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Binance CEO supports partnership with CipherTrace

The Securities and Exchange Commission (SEC) will award analysis firm CipherTrace a contract to monitor trading on Binance exchanges along the chain, according to a report. The one-year contract is expected to be submitted to CipherTrace on July 31, with an option to extend it for another year. According to a memo released by the SEC, CipherTrace is the only company capable of achieving that goal. The SECURITIES and Exchange Commission announced the following: The Securities and Exchange Commission (SEC) will use ciphertext tracking to track transactions on Binance’s chain, according to a report. Binance’s CEO responded to the report and stressed that encrypted tracking support will add to the list of tokens.

CipherTrace products are the only known
blockchain forensics and risk intelligence tool that can support the Binance
coin (BNB) and all tokens on the Binance network.

Binance’s Chief Compliance Officer, Samuel
Lim, also highlighted Binance’s initiative to remain transparent to regulators.
However, Lim stated that Binance would remain a “user-centric” platform:

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

The California-based company, CipherTrace,
and the Malta-based exchange Binance signed a partnership in 2019. The goal of
the cooperation is to provide Binance with anti-money laundering tools. At the
time of the partnership announcement, CipherTrace CEO Dave Jevans warned of the
possibility of intervention by regulators in the United States. Jevans stated
the following:

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

Binance CEO Changpeng Zhao responded to the
rumors, calling them “misleading” and “clickbait”. In that regard, Zhao said
that the blockchain analysis tools support Bitcoin, Ethereum and other ERC-20
tokens. Binance’s CEO stressed that its partnership with CipherTrace is “an
important step for more BEP2 token lists on fiat exchanges”.

Author : Reynaldo

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