SEC Contracts with DARPA Funded CipherTrace to Track BNB & Binance Chain

SEC awards Binance partner CipherTrace a one year contract to track Binance Chain that hosts Binance DEX and about 189 tokens including BNB. According to Binance CEO, this significant step would work in favor of its ecosystem projects.

The US Securities and Exchange Commission (SEC) is now taking a special interest in Binance Chain and the native token of the leading spot exchange Binance BNB among other tokens on its blockchain.

Binance Chain hosts about 189 tokens along with the 10th largest cryptocurrency by market cap of $3 billion BNB and underlies Binance DEX, a decentralized exchange.

“This is a significant step to have more BinanceChain token listings on fiat exchanges. Working for our ecosystem projects,” said Changpeng Zao, Binance CEO.

As per the public records, SEC has chosen CipherTrace Inc. for this task to which the agency intends to award a fixed-price contract on a single source basis. The contract will be awarded by SEC by today for a period of one year with four options of one year each to extend the contract. It states,

“CipherTrace Inc., is the only source that can reasonably meet the SEC's requirement in accordance with FAR Part 13.106-1(b).”

Founded in 2015, the blockchain analytics company was initially funded by the US Department of Homeland Security and DARPA, an agency of the US Department of Defense responsible for the development of emerging technologies for the military use.

CipherTrace is the only forensics and risk intelligence tool that can support Binance Coin (BNB) and all other tokens on the Binance network, reads the notice.

CipherTrace partnered with Binance in November 2019 to bring anti-money laundering (AML) tracing tools to Binance Chain.

At the time, Dave Jevans, CipherTrace CEO said, as the crypto ecosystem matures, regulators demand better transparency and compliance.

The technology will enable regulators to browse Binance blockchain and identify high-risk addresses, said Binance adding, CipherTrace will improve its blockchain’s AML controls.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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