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Elliptic Adds Monitoring Support for Binance Chain and BNB

Ellipitc is only the second crypto analysis company to support Binance's namesake blockchain.

By Danny Nelson
AccessTimeIconAug 18, 2020 at 11:59 a.m. UTC
Updated Sep 14, 2021 at 9:45 a.m. UTC
Elliptical shadows (Shutterstock)
Elliptical shadows (Shutterstock)
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Elliptic has added Binance Chain and its native payments token BNB to its monitoring platform, becoming only the second blockchain analysis company to do so.

  • Starting Tuesday, Elliptic’s automated compliance, wallet monitoring and transaction tracing tools can all tap into Binance Chain activity.
  • Binance executives said they seek to bolster BNB adoption by expanding the token’s monitoring network. More coverage means more transparency means regulatory clarity, or so the thinking goes.
  • U.S. regulators appear to agree. In late July, the Securities and Exchange Commission inked a deal with competing firm CipherTrace specifically for its tracing products’ coverage of BNB “and all tokens on the Binance Network.”
  • Elliptic also plans to roll out support for BEP2 tokens issued on Binance Launchpad, according to Chief Scientist Tom Robinson.
  • "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, Robinson told CoinDesk.

See also: Chainalysis Says Bitcoin Scammed From Twitter Users Is ‘On the Move’

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