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Blockchain security company CipherTrace has announced anti-money laundering (AML) on-chain analytics for Binance Chain, Binance’s public blockchain platform.
With this, Binance Chain, the underlying blockchain layer for Binance DEX –Binance’s decentralized exchange launched earlier this year, will provide institutional-grade AML controls and transparency. Developers, investors and regulators would be able to browse Binance Chain, identify high-risk addresses and set controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications.
CipherTrace will not only support Binance Chain but also its community that facilitates the transfer and trading of blockchain assets and BNB, the corresponding native asset. This follows CipherTrace’s recent expansion of its crypto tracing capability to 700 crypto assets, including Bitcoin Cash (BCH), Ethereum (ETH) and tether (USDT).
“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.
Binance said that the collaboration with CipherTrace will improve Binance Chain’s AML controls and help the platform attract developers looking to build mainstream applications that are compliant and secure.
The exchange first collaborated with CipherTrace in April this year as it sought to raise its compliance standards in line with global cryptocurrency regulations.
The exchange, in fact, has partnered with a number of firms to enhance security and compliance measures. This includes collaboration with Refinitiv for KYC automation, Elliptic for AML compliance, Chainalysis for real-time crypto transaction monitoring, and IdentityMind for improving data protection.
“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,” Lim added.
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