Elliptic to track transactions on Binance’s blockchain

The analytics firm Elliptic has added the Binance blockchain and its native token BNB to its cryptocurrency risk-tracking systems.

According to the company’s press release, the systems in question are Navigator and Lens, which allow tracking transactions and wallet activity for suspected operations. The solutions are designed to simplify the process of assessing tokens for legal compliance both for their issuers and for infrastructure providers, as well as to provide ongoing network monitoring.

In the future, the company plans to add support for BEP-2 standard tokens, used primarily on the Binance Launchpad platform.

The Binance–Elliptic collaboration began in May of last year. With the new tools, the exchange aimed to improve regulatory compliance and more effectively combat money laundering.

In April 2019, Binance announced a collaboration with another analytics firm — CipherTrace. By the end of the year, the partnership had expanded to the decentralized exchange Binance DEX.

In July, the U.S. Securities and Exchange Commission (SEC) announced its intention to track transactions on the Binance blockchain. To this end, the agency is employing CipherTrace tools.

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