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CipherTrace Announce Support for Binance Chain Traceability

 
CipherTrace Announce Support for Binance Chain Traceability
Exchanges / Breaking News / Binance Coin
  • CipherTrace recently announced this month that it has just started support for the public blockchain network developed by Binance.
  • The California-based leading blockchain firm has stated that it is getting ready to provide assistance to application developers.

The Menlo Park, California-based leading blockchain and Big Data analytics firm, CipherTrace recently announced this month that it has just started support for the public blockchain network developed by Binance, Binance Chain.

The biggest crypto exchange said on its official website that “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.”

Dave Jevans, the CEO of CipherTrace said:

“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.”

The California-based leading blockchain firm has stated that it is getting ready to provide assistance to application developers, crypto investors and regulatory entities to look into the Binance Chain blockchain. This is being done in order to seek out the more riskier blockchain addresses and gain control to help keep decentralised applications (dApps), digital asset exchanges or other types of cryptocurrency-related apps under protection.

As per Ethereum World News, Binance’s chief compliance officer, Samuel Lim allegedly said:

“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.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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