Crypto and blockchain intelligence firm CipherTrace has reportedly rolled out analytics support dedicated to Binance Smart Chain (BSC) when hacks and vulnerability exploitations into the network are still inclining. 

Specifically, the company reportedly revealed that it looks to single out higher-risk financial transactions happening across BSC, as well as its decentralized applications, which has exceeded the 600 benchmark. 

CipherTrace has reportedly been carrying out tracking for more than a thousand digital assets.

Dave Jevans, Head of CipherTrace, reportedly remarked that as soon as support for a blockchain is available, the company can include analytics for every application created on that network. 

The inclusion of CipherTrace’s analytics further enables Virtual Asset Service Providers (VASPs), nominally exchanges, banks, OTC desks, hosted wallets, and other financial establishments, to single out transactions taking place across BSC, which come with a high risk of illegal activities happening, including fraud. 

Binance Chief Compliance Officer, Samuel Lim, reportedly stated that making sure to satisfy the compliance level of international anti-money laundering laws is more important than anything else, and CipherTrace can assist in that aspect. 

“CipherTrace incorporating Binance Smart Chain data into its attribution system to support applications and exchanges is a move to combat illicit activities. In the long run, this will gain BSC more credibility and partnerships in the fiat and regulated space.”

BSC has been suffering from illicit activities and DeFi exploitations throughout the last months. More and more protocols are experiencing financial damage from malicious players, the most significant of which is PancakeBunny, which lost a maximum amount of $200 million in BNB and its native token in a major flash loan attack on May 20.