BinanceKR Joins MyID Alliance — (Eng Translation)
This article is an English translation of the “BinanceKR Joins MyID Alliance” announcement published by reporter Lee Sanghoon for Sports Seoul.
All rights to the information below belongs to Sports Seoul and all translations provided by ICON P-Rep team ICON DAO.
BinanceKR Will Strengthen Customer Identification (KYC) Process.
On the 7th of May, virtual asset exchange BinanceKR announced that they have joined blockchain-based DID collective, MyID Alliance.
MyID Alliance aims to solve user authentication inconveniences and problems in existing markets by establishing a blockchain-based digital ID ecosystem centered around the “MyID” platform. The Alliance boasts prominent and leading South Korean companies such as Samsung Electronics, Shinhan Bank, IBK Industrial Bank and Yanolja as participating partners.
MyID is the only blockchain-based identification platform in South Korea that can be used for all digital financial services related to non-face-to-face real-name verification, which is required under the Financial Real Name Act and the Electronic Financial Transactions Act. (Note: These are laws governing financial procedures in South Korea).
BinanceKR will participate as a Growth Partner in the MyID Alliance: This is a user organization that utilizes the MyID-based identification issued by banks.
Use of the integrated ID system eliminates repetitive identification procedures, minimizes inconvenient authentication practices, and after an individual saves their personal information to a device, only the information necessary for authentication is needed to be selected and submitted for use afterwards.
A representative from BinanceKR said, “We are planning to build a Binance Global AML System that leads the Anti Money Laundering(aml) method for the global blockchain industry, and a KYC system that is of the level of Korea’s №1 ranked financial sector. By joining MyID Alliance we plan to simplify the identification process and strengthen security, such as preventing forgery and identity theft on the exchange.”
BinanceKR launched its official trading service in April, and is the world’s first exchange built using the “Binance Cloud” solution. Through the cloud system, the BinanceKR is provided with core functionalities of the Binance global exchange, including binance.com’s robust matching engine, transaction risk control and state-of-the-art security system.
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