Binance Ramps Up Efforts Against Crypto Fraud With New Alliance

Leading cryptocurrency exchange Binance has ramped up efforts against cryptocurrency fraud with the launch of the so-called CryptoSafe Alliance in partnership with data privacy company Oasis Labs.

According to CoinDesk, the CryptoSafe Alliance is being called the first in the industry of its kind. It will start offering post-mortem analyses of any hack or breach of contributing members, and will allow these to get a better understanding of how to prevent these attacks in the future.

The alliance is open to cryptocurrency exchanges, blockchain protocols, cybersecurity experts, and compliance firms. It will create and maintain a blacklist of member-submitted addresses. These addresses can enter the blacklist if they are found to be complicit in criminal activities, including fraud, extortion, theft, and money laundering.

Binance’s security team was quoted as saying, “The CryptoSafe Platform is essentially a comprehensive database of wallet addresses, endpoint fingerprints and other related information as well as analysis tools and algorithms that support the fight against malicious behaviors including hacks.”

The CryptoSafe Alliance will also provide real-time fraud analysis for its members, making it easier to combat cryptocurrency hacks and thefts, while improving the standard in the space. Binance’s CEO Changpeng Zhao said the Alliance is looking to “strengthen the industry’s long-term defense against malicious behaviour.”

Oasis Labs, which is launching the Alliance together with Binance, will see its privacy-preserving software be used so the platform is trustless, according to its Privacy Architect Vishwanath Raman. Each exchange in the group will be able to upload threat intelligence without sharing it with other partners, he said.

The CryptoSafe Alliance currently supports the BTC, ETH, TRX, and EOS blockchains, but plans on adding more in the future. Members that meet its contribution requirements will not have to pay fees to join, while members that only consume data will be charged. Details on fees are not yet known.

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