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$ 0.000181 9.41%

CipherTrace Binance Chain to boost anti-money laundering efforts

CipherTrace Binance Chain to boost anti money laundering efforts

CipherTrace Binance Chain tracking service just went live, and it is gaining momentum. CipherTrace, a blockchain-focused forensics firm, provides solutions that strengthen anti-money laundering efforts by the authorities. This latest news suggests Binance too wishes to contribute to the regulations realm.

More and more blockchain companies have accepted the fact that cryptocurrencies will have to be more transparent if they want to achieve mainstream status. They cannot be at odds with the authorities forever. So, this is another step towards breaking the barrier.

CipherTrace Binance Chain surveillance will boost transparency

CipherTrace, based in Silicon Valley, is well known for providing blockchain intelligence. It now supports Binance Chain that handles BNB token besides running the ubiquitous Binance DEX. What this means for surveillance is that Binance Chain will now be backed by institutional level anti-money laundering regulations. This will certainly increase the transparency in the exchange’s operations.

The long list of CipherTrace clients features many large institutions, government authorities, and other notable names. It helps them monitor suspicious crypto activity that bypasses regulations and scrutiny. It can locate seven hundred digital assets and put them under surveillance. This CipherTrace Binance Chain support will help bring to light the inner operations of the network which will further improve its transparency credentials. BNB token is a highly popular cryptocurrency after Bitcoin and Ethereum.

Blockchain surveillance is one tough cookie

Blockchains are supposed to be highly cryptic. And at the same time, surveillance has to be done so that appropriate authority can take suitable action in case of illegal activities. Transaction tracing is difficult and must be done to ensure transparency if needed. CipherTrace makes this happen with its advance architecture that helps track illicit activities.

In September, CipherTrace’s TRISA was made free so that exchanges can meet the FATF’s ‘travel rule’ effectively. The Chief Financial Analyst of CipherTrace John Jefferies said though the company believes in transaction privacy, it also doesn’t want to brush under the carpet any illegal or terrorist funding. Illegal transactions must be tracked and plugged appropriately through the CipherTrace Binance Chain partnerships.

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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