us-regulator-zeroes-in-on-binance-chain-as-sec-awards-monitoring-contract-to-ciphertrace

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

The U.S. Securities and Alternate Fee (SEC) intends to award a put-trace contract on a single source foundation to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring firm as it plans concentrate on BNB coin, as neatly as numerous tokens on the Binance’s DEX. The BNB token has a pair of types of utility and powers the Binance Ecosystem as its underlying gasoline.

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The U.S. regulator says it has chosen Ciphertrace because “its products are the real acknowledged blockchain forensics and possibility intelligence instrument that would perchance increase the Binance coin (BNB) and all tokens on the Binance community.”

This follows a likelihood by the contracting officer “that Ciphertrace Inc is the real source that would perchance moderately meet the SEC’s requirement essentially based fully on FAR Phase 13.106-1(b).”

In conserving with the SEC gaze, “the length of efficiency for the contract is anticipated to be one twelve months with four one twelve months option periods and the total price of the contract shall be below the Simplified Acquisition Threshold.”

The SEC intends to award a contract to Ciphertrace on or forward of July 31, 2020. The regulator adds, “this gaze is no longer any longer a aggressive request of for proposals. A rivals solicitation would perchance maybe no longer be issued.”

Peaceable, the U.S. watchdog stresses the “govt will give consideration to occasions that establish their hobby and capacity to answer to the requirement or submit proposals by the response date of the eye.”

Meanwhile, the SEC’s announcement follows an announcement by Ciphertrace final November bringing up increase for Binance Chain.

In a commentary, Ciphertrace said at the time this increase would enable developers, investors, and regulators to browse the Binance Chain blockchain, establish excessive-possibility addresses and procedure controls to offer protection to decentralized applications (DApps), exchanges or numerous cryptocurrency-essentially based fully applications.

Ciphertrace increase modified into anticipated to “enable Binance Chain to invent institutional-grade anti-money laundering (AML) controls and transparency.”

On the time of the announcement, Binance said the partnership would support elevated community involvement, developer participation, and public hobby in Binance Chain.

What does the award of this contract mean for Binance? Allotment your thoughts in the comments allotment below

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