related to cryptocurrencies.

In 2019, the FATF published fresh guidance directed towards Virtual Asset Service Providers (VASPs) which will come into force by the end of June this year.

This new travel rule requires VASPs to conduct a thorough Know Your Customer (KYC) process and to share that information during transactions.

Former FATF executive, Rick McDonell, now Shyft’s top advisor, stated that the new deal will allow the crypto industry to evolve and interact more effectively with regulatory agencies.

McDonell also suggested that other exchanges should follow Binance’s lead in addressing compliance requirements, especially the FATF new travel rule.

Brave New World? What Shyft Aims to Accomplish

The Shyft Network aims to support crypto startups in adhering to an industry-wide solution to the FATF’s new requirements.

The firm is encouraging crypto businesses to utilize its suite of solutions like identity passporting, data attestation infrastructure as well as database bridging.

Shyft’s open-source technology was developed to adhere, not only to the FATF's guidelines but also to GDPR legislation by the European Union.

The network aims at leveraging decentralized networks in establishing a set of safe data sharing values which can be used in various jurisdictions.

The new deal comes just months after Binance became a victim of extortion through hacking, with the perpetrator successfully stealing a large portion of KYC data from the platform. The firm aims at addressing these limitations within the industry, and partnering with Shyft was the partnership to accomplish this.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Santiment Network Token (SAN) на Currencies.ru

$ 0.0865709 (-0.22%)
Объем 24H $210
Изменеия 24h: 9.95 %, 7d: 19.49 %
Cегодня L: $0.0865709 - H: $0.0865709
Капитализация $0 Rank 5672
Цена в час новости $ 0.1604 (-46.03%)

binance fatf exchange shyft help network crypto

binance fatf → Результатов: 14


Binance интегрирует AML-систему в соответствии с правилами FATF

Криптовалютная биржа Binance в партнерстве с криптоаналитическим стартапом Coinfirm планирует улучшить соответствие требованиям по борьбе с отмыванием денег (AML) на своих торговых платформах. Согласно пресс-релизу, опубликованном 3 октября, биржа интегрирует AML-систему от Coinfirm, которая позволит Binance соответствовать правилам Группы разработки финансовых мер борьбы с отмыванием денег (FATF).

2019-10-4 15:56


Binance интегрирует AML-систему в соответствии с правилами FATF

Криптовалютная биржа Binance в партнерстве с криптоаналитическим стартапом Coinfirm планирует улучшить соответствие требованиям по борьбе с отмыванием денег (AML) на своих торговых платформах.

2019-10-4 10:20


Binance Teams Up With Coinfirm To Comply With FATF AML Requirements

Top crypto exchange platform Binance has teamed up with crypto analytic firm Coinfirm to enhance its anti-money laundering (AML) adherence. The new partnership will see Binance integrate Coinfirm’s agnostic AML platform to improve the crypto exchange’s compliance with the new AML requirements recently provided by the Financial Action Task Force (FATF), the global financial supervision […]

2019-10-4 00:14


Binance to tackle FATF regulation and compliance with Coinfirm partnership

Binance, the world’s leading exchange in terms of driving crypto innovation, has bagged another partnership with regulation technology company Coinfirm. As per the official blog post, “Binance and Coinfirm announced their partnership to address the recently issued guidelines on anti-money laundering (AML) rules by the Financial Action Task Force (FATF).

2019-10-4 21:25