Blockchain analytics firm Elliptic now monitors Binance Chain

Blockchain analytics firm Elliptic now monitors Binance Chain

Elliptic has added support for Binance chain and Binance coin (BNB), which means that BEP-2 tokens—Binance’s equivalent to ERC-20 tokens—will now be monitored by the London-based blockchain analytics firm.

In a statement, Elliptic said it will “be able to provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain.”

“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.” 

This move by Elliptic comes shortly after the U.S. Securities and Exchange Commission (SEC) granted CipherTrace a blockchain monitoring contract. In their memo confirming their contract with CipherTrace, the SEC explicitly stated that the reason that CipherTrace was awarded the contract was because—at the time—CipherTrace was the only blockchain analytics company that had support for Binance Chain and BNB.

Why the SEC is interested in Binance

The SEC was interested in monitoring Binance transactions because it is well-known that Binance’s operations are illegal in many countries. Recently, government agencies in both Brazil and Malaysia ordered Binance to discontinue their operations since they had not registered with the proper government agency in each country. 

That being said, there is a lot of value in being able to monitor the transactions that take place over Binance. Just think, if several blockchain analytics companies supported Binance chain at the time, then it may have been more difficult for the SEC to choose who to grant their blockchain monitoring service contract to. With that in mind, you can expect more blockchain analytics firms to add support for Binance Chain, BNB, and BEP-2 tokens in the future.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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