Binance has partnered with Medici Ventures’ portfolio company IdentityMind, a risk management and regulatory-technology compliance platform, in a bid to enhance its fraud protection and compliance protocols.

The companies announced the deal on March 26, 2019, calling it “a joint mission to help raise the industry’s standard.”

Founded in 2014, IdentityMind provides anti-money laundering services, fraud protection and due diligence solutions for banks and other financial institutions. The company’s platform works by monitoring financial transactions and assessing the electronic identities of users to identify behaviors or attributes that could signal a financial compliance or fraud issue. It also helps clients evaluate the financial reputations and reliability of organizations they seek to work with.

It is one of several firms within the portfolio of Medici Ventures, a subsidiary of that invests in blockchain-focused companies.

So, naturally, IdentityMind is not new to the crypto industry. In 2015, the…

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