Analyst firm CipherTrace has added 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 said that one of the advantages of CipherTrace tools is that they allow you to analyze transactions not only in a particular blockchain, but also interact with all applications built on its basis.
Crypto exchanges, banks, over-the-counter (OTC) platforms, custodian wallet developers and various financial institutions will be able to flag suspicious transactions on the Binance Smart Chain blockchain. Thus, they will help in the fight against illegal activities, the scale of which is growing as the cryptocurrency industry develops. Binance Compliance Director Samuel Lim strongly agrees.
“Compliance with international anti-money laundering regulations is paramount, and integration with CipherTrace will enhance the credibility of Binance Smart Chain,” Lim said.
Meanwhile, the Department of Justice and the US Internal Revenue Service (IRS) are interested in the activities of the Binance cryptocurrency exchange. Law enforcement agencies intend to find out whether employees and clients of the exchange are involved in money laundering, and whether they are trying to evade taxes. Lim added that Binance is working hard to meet 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 in November, CipherTrace filed patent applications for tools to track XMR illegally obtained. These solutions are aimed at quickly finding intruders and increasing the security of confidential cryptocurrencies.
