Elliptic Adds Binance Coin To Its Blockchain Analytics Platform

Elliptic Adds Binance Coin To Its Blockchain Analytics Platform

Blockchain, News | August 18, 2020 By:

Blockchain analytics startup Elliptic has announced that it will now monitor Binance Chain and its native cryptoasset Binance Coin (BNB).

Elliptic is a provider of cryptoasset risk management solutions for crypto businesses and financial institutions worldwide. Recognized as a WEF 2020 Technology Pioneer and backed by investors including Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic claims to have assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist fundraising, fraud, and other financial crimes. Currently, Elliptic provides the broadest coverage of any crypto transaction screening solution with over 97% of all cryptoassets monitored by trading volume.

Binance Chain is a bespoke blockchain network for crypto transactions developed by crypto exchange Binance. The blockchain network’s native coin BNB is currently the eleventh largest cryptocurrency by market cap, averaging $250 million in daily trading volume.

In a press release, Elliptic said that Binance has been using its blockchain analytics solutions and services since 2019 for their global compliance operations, working together in all regions that Binance operates to help them comply with global and local anti-money laundering (AML) regulatory requirements.

“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,” Elliptic said.

Samuel Lim, Chief Compliance Officer of Binance, said that this partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD.

“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,” Lim said.