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

The U.S. Securities and Exchange Commission (SEC) plans to award a fixed-price contract on a single source basis to Ciphertrace.

The SEC is granting the contract to the blockchain monitoring business as it prepares focus on BNB coin, as well as other tokens on the Binance’s DEX. The BNB token has numerous types of energy and powers the Binance Ecosystem as its hidden gas.

The U.S. regulator states it has actually picked Ciphertrace since “its items are the just recognized blockchain forensics and run the risk of intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.”

This follows a decision by the contracting officer “that Ciphertrace Inc is the only source that can fairly satisfy the SEC’s requirement in accordance with FAR Part 13.106-1(b).”

According to the SEC notification, “the duration of efficiency for the contract is prepared for to be one year with 4 one year choice durations and the overall worth of the contract will be below the Simplified Acquisition Threshold.”

The SEC plans to award a contract to Ciphertrace on or prior to July 31, 2020. The regulator includes, “this notification is not a competitive ask for propositions. A competitors solicitation will not be provided.”

Still, the U.S. guard dog worries the “federal government will provide factor to consider to interested celebrations that recognize their interest and ability to respond to the requirement or send propositions by the action date of the notification.”

Meanwhile, the SEC’s statement follows a statement by Ciphertrace last November mentioning assistance for Binance Chain.

In a news release, Ciphertrace stated at the time this assistance would make it possible for designers, financiers, and regulators to search the Binance Chain blockchain, recognize high-risk addresses and set controls to secure decentralized applications (DApps), exchanges or other cryptocurrency-based applications.

Ciphertrace assistance was anticipated to “make it possible for Binance Chain to supply institutional-grade anti-money laundering (AML) controls and openness.”

At the time of the statement, Binance stated the collaboration would motivate higher neighborhood participation, designer involvement, and public interest in Binance Chain.

What does the award of this contract suggest for Binance? Share your ideas in the comments area below

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