Binance Partners With Oasis Labs To Launch Industry-First Anti-Fraud Alliance
- The new platform is said to bring supporters from all around the world to collectively fight fraud in the crypto sector.
- In time, the alliance is expected to expand its features and introduce real-time proactive fraud analysis.
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On August 27, in a press release shared with The Chain Bulletin, Binance announced a partnership with Oasis Labs, which aims to bring together a global system of collaborators to combat fraud in the crypto sector. Their new project is called CryptoSafe and, through its platform, members of the “Alliance” will be able to safely share and access relevant information related to illicit activities in the crypto space.
According to the announcement, CryptoSafe will serve as a gathering point for individuals and organizations that want to support the reinforcement of security and anti-fraud intelligence around the world. A lot of exchanges, blockchain protocols, cybersecurity experts, and compliance firms have already joined to assist companies in providing proactive real-time anti-fraud analysis to fight cryptocurrency fraud.
“The formation of the CryptoSafe Alliance is a representation of Binance’s commitment to building a more resilient crypto industry for everyone in the ecosystem,” said Binance CEO Changpeng Zhao. “Together, we can make a concerted effort to safeguard the global cryptocurrency community through collaboration and open data sharing.”
The CryptoSafe Alliance works as a decentralized system powered by the Oasis Network and the Oasis Labs privacy SDK, Parcel. Using the company’s data privacy APIs, the platform leverages Oasis’ innovations in privacy-preserving computing to allow Alliance members to store and analyze sensitive data.
“Oasis is the perfect partner to help Binance execute such a groundbreaking initiative,” said Dawn Song, CEO and Founder of Oasis Labs. “With the increasing focus on security and confidentiality, the CryptoSafe Platform leverages the Oasis Network to empower exchanges and other key players in the ecosystem to share threat analysis and reports without compromising sensitive data.”
According to Binance, the platform is essential for the crypto space because it allows members to access real-time intelligence on malicious activities and protects them from fraud without sharing sensitive industry data with competitors. In the future, the CryptoSafe Alliance is expected to expand its features, continuing to fight theft and fraudulent activities, while improving on the industry’s standards for defense against bad actors.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.