Binance Chain is the foundation for the crypto exchange’s decentralized exchange. It is also home to Binance Coin (BNB), the network’s native token. With the help of the US-based Blockchain security provider, Binance Chain would enhance its anti-money laundering (AML) procedures. Furthermore, the Blockchain is expected to take advantage of the firm’s intelligence tools to improve its operations and services.
As emphasized by CipherTrace in a separate announcement, it would provide corporate-grade AML controls to the public Blockchain, which could greatly catalyze Binance Chain’s massive adoption.
The collaboration between Binance and CipherTrace would allow regulators, global developers, and investors to identify high-risk addresses and other valuable data by accessing the Binance Chain Blockchain. As written by Binance in an official blog post, these entities would also be guided on how to safeguard decentralized applications (DApps), crypto exchanges, and other related applications by setting various controls.
Customer information remains safe and confidential
According to the COO at Binance, Samuel Lim, the most recent development serves as another milestone unlocked for the Binance Chain community. Users can expect that the Blockchain would roll-out its support to a new set of digital tokens in the future. He noted that the firm’s efforts in complying with global regulatory standards would encourage participation and engagement not only with developers but also with the general public.
Lim clarified that the partnership with CipherTrace would not compromise the security of clients’ data since no information would be shared with third-party entities. He also addressed the users, guaranteeing that Binance always keeps its guard up in terms of data protection and user security.