Elliptic can now monitor tokens on Binance Chain

Blockchain forensics firm Elliptic has added the Binance Chain blockchain platform and its native cryptocurrency, Binance Coin (BNB), to its crypto risk monitoring solutions today, according to an announcement shared with Decrypt. Both Binance Chain and BNB belong to crypto exchange Binance.

“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,” stated the press release.

The firm also noted that this extension of partnership will give new BEP-2 standard tokens—that are issued and implemented on Binance Chain—the option to also be monitored by Elliptic.

“Elliptic will, in future, be able to provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain,” the firm noted. This means that those issuing tokens on Binance Chain will be able to get compliance monitoring if they so desire.

Binance also works with Elliptic to keep its own exchange secure. It partnered with Elliptic in May 2019 “to reinforce the exchange’s compliance and security capabilities” and combat money laundering, as well as to detect other suspicious activity.

Keeping up with the Ciphertraces

This move will help Elliptic stay competitive against rival blockchain analytics firm Ciphertrace.

In late July, the SEC awarded Ciphertrace a contract to help it keep tabs on Binance Chain because it was, “the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.”

While the government allowed other firms to show that it can meet the requirements of monitoring Binance Chain, it set a deadline for July 31, which has since passed. However, next time around, Elliptic may be holding up its hand.