Two Industry Leaders Team up to Prepare for the Next Wave of Crypto Adoption
CipherTrace, the world’s leading provider of cryptocurrency intelligence and blockchain security, 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.
“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”
“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.