Sunday, November 1, 2020

Rakuten subsidiary teams up with CipherTrace to introduce AML solutions to its new cryptocurrency exchange

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Japanese e-commerce giant Rakuten Group’s subsidiary has partnered up with blockchain security firm CipherTrace, the company announced in a press release on Wednesday. CipherTrace will deliver anti-money laundering solutions to Rakuten’s soon-to-be-launched cryptocurrency exchange Rakuten Wallet, which opened up customer applications on April 15.

“We are happy to partner with CipherTrace in advance of our exchange launch,” said Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet. “Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”

CipherTrace solutions will be used to improve investors’ safety as well as offer protection of “the integrity and compliance of the exchange.”

According to CipherTrace CEO Dave Jevans, the adoption of cryptocurrencies by the e-commerce giant is an important step for the industry. “Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market,” he said.

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