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 fixed-price contract on a single supply foundation to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring firm as it plans focus on BNB coin, as nicely as 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 gasoline.

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 assist the Binance coin (BNB) and all tokens on the Binance community.”

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

In accordance to the SEC discover, “the interval of efficiency for the contract is anticipated to be one 12 months with 4 one 12 months choice intervals and the whole 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 isn’t a aggressive request for proposals. A contest solicitation is not going to be issued.”

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

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

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

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

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

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

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