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Binance Deploys CipherTrace Tool for Travel Rule Compliance
The announcement comes as Binance faces regulatory challenges from financial watchdogs in several countries.
Updated Sep 14, 2021, 1:19 p.m. Published Jul 1, 2021, 10:25 a.m.
Binance said it is using crypto intelligence firm CipherTrace's "Traveler" product to help it comply with global "travel rule" regulations.
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- Traveler will help Binance detect bad actors on the exchange's platform, an announcement Thursday said.
- CipherTrace released the tool in March to help tackle hacks and fraud by scanning addresses associated with incoming crypto transactions.
- The Financial Crimes Enforcement Network and Financial Action Task Force's "travel rule" regulations require virtual asset service providers to exchange identifying information when conducting transactions.
- Binance's relationship with CipherTrace is well established; in May, it tapped the company's transaction tracking software to detect hacks and exploits of decentralized finance (DeFi) applications on Binance Smart Chain.
- The latest announcement comes as Binance faces a cluster of regulatory challenges from financial watchdogs in different markets, including Japan, the U.K. and Canada.
Read more: US Crypto Giants Build First Version of FATF-Compliant ‘Travel Rule’ Tool
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