The US Securities and Exchange Commission (SEC) will monitor transactions on the Binance Chain blockchain using CipherTrace tools.
The SEC announced that for this it will conclude an agreement with the analytical company CipherTrace, under which the company will provide the agency with tools for tracking transactions on the Binance Chain blockchain. According to the regulator, CipherTrace is the only firm providing products for analyzing and assessing the risks of transactions with BNB tokens and other cryptoassets on the Binance Chain blockchain. The contract with CipherTrace will be concluded in the coming days. In addition, the Commission is ready to consider proposals from other suppliers of analytical solutions working in the field of blockchain.
In November, CipherTrace began supporting the Binance Chain open blockchain and Binance’s own coins to improve security and counter money laundering (AML). CipherTrace CEO Dave Jevans has previously stated that someday regulators may be interested in Binance Chain. Therefore, Binance’s partnership with CipherTrace will increase transparency and ensure compliance with international regulatory standards.
As a reminder, last week CipherTrace launched a risk prediction system that notifies trading platforms, investors and investigators in real time of suspicious cryptocurrency transactions. In addition, in April, the company unveiled the Armada tool for tracking illegal cryptocurrency transactions through banks and other financial institutions.