Binance Coin (BNB) Added to CipherTrace Tracking Service
With the upcoming requirement to give more detailed information on digital assets, Binance Chain has been added to the CipherTrace service.
Binance attempts to expand its credibility, this time by partnering with CipherTrace, the company specializing in blockchain forensics. The startup, which offers services for Bitcoin (BTC) and multiple altcoins and tokens will specifically provide information on Binance Chain and the native Binance Coin (BNB) asset.
Until now, crypto exchanges only had to monitor for money laundering in handling fiat. The exchanges may have to report the asset transfers themselves and track their origin, most probably from the summer of 2020. Based on requirements of the Financial Action Task Force (FATF), exchanges may have to also hold information on the origin of crypto funds.
Binance Coin (BNB) has been subdued in the past days, trading below $20 and on volumes around $200 to $300 million in 24 hours. BNB is no longer a highly active altcoin, but still manages to keep its positions.
CipherTrace has the capability of tracking as much as 700 blockchains and tokens if needed. Interconnections between wallets gives valuable information on the origin of some coins, and may trace the activity to either hacks, or illegal economic actions.
Binance has expanded its position as a provider of multiple services. The exchange spun off its US operations to a local partner. One of the recent efforts of Binance is to offer fiat on-ramps for international clients. Binance accepts payments through fintech services and only serves as an OTC intermediary.
Most recently, Binance added payments in Russian ruble, through the Advcash fintech service.
However, the fiat gateway is limited to the capabilities of Advcash, which still requires a KYC verification.
Despite the relatively slower action of altcoins, Binance has returned to listing a Community coin of the month.
The latest addition is ARPA, which started trading this November 6. ARPA is a layer-two solution for data analysis, which allows for encrypted data privacy.