The crypto trading platform said it will offer an improved level of know your customer integrity by utilizing artificial intelligence for security in the crypto industry.

This week, Binance Canada, a global blockchain and cryptocurrency infrastructure provider, partnered with MinervaAI, a technology provider for the detection and investigation of financial crimes.

As part of the partnership, Binance Canada will utilize Minerva's artificial intelligence tools, sanctions and other risk-screening capabilities to enhance its know your customer and anti-money laundering capabilities in order to develop a comprehensive security, anti-fraud and AML compliance program in Canada, the firm said in a statement.

"We are so excited to partner with Binance Canada, making crypto safer and more accessible for all of their customers, while also making AI-driven AML compliance efficient, effective and affordable for our own customers," said Jennifer Arnold, CEO and co-founder of MinervaAI.

"We have evolved into a world where one must comply to compete. The path for growth, acquiring new customers and entering new regions is built on AML compliance," Arnold stressed.

"Binance Canada has a robust compliance program that incorporates AML efforts and global sanctions principles, as well as tools to preemptively detect suspicious accounts and fraudulent activity,” added James Moore, chief anti-money laundering officer at Binance Canada.

“These tools already meet or surpass the tools that are commonly used in traditional financial institutions, and we will utilize Minerva's state of the art technology to further enhance the strength of our KYC process," he said.

Binance said its compliance, KYC and know your business programs around the world have enabled Binance Canada’s parent company to secure approvals and registrations in France, Italy and Spain – it is one of the few crypto companies to do so from G-7 countries.