On August 18, Elliptic added Binance Chain to its blockchain analytics and crypto asset risk monitoring platform to track any possible illegal activities committed on its blockchain.
Elliptic was the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.
Binance Chief Compliance Officer Samuel Lim said,
“This partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD.”
Elliptic now provides the broadest coverage of any crypto transaction screening solution with over 97% of all crypto assets monitored by trading volume.
This news follows the addition of 89 new crypto assets to Elliptic’s blockchain analytics platform, including BUSD, Zcash, and ZEN.
In the future, Elliptic will provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain. Binance Coin (BNB) also powers the Binance Decentralized Exchange (DEX) which, in turn, is powered by Binance Chain.
Since 2019, Binance has been using Elliptic’s blockchain analytics solutions and services for its global compliance operations. The service functions in all regions where Binance operates to help them comply with global and local anti-money laundering (AML) regulatory requirements.
Elliptic is the global leader in crypto asset risk management solutions for crypto businesses and institutions worldwide. On the other hand, Binance is the world’s leading blockchain and cryptocurrency infrastructure provider with a financial product suite.