CipherTrace Adds Analytics Support for Binance Smart Chain to Track Illicit Transactions, Legitimizes Chain for More Partnership Opportunities

By AIT News Desk On May 31, 2021

Leading cryptocurrency intelligence company CipherTrace announces analytics support for Binance Smart Chain (BSC), a community-driven, open-sourced and decentralized ecosystem, providing the power to identify higher risk financial transactions taking place on BSC and its 600+ decentralized applications (dApps), with support from Binance. The inclusion of CipherTrace’s analytics also allows Virtual Asset Service Providers (VASPs), including exchanges, banks, OTC desks, hosted wallets, and other financial institutions to flag transactions occurring on BSC with a high probability of originating in illicit activity including fraud.

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The inclusion of the Binance Smart Chain adds to the over 1,000 virtual assets already being analyzed by CipherTrace. With this integration, CipherTrace is now able to offer compliance support for any project built on the Binance Smart Chain, a blockchain known for its low transaction fees, fast settlement times, and balance in excess of $88B USD.

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Dave Jevans, CEO of CipherTrace, said, “We are very excited to announce analytics support for one of the fastest-growing blockchains currently being deployed by developers. One of the advantages of our data attribution system is that once we add analytics for a blockchain, we also add support for all applications built on that network. This efficient system gives us the ability to adjust to the constantly-changing cryptocurrency landscape much faster than competitors, setting us apart from other blockchain analytics companies.”

“As more developers deploy Binance Smart Chain to take advantage of the chain’s efficiency and scalability, compliance with global Anti-Money Laundering regulations is paramount,” said Binance Chief Compliance Officer Samuel Lim. “CipherTrace incorporating Binance Smart Chain data into its attribution system to support applications and exchanges is a move to combat illicit activities. In the long run, this will gain BSC more credibility and partnerships in the fiat and regulated space.”