Binance today announced the founding of the CryptoSafe Alliance (CSA) to help combat fraud and strengthen security defense in the global crypto industry.
It is an industry cooperative led by Binance, focused on strengthening security and preventing fraud, theft and money laundering.
Members of the CryptoSafe Alliance will work together through a decentralized incident reporting response system to mitigate risks through real-time monitoring of suspicious transactions and related wallet addresses.
The cooperative is particularly targeted at crypto organizations that want to protect themselves and their users from interaction with malefactors.
Members will be carefully monitored to ensure that they provide accurate and high quality data.
How the Binance CryptoSafe Alliance will work
CSA brings together exchanges, blockchain protocols, IT security experts and compliance companies to collaborate on a platform built by the Oasis Labs team, called CryptoSafe Platform, on which information about known incidents is shared.
CryptoSafe Platform aims to provide open and transparent information about fraudulent incidents, with history tracking, real-time aggregation algorithms, and monitoring of suspicious transactions of related wallet addresses.
The data will be stored onchain, and integrated with self-defined actions at the programming level, such as blacklisting of malicious addresses, monitoring of asset transactions, and providing information for further legal and investigative processes.
This platform supports Bitcoin Revolution, Ethereum, TRX and EOS blockchain, with additional protocols and blockchain that will be added by the end of the year, and exposes APIs that allow to raise the level of privacy and define policies for secure access to data.
The company that created it, Oasis Labs, is supported by investors including a16z Crypto, Accel, Polychain, Pantera and many others, and is a software company that deals with data privacy, and a major contributor to Oasis Network.
The CEO of Binance, Changpeng CZ Zhao CZ, said:
„Ensuring security is a consensus between the entire cryptographic community and the various players. A collective effort and the creation of closer ties between members will better ensure the security of the global crypto community and the integrity of the wider ecosystem to achieve this common mission. We encourage more industry members to join the Alliance.