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CipherTrace adds support for BNB and Binance Chain to enable tracing for potential money laundering risks

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Blockchain analytics firm CipherTrace has added support for cyptocurrency exchange Binance’s native token BNB and native public blockchain network Binance Chain, according to an announcement Tuesday.

It means CipherTrace’s clients will now be able to trace BNB and Binance Chain transactions for potential money laundering risks. CipherTrace said it will also help strengthen Binance Chain’s anti-money laundering (AML) controls for attracting more developers to build compliant decentralized applications or dApps.

“This partnership with CipherTrace would ultimately encourage greater community involvement, developer participation and public interest in Binance Chain and pave the way for larger mainstream adoption,” said Samuel Lim, Binance’s chief compliance officer.

Binance and CipherTrace first partnered in April, to enhance the main exchange’s AML processes. Today’s deal will also trace BNB and Binance Chain, CipherTrace's chief financial analyst John Jefferies, told The Block.

Just last month, CipherTrace added support for over 700 digital currencies, including bitcoin cash (BCH), ether (ETH), litecoin (LTC) and stablecoin tether (USDT). “We knew it was critical to expand market coverage beyond bitcoin (BTC) as anti-money laundering regimes become more comprehensive and money launders innovate,” Jefferies told The Block.

Notably, XRP is not yet supported on CipherTrace’s platform; Jefferies declined to comment on whether the firm plans to support it in the near future. However, he said that CipherTrace will launch the “privacy-protecting, open-source cryptocurrency compliance initiative while collaborating with privacy coins and privacy advocates.”