Blockchain security company CipherTrace and Rakuten Wallet — a subsidiary of Rakuten Group, a global company that operates one of the largest e-commerce sites in Japan, today announced a partnership to assure anti-money laundering (AML) compliance for the company’s anticipated cryptocurrency exchange.
Back in March, Rakuten Wallet became registered as a “virtual currency exchange service provider” based on Japan’s Payment Services Act.
The exchange started accepting customer applications on April 15th. The Rakuten Wallet has already opened its account registration process for cryptocurrency trading services.
“We are happy to partner with CipherTrace in advance of our exchange launch. Regulatory compliance and anti-money laundering protections are of the utmost importance, and we believe CipherTrace will provide us the necessary tools needed to best support Rakuten Wallet.”
CipherTrace, a provider of anti-money laundering solutions, plans to support Rakuten Wallet to both improve the safety of investors and protect the integrity and compliance of the exchange.
“It is a major step for an e-commerce giant like Rakuten to both acknowledge cryptocurrency’s potential and adopt it. We have made significant strides as an industry to make the cryptocurrency market grow and become more trustable. Rakuten Wallet cares about its customers and will work with CipherTrace to make sure that exchanges have optimal protections for mainstream adoption. It is our hope that proper compliance, transparency and increased trust will lead to more and more participation in the global crypto market. We are excited to blaze this trail with Rakuten Wallet.”
The CipherTrace team specializes in blockchain forensics and works closely with regulators, exchanges and financial institutions globally to help advance cryptocurrency with proper regulatory guidance.
