Binance Chain blockchain platform and Binance Coin (BNB) is now <a href="https://decrypt.co/38992/elliptic-can-now-monitor-tokens-on-binance-chain" target="_blank" rel="noopener">integrated</a> onto the crypto monitoring risk solution of Elliptic, notify the blockchain forensic firm.

It is to be noted that now the Binance Chain issued BEP-2 standard tokens have the option of being monitored by Elliptic.
<h2>Monitor BEP-2 Tokens</h2>
Further, it has been announced that the issuers of BEP-2 token on Binance Chain could now get the compliance monitoring from Elliptic if they want to.

Elliptic released a public statement stating, “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.”

In May 2019, the world’s largest crypto exchange Binance collaborated with Elliptic to boost up the capabilities of the exchange. The exchange could now take action against money laundering and find out about the suspicious activities.
<h2>Elliptic Competition With Ciphertrace</h2>
Elliptic's new approach would help the blockchain forensic firm to compete against its rival Ciphertrace.

Earlier Cipertrace was the only blockchain analytical firm that could lend its support to BNB and all other tokens on the Binance network. Therefore, in July 2020, the Securities Exchange and Commission (SEC) inked an agreement with Ciphertrace to help it to keep an eye on Binance Chain.

The report states that before shortlisting Ciphertrace, the government agency went through the details of all the firms and examined whether any of them could meet the requirements of monitoring Binance Chain or not.

The government set the deadline for July 31, therefore, Elliptic could not participate in that, but the firm is hoping to grab the contract from SEC, next time.

The crypto exchanges, brokers, and many other financial institutions around the world take the help of Elliptic to prevent their platform from any kind of illicit activity and also to offer a trusted and secured services to the customers.
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Elliptic Adds Binance Chain To Monitor Tokens On the Platform

Binance Chain blockchain platform and BNB are now integrated onto the crypto monitoring risk solution of Elliptic, notify the blockchain forensic firm.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Elliptic Adds Binance Chain To Monitor Tokens On the Platform

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