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

The U.S. Securities and Switch Fee (SEC) intends to award a mounted-tag contract on a single source basis to Ciphertrace.

The SEC is awarding the contract to the blockchain monitoring firm because it plans specialize in BNB coin, apart from diverse tokens on the Binance’s DEX. The BNB token has a pair of kinds of utility and powers the Binance Ecosystem as its underlying gasoline.

The U.S. regulator says it has chosen Ciphertrace on memoir of “its merchandise are the sole acknowledged blockchain forensics and disaster intelligence instrument that will maybe well support the Binance coin (BNB) and all tokens on the Binance network.”

This follows a choice by the contracting officer “that Ciphertrace Inc is the sole source that will maybe well moderately meet the SEC’s requirement constant with FAR Portion 13.106-1(b).”

In accordance with the SEC gaze, “the period of efficiency for the contract is anticipated to be one one year with four one one year option courses and the total fee of the contract shall be below the Simplified Acquisition Threshold.”

The SEC intends to award a contract to Ciphertrace on or earlier than July 31, 2020. The regulator provides, “this gaze is now not any longer a competitive ask for proposals. A contest solicitation is doubtlessly no longer issued.”

Restful, the U.S. watchdog stresses the “authorities will give consideration to eager occasions that title their hobby and ability to acknowledge to the requirement or post proposals by the response date of the eye.”

Within the meantime, the SEC’s announcement follows an announcement by Ciphertrace closing November mentioning support for Binance Chain.

In a press commence, Ciphertrace acknowledged at the time this support would enable builders, investors, and regulators to browse the Binance Chain blockchain, title excessive-disaster addresses and region controls to provide protection to decentralized functions (DApps), exchanges or diverse cryptocurrency-essentially based fully functions.

Ciphertrace support used to be anticipated to “enable Binance Chain to win institutional-grade anti-money laundering (AML) controls and transparency.”

At the time of the announcement, Binance acknowledged the partnership would motivate better neighborhood involvement, developer participation, and public hobby in Binance Chain.

What does the award of this contract indicate for Binance? Share your solutions within the feedback allotment below

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