Blockchain intelligence firm CipherTrace has unveiled plans to provide analytics support for Binance Smart Chain — enabling higher-risk financial transactions to be identified on this network, and across the hundreds of distributed apps on the platform.
It’s hoped that the integration will enable exchanges, banks, financial institutions and others to flag suspect transactions that may have occurred on BSC, helping to curtail illegal activities such as fraud.
Announcing the integration, CipherTrace’s CEO Dave Jevans added:
“We are very excited to announce analytics support for one of the fastest-growing blockchains currently being deployed by developers. One of the advantages of our data attribution system is that once we add analytics for a blockchain, we also add support for all applications built on that network. This efficient system gives us the ability to adjust to the constantly-changing cryptocurrency landscape much faster than competitors, setting us apart from other blockchain analytics companies.”
These sentiments were echoed by Binance’s chief compliance officer Samuel Lim, who added:
“As more developers deploy Binance Smart Chain to take advantage of the chain's efficiency and scalability, compliance with global Anti-Money Laundering regulations is paramount.”
A Timely Addition
While BSC has won plaudits for delivering low transaction fees and fast settlement times, the apps on this network haven’t been immune from incidents.
Just last week, a DeFi project based on Binance Smart Chain suffered a flash loan attack — causing the value of its native token to plummet.
Although none of Pancake Bunny’s vaults were compromised, the malicious actor dumped a substantial amount of BUNNY on the market, sending prices into freefall.
The project says that changes have been made to its code to ensure that the same type of flash loan attack doesn’t happen again. A compensation pool has also been established.