The strategic partnership will enable the marketplace to offer an even higher level of digital asset compliance, risk monitoring and protection from market abuse
Binance Canada, the affiliate of one of the world’s leading blockchain and cryptocurrency infrastructure providers, announced it has selected crypto market integrity leader, Solidus Labs, as a transaction monitoring and marketplace surveillance partner in Canada. As part of the partnership, Binance Canada will utilize HALO, Solidus’ crypto-native market integrity hub, to optimize multiple key risk monitoring and compliance services including marketplace surveillance, transaction monitoring, FINTRAC Suspicious Transactions Reporting (“STR”) and Large Virtual Currency Transaction Reporting (“LVCTR”) and institutional onboarding.
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“We look forward to working together to enhance our risk monitoring capabilities, maintain compliance with evolving regulation in Canada and globally, and pave the path for greater crypto adoption.”
“Our users are at the heart of everything we do so we are determined to meet the highest standards of regulatory compliance and user protection,” said James Moore, Chief Anti-Money Laundering Officer at Binance Canada. “We look forward to working together to enhance our risk monitoring capabilities, maintain compliance with evolving regulation in Canada and globally, and pave the path for greater crypto adoption.”
Solidus HALO is currently used to monitor more than 1 trillion events per day across more than 150 markets, protecting more than 25 million retail and institutional entities. It will allow Binance Canada to manage multiple risk and compliance programs in one platform, while also utilizing behavioral-based detection models powered by machine-learning to address a range of crypto-specific threats and alerts. Advanced investigative tools, case management capabilities, 24/7 real-time monitoring and more than 200 integration points supported by HALO will provide Binance Canada with market integrity insights and allow identifying and preempting potential risks across on-chain and off-chain data.
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“Binance is a market leader both in Canada and globally, and we are proud to support their commitment to elevating market integrity standards, user experience and safe crypto growth,” said Solidus Founder and CEO, Asaf Meir. “This partnership is in line with both our firms’, and the industry’s, deep commitment to enabling crypto, DeFi and blockchain’s potential by mitigating the new risks they introduce. Users and regulators globally are increasingly expecting higher standards of market integrity – and this partnership will help advance those.”
Binance has a robust compliance program that incorporates anti-money laundering, trade monitoring and global sanctions principles and tools used by financial institutions to detect and address suspicious activity. Binance’s strong compliance/KYC (know your customer) & KYB (know your business) programs enabled the company to secure approvals and registrations in France, Italy and Spain, being one of the few crypto companies to do so from G-7 countries. Recently, Binance has announced MinervaAI as its partner in Canada to provide robust KYC (know your customer) and KYB (know your business) services based on AI (artificial intelligence).
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