Binance Chain And BNB Will Be Traceable Through CipherTrace

The American blockchain security firm CipherTrace is making big waves in the crypto landscape, after a recent announcement showing that it will provide Anti Money Laundering (AML) controls for Binance Chain and BNB, its the native asset.

As you probably know from the blockchain news before, Binance Chain is the public blockchain of the major cryptocurrency exchange Binance. It is also the underlying blockchain for the decentralized exchange of Binance named Binance DEX. As it stands, this blockchain is expected to improve the AML procedures through CipherTrace.

The news about Binance Chain and BNB came from an announcement by Binance on November 5, where CipherTrace is said to be providing Binance Chain with institutional-grade AML controls to increase the adoption of its blockchain.

Within this initiative, CipherTrace will work to enable global developers, investors and regulators to access the Binance Chain blockchain for discovering data such as high-risk addresses. The company will also help the entities to set various controls to protect decentralized applications (dApps), exchanges or other crypto-based applications, as Binance wrote in a blog post.

Samuel Lim who is the chief compliance officer at Binance, is also in the Binance news today for his claims oriented towards the initiative and how it won’t affect the security of the users and their data protection. Speaking to the media, Lim said that customer information will not be shared with third parties as a result of the new AML practice. He also added:

“Users can rest assured that Binance will uphold its usual high standards of user security and data protection.”

Lim also denied to specify to Cointelegraph whether this move will affect the listing of privacy coins such as Monero (XMR) in the future. He said that Binance does not comment on specific tokens and maintains the highest integrity in its listing due diligence process.

Binance Chain and BNB are making this major move now, as Lim described it. He said that the move is a “major win for the community-driven Binance Chain,” and that Binance users can soon expect more digital token support surrounding the ecosystem.

In the news before, we saw that CipherTrace’s support for Binance Chain and BNB follows the expansion of CipherTrace services to up to 700 cryptocurrencies including ETH, USDT, BCH and LTC which was announced recently.