Blockchain security company CipherTrace and Rakuten Wallet a subsidiary of Rakuten Group, a global company that operates one of the largest e-commerce site in Japan announced a partnership to assure anti-money laundering (AML) compliance for the company’s highly anticipated cryptocurrency exchange. The exchange started accepting customer applications on April 15th.
“It is a major step for an e-commerce giant like Rakuten to both acknowledge cryptocurrency’s potential and adopt it”
Rakuten is one of the first e-commerce giants to enter cryptocurrency. Rakuten Wallet has already opened its account registration process for cryptocurrency trading services. Since its announcement, Rakuten Wallet has seen significant adoption.
“We are happy to partner with CipherTrace in advance of our exchange launch,” said Yoshinao Kiyama, Head of the Risk Control Department at Rakuten Wallet. “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, an industry-leading 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. 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.
“It is a major step for an e-commerce giant like Rakuten to both acknowledge cryptocurrency’s potential and adopt it,” said Dave Jevans, CEO of CipherTrace. “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.”