Binance today announced the establishment of CryptoSafe Alliance (CSA), an industry cooperative for combating fraud and strengthening security defence 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 system for incident reporting to mitigate risks through real-time monitoring of suspicious transactions and linked wallet addresses.
The cooperative is particularly targeted at crypto organizations that want to protect themselves and their users from interaction with malicious actors.
Members will be carefully supervised to ensure that they provide accurate and high-quality data.
How will the Binance CryptoSafe Alliance 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.
The CryptoSafe Platform aims to provide open and transparent information about fraudulent activities, with history tracking, real-time aggregation algorithms, and monitoring of suspicious transactions of linked 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 the Bitcoin, Ethereum, TRX, and EOS blockchains, with additional protocols and blockchains to be added by the end of the year, and provides APIs allowing to raise the level of privacy and define secure data access policies.
The company behind it, Oasis Labs, is backed by investors including a16z Crypto, Accel, Polychain, Pantera and many others, and is a data privacy software company and a major contributor to the Oasis Network.
The CEO of Binance, Changpeng CZ Zhao CZ, said:
“Ensuring security is a consensus among the whole crypto community and players. A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and integrity of the broader ecosystem to achieve this common mission. We encourage more members in the industry to join the Alliance”.