Blockchain-focused analytical platform Elliptic has announced it will now monitor Binance Chain activity, including transactions its native cryptocurrency Binance Coin (BNB).
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The current market capitalization of the asset is over $3.3 billion, according to CoinMarketCap.
The company says with the support of BNB, cryptocurrency exchange Binance and other trading platforms can scale operations and improve accuracy in detecting suspicious activity on the network.
According to an official press release, Elliptic also plans to provide crypto compliance monitoring to issuers who are using the Binance Launchpad soon.
Elliptic's CEO Simone Maini claims the main goal of the partnership is to help satisfy regulatory requirements and "support the safe adoption of cryptoassets as they launch new products and services."
The US Securities and Exchange Commission earlier announced its plans to start monitoring all operations inside the Binance Chain blockchain with the help of CipherTrace, a blockchain analytical platform.
The watchdog said that CipherTrace products "are the only known blockchain forensics and risk intelligence tool that can support BNB and all tokens on the Binance network."
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