The U.S. Securities and Exchange Commission (SEC) appears to be gearing up for a closer look at Binance coin (BNB) and other tokens on cryptocurrency exchange giant Binance’s eponymous blockchain.
- SEC disclosed in a Wednesday memo that it intends to award Menlo Park, Calif.-based CipherTrace a single-source contract on the grounds it's the only blockchain analysis firm capable of tracing Binance Chain transactions.
- "CipherTrace products are the only known blockchain forensics and risk intelligence tool that can support BNB and all tokens on the Binance network," the securities watchdog said in the contract description.
- Company executives telegraphed in a press release that November the possibility of regulators one day putting eyes on Binance Chain. CipherTrace CEO Dave Jevans said regulators "demand better transparency," while Binance Chief Compliance Officer Samuel Lim said the partnership put Binance in line "with global regulatory standards."
- CipherTrace, Binance and the SEC did not immediately respond to CoinDesk requests for comment.
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