CipherTrace, the world’s leading provider of cryptocurrency intelligence and blockchain security, today announced support for Binance Chain—a public blockchain developed by Binance and its community, that facilitates the transfer and trading of blockchain assets and BNB, the corresponding native asset. 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.
“As the blockchain ecosystem continues to mature, investors and regulators across the globe demand better transparency, security and compliance,” said Dave Jevans, CipherTrace CEO. “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 will enable developers, investors and regulators to browse the Binance Chain blockchain, identify high-risk addresses and set controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications. Consequently, CipherTrace will improve Binance Chain’s AML controls and help the platform attract developers looking to build mainstream applications that are compliant and secure.
“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,” said Samuel Lim, Binance Chief Compliance Officer. “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.”
At present, Binance Chain primarily functions as the foundation layer of Binance DEX with one of the fastest blockchains in the market. Eager participating developers have also built several additional features into the roadmap of Binance Chain, such as interchain and cross-chain features, that could birth a much larger ecosystem of open source projects.
CipherTrace’s support for BNB and the larger Binance Chain ecosystem follows on the heels of a recent expansion of CipherTrace services where the company added 700 crypto assets, including Bitcoin Cash (BCH), Ethereum (ETH) and tether (USDT) to its traceable list.
About Binance Chain
Binance Chain is a community-driven blockchain software system with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, recognized for setting a new cryptocurrency trading standard for fast and secure peer-to-peer trading. For more information on Binance DEX, visit: https://www.binance.org/.
BNB is the native asset on Binance Chain, a blockchain software system developed by Binance and the community. The BNB token has multiple forms of utility and powers the Binance Ecosystem as its underlying gas. With a $3.1 billion market cap, BNB is the seventh-largest cryptocurrency and one of the best performing cryptocurrencies of 2018 and 2019.
CipherTrace is the leader in blockchain security. CipherTrace’s anti-money laundering, blockchain analytics, and crypto threat intel solutions are powered by advanced cryptocurrency intelligence. Financial investigators and auditors use CipherTrace blockchain analytics to trace virtual asset transactions. Leading exchanges, virtual currency businesses, banks, and regulators themselves use CipherTrace to comply with regulation and to monitor compliance. Its quarterly CipherTrace Cryptocurrency Anti-Money Laundering Report has become an authoritative industry data source. CipherTrace was founded in 2015 by experienced Silicon Valley entrepreneurs with deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies. The U.S. Department of Homeland Security Science and Technology (S&T) and DARPA initially funded CipherTrace, and it is backed by leading Silicon Valley venture capital investors.