The Securities and Exchange Commission (SEC) is planning to monitor transactions on Binance through a partnership with blockchain analytics firm CipherTrace, according to a recent posting.

The proposed contract between the SEC and CipherTrace would last one year with the option to renew. CEO of Binance Changpeng Zhao responded to the news in a tweet on Thursday, July 30 assuring Binance users that blockchain analysis tools are common and that CipherTrace's work is an important step towards listing BEP2 tokens on fiat exchanges.

By Emily Mason