Binance Announces Joining Beacon Network, the First Real-Time Crypto Crime Response Network! Details Here

Binance announced that it has become a founding member of the Beacon Network, developed by blockchain analytics firm TRM Labs and supported by leading industry players. This network is the crypto industry's first real-time crime response system.

Binance Becomes a Founding Member of TRM Labs' Beacon Network to Combat Crypto Crime

The goal is to empower defenders against criminals by leveraging blockchain's transparency and speed. Binance's role in this endeavor is crucial, as it boasts over 280 million users and some of the highest liquidity in the crypto market.

One of the biggest challenges in combating crypto crime has been timing. In many cases, illicit funds were only detected after they had been withdrawn from exchanges. The Beacon Network aims to overcome this problem. The system instantly notifies all members when addresses linked to hacking, fraud, or other financial crimes are verified, allowing exchanges to freeze funds before they can be withdrawn.

Not only Binance, but also major cryptocurrencies like Coinbase, Kraken, Ripple, PayPal, OKX, Bitfinex, and Crypto.com have joined the Beacon Network. The network provides a comprehensive security infrastructure to prevent North Korea-related attacks, ransomware payments, terrorist financing, and fraudulent fund recovery.

Noah Perlman, Binance's Chief Compliance Officer, emphasized that blockchain is a powerful tool in the fight against crime and stated that the Beacon Network advances private-public collaboration.

While the rate of illicit activity in crypto transactions is less than 1% today, such real-time solutions are becoming increasingly critical to the scale and speed of attacks.

*This is not investment advice.

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