CipherTrace has announced that it will support Binance Chain in providing transparency and institutional-level anti-money laundering controls.
CipherTrace defines itself as the world’s leading provider of intelligence in the crypto and blockchain industry, while Binance Chain is the public blockchain of Binance on which the native BNB token and Binance DEX run.
Through this new collaboration, CipherTrace will allow developers, investors and regulators to explore the Binance Chain blockchain to identify addresses at high risk of money laundering, and set up controls to protect dApps, exchanges and other applications based on this platform.
This is about improving AML controls for Binance Chain in order to attract the development of compliant and secure mainstream applications.
CipherTrace recently added support for 700 cryptocurrencies, including Bitcoin Cash (BCH), Ethereum (ETH) and Tether (USDT), besides BNB.
Its solutions are used by financial investigators and auditors, as well as by exchanges, virtual currency companies, banks and regulators, for tracking virtual asset transactions.
CipherTrace CEO Dave Jevans said:
“As the blockchain ecosystem continues to mature, investors and regulators across the globe demand better transparency, security and compliance. Binance continues to prove it is serious about protecting its investors and is taking the necessary measures needed to grow and diversify its audience”.
Binance’s Chief Compliance Officer, Samuel Lim, added:
“This is a major win for the community-driven Binance Chain; our users can soon expect more digital token/asset support across our fast-growing ecosystem and lines of businesses. While we constantly strengthen our compliance and security controls to align with global regulatory standards, we stay true to our roots of being user-centric. This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption”.