Rakuten Wallet is launching a cryptocurrency exchange in Japan, and for this, it has partnered with the security company CipherTrace for all Anti-Money laundering procedures or AML compliance. The information comes from RTT News. The partnership is expected to drive trust and security in the market.
Rakuten Wallet is part of the Japanese e-commerce company Rakuten. Rakuten Wallet started its operations in March 2019. Shortly after that, it started accepting potential clients’ accounts for crypto trading services. Rakuten Wallet is an interesting project of the e-commerce giant, since not many e-commerce giants enter the cryptocurrency space. Trading is expected to commence in June 2019.
The story of Rakuten Wallet is a very interesting one. Before the name Rakuten Wallet became popular, the exchange was actually known as Everybody’s Bitcoin. Rakuten paid around $2.5 million to buy the exchange and rebrand it.
CipherTrace will play a crucial role in building the security and AML compliance business of Rakuten Wallet.
CipherTrace offers a number of different services including: regulatory monitoring solutions, cryptocurrency anti-money laundering, , blockchain threat intelligence and cryptocurrency forensics. The task of such companies providing crypto “regulation”-related services is not easy, as regulations constantly change and are basically “fluid”.