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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 Exchange Commission (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 because it plans concentrate on BNB coin, in addition to 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 fuel.

The U.S. regulator says it has chosen Ciphertrace as a result of “its merchandise are the one recognized blockchain forensics and threat intelligence instrument that may help 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 fairly meet the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

According to the SEC discover, “the interval of efficiency for the contract is anticipated to be one yr with 4 one yr possibility durations and the full worth of the contract shall be beneath the Simplified Acquisition Threshold.”

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The SEC intends to award a contract to Ciphertrace on or earlier than July 31, 2020. The regulator provides, “this discover shouldn’t be a aggressive request for proposals. A contest solicitation is not going to be issued.”

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

Meanwhile, the SEC’s announcement follows an announcement by Ciphertrace final November stating help for Binance Chain.

In a press launch, Ciphertrace stated on the time this help would allow builders, traders, and regulators to browse the Binance Chain blockchain, establish high-risk addresses and set controls to guard decentralized functions (DApps), exchanges or different cryptocurrency-based functions.

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

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

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

The publish US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace appeared first on Bitcoin News.

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