Elliptic, the global leader in cryptoasset risk management solutions, today announced that it will now monitor Binance Chain and its native cryptoasset BNB, which averages USD 250 million in daily trading volume.
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.
Binance, the world’s largest digital asset exchange , has been using Elliptic’s 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.
As well as being a payment method, BNB can be used to pay for fees on the Binance exchange and used to participate in token sales on the Binance Launchpad. Elliptic will, in future, be able to provide crypto compliance monitoring to issuers using the Binance Launchpad to launch new BEP2 tokens on the Binance blockchain. BNB also powers the Binance DEX (decentralized exchange powered by Binance Chain).
“This partnership not only strengthens our commitment to regulatory compliance but also opens the door for wider adoption of BNB and BUSD,” said Samuel Lim, Chief Compliance Officer, Binance. He added “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.”
“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”, said Simone Maini, Elliptic’s CEO. She adds, ”Elliptic’s coverage of the Binance Chain extends that partnership.”
Following the addition of 89 new cryptoassets to Elliptic’s blockchain analytics platform this year, including BUSD, Zcash, and ZEN, Elliptic now provides the broadest coverage of any crypto transaction screening solution with over 97% of all cryptoassets monitored by trading volume.