Blockchain analytics and cryptocurrency intelligence company CipherTrace is now providing analytics support for Binance Smart Chain (BSC).
With the inclusion of BSC into its portfolio of traceable assets, CipherTrace is bringing security and intelligence tools to the blockchain. CipherTrace’s tools will provide the power to identify higher risk financial transactions across BSC’s 600+ decentralized applications (dApps).
CipherTrace’s analytics also enable Virtual Asset Service Providers (VASPs). This allows financial institutions to flag transactions on BSC that have a high probability of originating in illicit activity. These financial institutions could include exchanges, banks, OTC desks, or hosted wallets. The integration also allows CipherTrace to offer compliance support for any project built on BSC.
CipherTrace CEO Dave Jevans highlighted that his company also offers support for all applications built on a network it provides analytics for. “This efficient system gives us the ability to adjust to the constantly-changing cryptocurrency landscape much faster than competitors,” he said. BSC now benefits from this advantage as well.
Binance Chief Compliance Officer Samuel Lim emphasized that complying with anti-money laundering regulations is “paramount” as use of the blockchain grows. He added that CipherTrace’s integration into BSC would be a serious boon in this regard. “In the long run, this will gain BSC more credibility and partnerships in the fiat and regulated space,” he concluded.
Crypto crime down says CipherTrace
According to a recent report from CipherTrace, losses from cryptocurrency theft, hacks, or fraud have fallen considerably since January. However, it admitted that the same could not be said for crime in decentralized finance (DeFi).
As of April 30, criminals in the crypto space contributed to the loss of $432 million, the report purports. If that trend continues at a similar pace until the end of the year, losses could potentially amount to $1.2 billion. This would be a marked improvement over the $1.9 billion lost last year.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.