Binance partners cryptocurrency provider

Binance Chain primarily functions as the prime layer of Binance DEX with one of the fastest blockchains in the market

Binance Chain

Binance gets additional support from another cryptocurrency provider. Source: shutterstock.com

CipherTrace, provider of cryptocurrency intelligence and blockchain security,  announced support for Binance Chain, public blockchain that was developed by Binance and its community to facilitate the transfer and trading of blockchain assets and BNB.

From now on, Binance Chain will provide institutional-grade anti-money laundering (AML) controls and transparency.

The Binance Chain blockchain will be browsed by developers, investors, and regulators to identify high-risk addresses. What is more, CipherTrace will help to set controls to protect decentralized applications (DApps), exchanges, or other cryptocurrency-based applications.

This is a major win for the community-driven Binance Chain; our users can soon expect more digital token/asset support across our fast-growing ecosystem and lines of businesses. 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
Samuel Lim, Binance Chief Compliance Officer

This way, the collaboration will improve Binance Chain’s AML controls and help the platform attract developers looking to build mainstream, compliant, and secure applications.

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