Blockchain and crypto analytics firm Elliptic has announced that Binance Chain as well as its native payment token commonly known as BNB have been added to its monitoring platform.
In a press statement shared with Bitcoin Exchange Guide, from Tuesday, Elliptics automated compliance, transaction tracing tools as well as wallet monitoring will start tapping into the activities of Binance Chain. Elliptics explained:
“Elliptic’s crypto transaction and wallet monitoring solutions, Navigator and Lens, automate compliance monitoring for BNB so that Binance and other exchanges listing this token can scale operations efficiently and improve accuracy in detecting suspicious activity on the blockchain.”
According to top management in Binance, the developments are meant to enhance the adoption of BNB via expansion of the monitoring network for the BNB token. The firm stated that enhanced coverage translates to enhanced transparency leading to regulatory clarity.
Elliptic also clarified that the addition of the support will also allow fresh standard tokens which are hosted on Binance Chain which will also be monitored by Elliptic. This will ensure that firms offering tokens on Binance Chain will now have a chance to acquire compliance monitoring depending on their wishes. Binance Chief Scientist explained further:
“By adding support for the Binance Chain we now have the capability to add BEP2 tokens to our platform, and so BEP2 assets will be prioritized for coverage like any other asset.”
Binance has also partnered with Elliptic to ensure that its exchange platform is secure. The two firms inked a deal in May 2019 to boost the exchange’s compliance as well as security capabilities and ensure the firm is capable to fight money laundering and flag off any suspicious activity.
He new partnership will also make sure that Elliptic is able to compete with their blockchain analytics companies like Ciphertrace. SEC, in July partnered with Ciphertrace to enable it keep track of Binance Chain stating that the firm was the only one with the capacity to keep tabs on Binance network.