Binance, the world's largest cryptocurrency exchange, launched the Crypto Safe Alliance (CSA) platform in an attempt to combat cryptocurrency scams and money laundering.
This industry cooperation, which brings together brokers, blockchain protocols, cybersecurity experts and compliance companies, will work together to strengthen the security of everyone's cryptocurrencies, fighting off scammers and other criminals.
An important innovation for CSA, led by Binance, is the CryptoSafe platform, built by Oasis Labs, this platform has a decentralized incident reporting response system, sharing information on malicious incidents involving cryptocurrencies with CSA members to combat fraud , theft and money laundering with cryptocurrencies.
It has a historical tracking tool, real-time aggregation algorithms and suspicious transaction monitoring, as well as wallet addresses.
"Ensuring security is a consensus among the entire crypto community and its players," said Binance CEO Changpeng Zhao (CZ). "
CZ also believes that this effort will bring further integration to the cryptocurrency market.
“A collective effort and the formation of closer ties between members will ensure the implementation of the security of the global cryptocurrency community, in addition to the broad integrity of the ecosystem, in order to fulfill this common mission. We encourage more members of the industry to join the Alliance. ”
CryptoSafe Alliance Features
CryptoSafe uses the platform created by Oasis Labs, a company focused on the distribution of private data in organizations.
Participating companies will have some advantages, such as a blaclista.
“CryptoSafe Alliance maintains a blacklist of malicious digital addresses submitted by members of known criminals. Members of the alliance can integrate the blacklist into their own services to protect their users. "
For now, the platform supports the Bitcoin, Ethereum, TRX, and EOS blockchains, but more coins will be added by the end of the year.
Binance's initiative could help contain cryptocurrency scams, which have already hit $ 1.36 billion in the first five months of the year.