Share this article
SEC Wants to Start Scrutinizing Binance Chain Transactions
Company executives anticipated regulators might one day take an interest in Binance Chain
By Danny Nelson
Updated Sep 14, 2021, 9:38 a.m. Published Jul 30, 2020, 2:37 p.m.
Make us preferred on Google
The U.S. Securities and Exchange Commission (SEC) appears to be gearing up for a closer look at Binance coin and other tokens on cryptocurrency exchange giant Binance’s eponymous blockchain.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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.
- In November 2019, CipherTrace partnered with Binance to bring anti-money laundering tracing tools to Binance Chain, which hosts the exchange's nearly $3 billion market cap cryptocurrency BNB as well as 189 other tokens.
- 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.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Tesla made no changes to bitcoin holdings in Q4 as it booked $239 million digital asset loss
The company's bitcoin stack remained at 11,509 coins, worth about $1 billion at BTC's current price near $89,000.
What to know:
- Tesla made no changes in its bitcoin holdings during the fourth quarter, continuing to hold 11,509 coins.
- The company recorded a $239 million after-tax mark-to-market loss on its digital assets due to bitcoin's decline from about $114,000 to $88,000 during the year's final three months.
Top Stories
