Binance, a global cryptocurrency exchange that provides a platform for trading more than 100 currencies and the exchange is deemed to be the biggest cryptocurrency exchange in the world in terms of trading volumes, is willing to use the intelligent tools of CipherTrace, which operates in the crypto-economy to help businesses and government make cryptocurrencies safe and trusted.
They want to bring about money-laundering analysis. Their own developed blockchain is foundation for both Binance DEX and BNB token. There is a positive response from CipherTrace and they told they will provide support of AML controls for clients. They want to make a log lasting partnership with them.
Tracking on-chain funds and problematic user wallet addresses is the cardinal aim of Binance of using the technology. The guidance of FATF, an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering and its mandate expanded to include terrorism financing, suggests crypto exchanges to maintain know-your-customer information for both sender and receiver of transactions and they have other recommendations too. So before entering the partnership, Binance started calculating the solution of CipherTrace with the FATF recommendations.
The latest news from Binance came positive about the issue. Their users can expect more digital token/asset support across their fast growing ecosystem and lines of businesses. They are gradually upgrading their security controls to cope with the global regulatory standards. They are seeing a greater community involvement after entering the partnership with CipherTrace. They are also seeing advancement in developer participation and public interest in Binance Chain.
Implementation of the mentioned technology will allow crypto startups to manage private keys with a large extent of security. They have taken another initiative to enable wallet providers and custodians to avoid single points of failure in private keys with distributed key management.