Rakuten selects CipherTrace as compliance partner for new crypto exchange

Blockchain security company CipherTrace has announced a major partnership deal with Rakuten Wallet, a subsidiary of major Japanese e-commerce group Rakuten.

The new agreement will enable CipherTrace to validate anti-money laundering (AML) compliance for the firm’s upcoming cryptocurrency exchange.

Rakuten Wallet’s exchange begun accepting customer applications in April and the company said it has already seen “significant” traffic.

“We are happy to partner with CipherTrace in advance of our exchange launch,” commented Yoshinao Kiyama, head of risk control department, 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 is a provider of anti-money laundering solutions and specialises in blockchain forensics all to help advance cryptocurrency with proper regulatory guidance.

It 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,” 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.”