Binance chain transactions are now traceable by CipherTrace.
The World's Largest Cryptocurrency Exchange by Transaction Volume announced Tuesday that it would use CipherTrace's intelligence tools, bringing an anti-money-laundering analysis and support to its channel self-developed blocks, which is both the basis of the Binance DEX (decentralized exchange) and the basis of its exchange. BNB Token.
In a press release, CipherTrace said it would support "institutional-level" AML controls for customers, continuing a long-standing partnership between the two companies.
In April, Binance announced the integration of CipherTrace technology to track chain funds and problem addresses from the users' wallet. More recently, Binance stated that it was evaluating CipherTrace's solution to recent Financial Action Task Force (FATF) recommendations that trade implement the displacement rule.
The FATF officially released its guidelines in June, asking the national authorities to force cryptographic exchanges – virtual resource service providers – to keep information about your customer for the senders and recipients of the transactions, and to pass them on to your customers. 39, other entities.
Binance's compliance officer, Samuel Lim, said in a statement that Tuesday's news was positive for the Binance community.
"Our users may soon be expecting more digital token / asset support in our rapidly growing ecosystem and business sectors," he said, adding:
"As we continually strengthen our compliance and security controls to align with global regulatory standards, we remain true to our user-centric roots. This partnership with CipherTrace would ultimately encourage greater community, developer and public interest in Binance Chain and pave the way for broader adoption by the general public. "
In another announcement from Binance on Tuesday, the stock exchange announced it has opened the implementation of a technology to allow cryptographic startups to manage more secure private keys.
Binance Threshold Signature Scheme Library for the Elliptic Curve Digital Signature Algorithm, "Will enable portfolio providers and repositories to avoid single point of failure in private keys with distributed key management ".
Image of Binance General Manager Changpeng Zhao via CoinDesk Archive