The month of September has proven to be quite eventful for Malta-based cryptocurrency exchange, Binance, as the platform shared an array of developments in its ecosystem every day. Following the same, the exchange revealed another partnership with Coinfirm, a regulation technology company.
Binance would be integrating Coinfirm’s blockchain-agnostic AML Platform to its cryptocurrency exchange, assuring to be abiding by the latest guidelines to cryptocurrency exchanges put forth by the FATF. According to the 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). “
In order to tackle money laundering efforts, the exchange would be leveraging Coinfirm’s real-time monitoring technology while taking the necessary measures to enhance the safety of its user’s funds.
The blog also points out that the real-time security will be “covering more than 1,200 cryptocurrencies, tokens and diverse blockchains, such as BTC, ETH and ERC-20 tokens, as well as the only provider of the recently integrated XRP.”
Pawel Kuskowski, Co-Founder and CEO of Coinfirm expressed his views on the latest collaboration and said,
“With Binance’s focus on providing the best user experience while attaining the highest AML and security standards (provided by Coinfirm), this partnership marks another step forward in their leadership in the market.”
Additionally, this partnership would allow Binance to retain its dominance in the crypto-verse despite the fast-changing and ever-growing market while paving the way for complete and institutional development in a compliant and safe way.
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”