Menlo Park, California-based CipherTrace, a leading blockchain and Big Data analytics firm, announced on November 5 that it has added support for Binance Chain, a public blockchain network developed by Binance, the world’s largest digital asset exchange.
As noted on Binance’s official website: “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 stated:
“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 is planning to help application developers, crypto investors and regulatory agencies to examine the Binance Chain blockchain, in order to identify “high-risk” blockchain addresses and establish controls to help protect decentralized applications (DApps), digital asset exchanges or other types of cryptocurrency-related apps.
CipherTrace’s management said it aims to improve Binance Chain’s existing anti-money laundering (AML) checks and procedures, while also assisting the exchange in attracting more developers looking to develop mainstream applications that are both compliant and secure.
Samuel Lim, Binance’s chief compliance officer, noted:
“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 functions as the base layer of Binance’s non-custodial or decentralized exchange (DEX), and it’s notably one of the fastest blockchain networks.
Developers have also introduced additional features that will be added later to Binance Chain. These new features include interchain and cross-chain functionality that could help promote the development of more open-source projects.
CipherTrace currently supports tracing capabilities for around 700 different cryptocurrencies, including Bitcoin Cash (BCH), Ether (ETH) and Tether (USDT).
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Author: Omar Faridi