Rakuten is leading the fight against money laundering

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Japanese e-commerce giant Rakuten, has partnered with CipherTrace analytic blockchain company to help ensure compliance for the cryptocurrency exchange that will soon be aired.

CipherTrace announced on Wednesday that it would help ensure a good anti money laundering (AML) process for the company’s Rakuten Wallet exchange platform, based in Tokyo.

Rakuten Wallet starts accepting account registration last month from those who have an account on Rakuten Bank or who already have a Rakuten member ID. Has not opened a platform for the wider community.

“Compliance with regulations and anti-money laundering protection is the most important,” said Yoshinao Kiyama, head of the risk control department at Rakuten Wallet. “We believe CipherTrace will provide us with the tools needed to support the best Rakuten Wallet.”

Last month, Binance’s cryptocurrency exchange also partnered with CipherTrace to improve the AML process such as tracking on-chain fund sources and matching user IDs to wallet addresses that were problematic across all platforms.

Rakuten Wallet was previously known as Everybody’s Bitcoin, an exchange obtained by Rakuten with $ 2.4 million last August. The entity’s name change to Rakuten Wallet is made on March 1, when older services are closed.

The new exchange received a license earlier this year from the Japanese Financial Services Agency. The exchange is therefore registered with the Kanto Local Finance Bureau as a provider of virtual currency exchange services under the country’s Payment Services Act.

Rakuten itself is an early adopter of crypto, launching bitcoin payments for U.S. e-commerce platforms. in 2015 through integration with Bitnet’s bitcoin payment processor.

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