CipherTrace will start tracking transactions on the Binance Smart Chain blockchain – Bits Media

Analyst firm CipherTrace adds support for the Binance Smart Chain blockchain. The company's tools will allow you to track suspicious activity on this network.

CipherTrace CEO Dave Jevans (Dave Jevans) stated, what is one of the advantages of the CipherTrace tools is that, that they allow you to analyze transactions not only in a specific blockchain, but also interact with all applications, created on its basis.

Cryptocurrency exchanges, banks, over-the-counter trading platforms (OTC), Castodial wallet developers and various financial institutions will be able to note suspicious operations in the Binance Smart Chain blockchain. Thus, they will help in the fight against illegal activities., the scale of which grows with the development of the cryptocurrency industry. Director of the Department for Compliance with the regulatory requirements of Binance Samuel Lim (Samuel Lim) totally agree with this.

“Compliance with international anti-money laundering regulations is paramount, And integration with Ciphertrace will increase confidence in Binance Smart Chain ", – said Lim.

Meanwhile, Binance cryptocurrency exchange was interested in the Ministry of Justice and the US Tax Service (IRS). Law enforcement agencies intend to find out, whether employees and clients of the exchange are involved in money laundering, and are they trying to evade taxes. She added, that Binance is intensely working on compliance with regulatory requirements. We are talking about the use of special tools for detecting illegal transactions and combating money laundering.. Therefore, collaboration with CipherTrace is part of this initiative..

Recall, that CipherTrace filed patent applications for XMR tracking tools in November, obtained illegally. These solutions are aimed at quickly finding intruders and increasing the security of confidential cryptocurrencies..