Binance and MinervaAI Partner for Compliance in Canada

BY KNOWLTON THOMAS – as published at fintech.ca

Binance Canada announced it will partner with Ontario-born MinervaAI, a technology provider for the detection and investigation of financial crimes. As part of the partnership, Binance Canada will utilize Minerva’s artificial intelligence tools and risk-screening capabilities to enhance their know-your-customer and anti-money laundering capabilities.

“We are so excited to partner with Binance Canada making crypto safer and more accessible for all of their customers, while also making AI-driven AML compliance efficient, effective and affordable for our own customers,” stated Jennifer Arnold, CEO and cofounder of MinervaAI.

MinervaAI makes anti-money laundering risk assessment fast and seamless by bringing information and insight into one simple platform. Using sophisticated AI models to identify and predict those who pose financial crime risk, the Canadian startup’s tech is 99% accurate even when executing in real time.

“We have evolved into a world where one must comply to compete,” noted Arnold. “The path for growth, acquiring new customers, and entering new regions is built on AML compliance.”

Binance Canada has a “robust compliance program that incorporates AML efforts and global sanctions principles, as well as tools to preemptively detect suspicious accounts and fraudulent activity,” according to the company’s Chief Anti-Money Laundering Officer, James Moore.

“These tools already meet or surpass the tools that are commonly used in traditional financial institutions, and we will utilize Minerva’s state-of-the-art technology to further enhance the strength of our KYC process,” he stated.

At this time, Binance Canada Capital Markets is not registered with any securities regulator in Canada. Binance has submitted an application for registration under securities laws in Canada with the Investment Industry Regulatory Organization of Canada.