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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.
Oleh Jamie Crawley
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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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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