Luxembourg – February 17, 2022: Scorechain, the leader in crypto AML compliance solutions, announces today adding BNB Smart Chain Analytics to the solution, expanding its risk AML coverage.
Scorechain provides leading solutions for cryptocurrency monitoring and risk mitigation. Today, we are proud to announce the support of BNB Smart Chain Analytics within our solution. This new product helps us strengthen our leading position in the crypto compliance solution market.
BNB Smart Chain, or BSC, is a blockchain network that supports smart contracts and decentralized applications (DApps). The blockchain also supports BNB (the native cryptocurrency) as well as all BEP20 tokens. While BSC is a blockchain on its own, it runs alongside BNB Beacon Chain. Moreover, together, they translate into high transaction volume and the smart contract feature.
The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators. Validators will get transaction fees as a reward for each block validated. Besides, BSC is compatible with Ethereum smart contracts and allows users to create or migrate DApps easily.
This is why BSC features a wide range of DApps and DeFi (decentralized finance) products. Indeed, the blockchain supports several decentralized exchange (DEX) platforms such as PancakeSwap or BurgerSwap that allow users to trade or exchange their tokens. But, users can also engage in decentralized lending, gaming, or yield farming for example. Therefore, BSC has attracted a lot of attention and users as it can provide high transaction volume and a decentralized ecosystem.
To answer this shift in the market’s needs, Scorechain has added support for the BSC blockchain. Therefore, the product helps companies onboard this fast-evolving network safely and in compliance with crypto regulations worldwide.
Onboarding BSC in compliance with crypto AML regulations
Scorechain BSC Analytics provides monitoring tools for BNB Smart Chain’s transactions (BNB Beacon Chain is not supported). The platform allows compliance officers to adopt a risk-based approach on BSC transactions thanks to a wide range of risk scenarios that take into account entity type, behavioral type, and jurisdiction risks.
With Scorechain BSC Analytics, compliance officers can thus perform real-time transaction monitoring and risk assessment on addresses, transactions, entities, and for both incoming and outgoing funds. The platform supports BNB and BEP20 transfers, including risk scoring and indicators, as well as on-chain swap transfers to have a holistic approach to BSC transaction monitoring.
Also, to improve compliance processes, Scorechain provides additional tools that let users get in-depth data on BSC such as:
- The Exploration Tool to spot links between wallets and suspicious/illegal activities;
- KYA and KYT reports to have a complete overview of an address or a transaction activity and risk level;
- A Case Manager to tackle the most difficult cases efficiently;
- An Entity Directory to conduct risk analysis on counter-parties.
Pierre Gérard, Scorechain’s CEO says: “BSC is a great addition to our risk AML and compliance software. This will help us to scale our product to the evolving crypto markets and support the safe adoption of cryptocurrencies.”
Scorechain BSC Analytics helps compliance officers manage their crypto transactions and adopt a risk-based approach and meet AML requirements in their jurisdictions. You are looking for a solution to leverage BSC in a compliant way? So, don’t hesitate to request a free demo of the solution.
- Ignacio Aguirre, Chief Marketing Officer
- +352 20 40 80 42 16
Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped more than 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.
Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, Tron with TRC10 and TRC20 tokens, and BSC with support of BNB and BEP20. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.