Exchange News

Bainance cooperates with Cifferris to track transactions; Danger for Iranian users?


Following warnings from Japanese and British regulators that Bainance’s activities were illegal, the exchange announced that it would soon use CypherTrace’s transaction information transfer solution. The technical solution of Cifferris can help Bainance activities comply with the Financial Action Task Force (FATF) regulations.

to the the report Finance Magnits seems to be seeking to increase its compliance with international legal guidelines after officials in various countries began warning Bainance. The exchange intends to use the Cifferris funds transfer solution. This technical solution helps Bainance align its operations with the Financial Action Task Force (Rule of Law) Act. Transfer of information is the law that requires banks and financial institutions to provide certain information to the destination institution when transferring funds.

The Traveler solution, called Traveler, takes action on data transfer for digital currency platforms. This system implements and controls all the items required by the Financial Action Task Force and also supports the possibility of issuing a Customer Authentication Certificate (KYC).

The Cifferris solution automatically detects transactions between exchanges and digital currency service providers and securely validates the sender and receiver. The system also ensures that it transmits transaction data only to entities that follow the law on data transfer without leakage.

“Samuel Lim, chief executive of law enforcement at Bainance, said:

We continue to invest in our compliance programs and technology so that we can raise the standard of our operations. We are proud to work with Cifferris and use their compliance strategy. As always, we are committed to providing a great product to our users. [محصولی] That is safe, decentralized and in line with international standards.

Bainance cooperates with Cifferris to track transactions;  Danger for Iranian users?

Bainance will be one of the first exchanges to use the Traveler Cypriotis solution. This technical solution was recently launched in March 2021 (March 29). Bainance’s immediate move to bring its operations into line with the Data Transfer Act is likely due to recent pressure from regulators on the exchange.

Although Bainance claims to comply with legal requirements in all its activities, it has received numerous warnings from regulators in various countries. The British Financial Strategy Authority (FCA) recently warned Bainance about restricting trading markets, saying the exchange was not allowed to operate in the country. Earlier, the Financial Services Authority of Japan (FSA) said that Bainance’s activities in the country are illegal.

However, Cifferris’ technical solution is more to prevent money laundering and has little to do with the problems associated with Bainance’s activities in various jurisdictions.

“Dave Jevans, the founder of Cypriotis, said:

We are confident that Traveler’s approach will help Bainance reach the highest standards of compliance with international anti-money laundering laws, especially now that regulations for overseeing digital currency-related service providers are becoming more stringent in jurisdictions around the world.

Danger for Iranian users?

Bainance cooperates with Cifferris to track transactions;  Danger for Iranian users?

Bainance is collaborating with Cifferris while a large number of Iranian digital currency traders have accounts and balances on this website.

If Bainance’s policy is to prevent transactions from countries under sanctions and outside the FATF, this cooperation can be considered as an alarm for Iranian Bainance users.

Cifferris, a large blockchain data analytics company that also works with the US government, has previously published a comprehensive report on bitcoin addresses belonging to Iranian users. With the tools at its disposal, the company is able to track digital currency transactions and determine the location of the owner of an address.

However, according to experts, although under current Bainance laws, residents of sanctioned countries should not use the services of this exchange, if Bainance intends to block or block inventories, it is possible to inform before the implementation of its plan. will do.

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