Elliptic will start tracking BNB and tokens on Binance Chain

Analyst firm Elliptic will provide its clients monitoring of the Binance Chain blockchain, including the Binance exchange coin BNB, and subsequently the BEP-2 tokens.

Elliptic management team said that risk analysis tool Navigator and Lens wallet verification tool automate monitoring of BNB transactions for compliance with regulatory requirements and to identify suspicious transactions.

In the future, Elliptic plans to add support for BEP-2 tokens, which are issued on the Binance Chain blockchain. If desired, issuers using Binance Launchpad to issue new BEP-2 tokens can use Elliptic’s services to analyze their crypto assets.

Binance began partnering with Elliptic back in May of last year to counter cryptocurrency transactions related to money laundering and criminal activity. Elliptic believes that engaging with Binance will increase the competitiveness of Elliptic, whose main competitor is cryptocurrency and blockchain security firm CipherTrace.

Last November, the Binance Chain public blockchain and BNB coin were added to the CipherTrace platform. In July, it became known that the US Securities and Exchange Commission (SEC) will use CipherTrace tools to monitor transactions on the Binance Chain blockchain. At the same time, the SEC was ready to consider proposals from other suppliers of analytical solutions.

As a reminder, in June, Elliptic began tracking transactions with cryptocurrencies Zcash and Horizen, and last month, the P2P platform LocalBitcoins also began using Elliptic tools to reduce the number of fraudulent transactions.

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