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

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.

This article is Originally posted on CoinCentral.com
Author: AnTy

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