The SEC Wants to Track Binance Chain Transactions

By Abhimanyu Krishnan | News | 31 Jul 2020

The United States Securities and Exchange Commission (US SEC) is planning to offer blockchain analysis firm CipherTrace a contract, in an effort to trace transactions on the Binance Chain. A memo published on July 29 reveals that the SEC believes that CipherTrace is the only that can meet its requirements.

The memo also states that the contract will be awarded by July 31, though no details have emerged yet. The contract will last for one year, with 4 one year option periods as well. The SEC stresses that CipherTrace is the only firm meeting their requirements, though they are open to other parties who can prove their capability. It reads,

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.

Founded in 2015, CipherTrace has been funded by DARPA and the US Department of Homeland Security. Its services include anti-money laundering (AML) solutions, compliance monitoring and financial investigations.

Binance and CipherTrace partnered in November 2019 to support AML compliance for the Binance Chain. Several dozen tokens are supported on its blockchain, which regulators will want to monitor. 

Binance is attempting to gain a foothold in the US market, having launched in September 2019. It is also shipping crypto debit cards and planning to launch in the UK.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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