Home Coins Bitcoin (BTC) US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract...

US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace


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The U.S. Securities and Change Fee (SEC) intends to award a fixed-price contract on a single supply foundation to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring firm because it plans deal with BNB coin, in addition to different tokens on the Binance’s DEX. The BNB token has a number of types of utility and powers the Binance Ecosystem as its underlying fuel.

The U.S. regulator says it has chosen Ciphertrace as a result of “its merchandise are the one identified blockchain forensics and danger intelligence software that may help the Binance coin (BNB) and all tokens on the Binance community.”

This follows a willpower by the contracting officer “that Ciphertrace Inc is the one supply that may fairly meet the SEC’s requirement in accordance with FAR Half 13.106-1(b).”

Based on the SEC discover, “the interval of efficiency for the contract is anticipated to be one 12 months with 4 one 12 months possibility intervals and the full worth of the contract shall be under the Simplified Acquisition Threshold.”

The SEC intends to award a contract to Ciphertrace on or earlier than July 31, 2020. The regulator provides, “this discover will not be a aggressive request for proposals. A contest solicitation won’t be issued.”

Nonetheless, the U.S. watchdog stresses the “authorities will give consideration to events that establish their curiosity and functionality to answer the requirement or submit proposals by the response date of the discover.”

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In the meantime, the SEC’s announcement follows an announcement by Ciphertrace final November stating help for Binance Chain.

In a press launch, Ciphertrace mentioned on the time this help would allow builders, buyers, and regulators to browse the Binance Chain blockchain, establish high-risk addresses and set controls to guard decentralized purposes (DApps), exchanges or different cryptocurrency-based purposes.

Ciphertrace help was anticipated to “allow Binance Chain to offer institutional-grade anti-money laundering (AML) controls and transparency.”

On the time of the announcement, Binance mentioned the partnership would encourage larger neighborhood involvement, developer participation, and public curiosity in Binance Chain.

What does the award of this contract imply for Binance? Share your ideas within the feedback part under

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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