Blockchain Analytics Firm CipherTrace to Support Traceability for Binance Chain, BNB

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Menlo Park, California-based CipherTrace, a number one blockchain and Big Data analytics agency, introduced on November 5 that it has added help for Binance Chain, a public blockchain community developed by Binance, the world’s largest digital asset change.

As famous on Binance’s official web site: “Binance Chain is the underlying blockchain layer for Binance DEX. Now, with support from CipherTrace, Binance Chain will provide institutional-grade anti-money laundering (AML) controls and transparency.”

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.”

CipherTrace says it’s planning to assist utility builders, crypto traders and regulatory companies to study the Binance Chain blockchain, so as to determine “high-risk” blockchain addresses and set up controls to assist shield decentralized functions (DApps), digital asset exchanges or different kinds of cryptocurrency-related apps. 

CipherTrace’s administration mentioned it goals to enhance Binance Chain’s present anti-money laundering (AML) checks and procedures, whereas additionally aiding the change in attracting extra builders wanting to develop mainstream functions which can be each compliant and safe.

Samuel Lim, Binance’s chief compliance officer, famous:

“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.” 

Lim added: “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.” 

Currently, Binance Chain capabilities as the bottom layer of Binance’s non-custodial or decentralized change (DEX), and it’s notably one of many quickest blockchain networks. 

Developers have additionally launched extra options that will probably be added later to Binance Chain. These new options embrace interchain and cross-chain performance that might assist promote the event of extra open-source initiatives.

CipherTrace at present helps tracing capabilities for round 700 completely different cryptocurrencies, together with Bitcoin Cash (BCH), Ether (ETH) and Tether (USDT).

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