Rakuten Wallet is launching a cryptocurrency exchange in Japan, and for this, it has partnered with the security company CipherTrace for all Anti-Money laundering procedures or AML compliance. The information comes from RTT News. The partnership is expected to drive trust and security in the market.
Rakuten started accepting account registrations last month from those who have an account at Rakuten Bank or who already have a Rakuten member ID, according to Coindesk. It is yet to open the platform for the wider public.
Last month, cryptocurrency exchange Binance also partnered with CipherTrace to enhance AML processes such as tracing the source of on-chain funds and matching user IDs to problematic wallet addresses across its platform.
The story of Rakuten Wallet is a very interesting one. Before the name Rakuten Wallet became popular, the exchange was actually known as Everybody’s Bitcoin. Rakuten paid around $2.5 million to buy the exchange and rebrand it.
CipherTrace will play a crucial role in building the security and AML compliance business of Rakuten Wallet.
CipherTrace offers a number of different services including: regulatory monitoring solutions, cryptocurrency anti-money laundering, , blockchain threat intelligence and cryptocurrency forensics. The task of such companies providing crypto “regulation”-related services is not easy, as regulations constantly change and are basically “fluid”.
Rakuten itself was a relatively early adopter of crypto, launching bitcoin payments for its U.S. e-commerce platform in 2015 via an integration with bitcoin payment processor Bitnet.
