The global leader in cryptocurrency risk management’s solutions Elliptic has extended its partnership with Binance to start monitoring the Binance Chain blockchain platform and its native asset BNB.
The partnership will now see BNB added to Elliptic’s blockchain analytics platform. Elliptic employs Navigator and Lens, its two monitoring solutions for crypto transactions and wallets to automate compliance monitoring on different blockchains and their native tokens.
This makes it easy for an exchange like Binance and others that have listed BNB to efficiently scale their operations and improve accuracy in detecting any suspicious activity on the blockchain.
The two started to work together in 2019, with Elliptic helping Binance to comply with different global and local anti-money laundering (AML) regulations, in various regions the exchange has extended its operations.
Accelerating BNB’s Adoption through Compliance
Binance’s BNB averages a daily trading volume of $250 million. The native token has several use cases across the Binance ecosystem including as a payment option, powering Binance DEX, paying for trading fees on Binance exchange, and participating in token sales on Binance Launchpad. Elliptic also plans to provide monitoring on Binance Launchpad for token issuers.
The partnership will strengthen Binance’s commitment to regulatory compliance and create more opportunities for further adoption of BNB, according to Binance’s Chief Compliance Officer Samuel Lim.
“We see Elliptic’s support of Binance Chain and their expertise in Blockchain analytics as an important step in furthering confidence from stakeholders over time.”
Binance Chain is a blockchain software that Binance and its community created to establish a decentralized marketplace for issuing and exchanging digital assets. Binance DEX is one of the many features that’s built on and supported by Binance Chain.
Elliptic’s CEO Simone Maini said that their coverage of Binance Chain will allow Binance to continue innovating in the crypto space.
“An innovator in the cryptoasset market, Binance continues to drive market growth, with Elliptic there to help them satisfy regulatory requirements and support the safe adoption of cryptoassets as they launch new products and services.”
Elliptic’s addition of BNB brings to 90 the total number of new crypto assets under monitoring, including Zcash, BUSD, and ZEN. The platform covers crypto transaction screening solutions for up to 97% of all crypto assets making it the broadest service provider of such monitoring services in the crypto industry.
The London-based firm made headlines by being among the top trackers of the Twitter scammer’s activities across different blockchains and exchanges. So far, Elliptic has assessed risk on transactions worth trillions of dollars to uncover financial crime-related activities such as fraud, terrorist fundraising and money laundering.