SEC Will Award Binance’s Chain Monitoring Contract to Ciphertrace

A new bidder is receiving a fixed contact from the U.S. Securities and Exchange Commission (SEC): Ciphetrace.

The said blockchain monitoring company, one of the best blockchain intelligence and analytics firm. Some of its core services include Bank Risk Mitigation, Anti Money Laundering Measures, Crypto Intelligence, and Financial Investigations.

As they wait on USSEC’s final awarding, they BNB coin and other tokens on the Binance’s Dex, talking about the BNB token, it has multiple forms of utility and powers the Binance Ecosystem as its underlying gas.

According to the US SEC, the tick marks checked by Ciphertrace include varied services like blockchain forensics and risk intelligence that can back up Binance coin and others within the said network.

Also, the results trued Ciphertrace Inc as a provider that can reasonably see the SEC’s requirement under FAR Part 13.106-1(b).”

The notice also entailed that the following verbatim, “the period of performance for the contract is anticipated to be one year with four one year option periods and the total value of the contract shall be below the Simplified Acquisition Threshold.”

The contract will be awarded to Ciphertrace on or before July 31, 2020.

The regulator also emphasized as their ending note that the memo, not a competitive request for proposals; thus, competition notice will not be released.

On the other hand, Ciphertrace said this supports other sectors like developers, investors, and regulators to peruse the Binance Chain blockchain, pinpoint high-risk addresses, and set parameters to safeguard decentralized applications (DApps), exchanges or other cryptocurrency-based applications.

With this, the company is expected to empower Binance Chain and provide institutional-grade anti-money laundering (AML) controls and transparency.”

Binance said the partnership would foster greater community engagement, developer interactions, and public curiosity in Binance Chain.

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