Binance Transactions to be AML Compliant By CipherTrace

CipherTrace, the security provider for cryptocurrency and blockchain, announced support for the BNB native token of Binance and the Binance Chain native public blockchain network.

Now, with CipherTrace’s support, Binance Chain will provide controls and transparency for institutional-grade anti-money laundering (AML) procedures.

Dave Jevans, CipherTrace CEO said in an announcement: 

“As the blockchain ecosystem continues to mature, investors and regulators across the globe demand better transparency, security, and compliance. Binance continues to prove it is serious about protecting its investors and is taking the necessary measures needed to grow and diversify its audience.” 

In April, Binance and CipherTrace first collaborated to strengthen the AML processes of the exchange. This partnership will enhance the transparency and security of crypto trading. 

CipherTrace allows customers to search the blockchain and detect high-risk addresses and controls for distributed applications centered in cryptocurrency.

CipherTrace, therefore, improves AML controls on the Binance Chain, allowing the platform to attract developers who are looking to secure mainstream applications.

Amuel Lim, Binance Chief Compliance Officer said: 

“While we constantly strengthen our compliance and security controls to align with global regulatory standards, we stay true to our roots of being user-centric. This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption.”

Binance Chain operates primarily as the base layer of Binance DEX with one of the fastest blockchains on the market.

CipherTrace revealed last month that it is supporting 700 digital currencies, including:

  • Bitcoin cash
  • Ether
  • Litecoin
  • Tether stablecoin

After Bitcoin and Ethereum, BNB token is a highly popular cryptocurrency. Most crypto companies have realized transparency and security are very important to achieve success.

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