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.
What is Binance Coin (BNB) ?
What is it? The main purpose of Binance Coin is to be used a medium of exchange on Binance, one of the most popular crypto exchanges. The coin’s ticker symbol is BNB. The main things to know are: 💸 Discount - Users who hold a number of coins and spend them on trading fees receive discounts. In 2018, there is a 25% rebate on trading fees which will reduce to 12.5% in 2019 and stay at 6.25% from 2020 onwards. 💱 Token - Binance Coin is an Ethereum-based ERC-20 token. It has a limit of 200 mil...
“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.
Analytics platform Elliptic was not selling Coinbase users’ personal data
The last week has been a PR nightmare for Coinbase. Not only has it come under fire for buying Neutrino, a company whose founding members had been involved in selling spyware to oppressive governments, the company’s director of sales has just admitted that Coinbase’s previous providers had been selling “client data.” So far, Coinbase has not officially commented on the subject, despite its sales chief, Christine Sandler telling Cheddar TV that some of its partners had been doing exactly that. On...
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.
