Binance Chain transactions are now traceable by CipherTrace.
The world’s largest cryptocurrency exchange by trading volume announced Tuesday it would utilize CipherTrace’s intelligence tools, bringing anti-money laundering analysis and support to its self-developed blockchain, which is both the foundation for the Binance DEX (decentralized exchange) and home to the exchange’s BNB token.
CipherTrace said in a press release that it would support “institutional-grade” AML controls for clients, continuing a long-standing partnership between the two firms.
Binance announced in April that it would integrate CipherTrace technology to track on-chain funds and problematic user wallet addresses. More recently, Binance said it was evaluating CipherTrace’s solution to the recent Financial Action Task Force (FATF) recommendations for having exchanges implement the so-called travel rule.
FATF formally published its guidance in June, asking national authorities to force crypto exchanges – dubbed virtual asset service providers – to maintain know-your-customer information for both senders and recipients of transactions, and pass that information to other entities. Read More...