Binance has become a founding member of the Beacon Network — the world's first real-time cryptocurrency crime response network.
This network is developed by TRM Labs, in collaboration with leading cryptocurrency companies and law enforcement agencies to prevent illicit flow of funds from the Blockchain through instant intelligence sharing and close coordination.
MAIN CONTENT
Binance joining the Beacon Network helps enhance the security of the global cryptocurrency ecosystem.
The Beacon Network provides a platform for real-time collaboration between cryptocurrency companies and law enforcement agencies.
Cooperation helps to reduce financial crime on the Blockchain more effectively.
What does Binance joining the Beacon Network mean for cryptocurrency security?
Binance's becoming a founding member of the Beacon Network marks a significant step in protecting the global cryptocurrency ecosystem. As the largest cryptocurrency exchange in the world, their participation will enhance the strength and security of the network.
With the scale and reputation of Binance, this collaboration helps consolidate the necessary resources and information to detect and prevent money laundering and financial crime, thereby promoting sustainable development in the cryptocurrency sector.
How does the Beacon Network work in preventing financial crime?
The Beacon Network is operated by TRM Labs, supporting real-time sharing of cryptocurrency crime intelligence between companies and law enforcement agencies. This platform helps quickly detect suspicious transactions and coordinate timely responses.
By connecting stakeholders within the same ecosystem, the Beacon Network optimizes the monitoring and processing interaction, thus reducing the chances of criminals using the Blockchain for money laundering or transporting illicit assets.
Blockchain is one of the most powerful tools in the fight against financial crime. The Beacon Network promotes public-private cooperation to continue minimizing crime on the Blockchain.
Noah Perlman, Global Chief Compliance Officer of Binance, August 2023
What is TRM Labs' role in developing the Beacon Network?
TRM Labs is the developer of the Beacon Network and a pioneer in the field of cryptocurrency security. They provide technological solutions to monitor, analyze, and alert on unusual activities on the Blockchain.
Thanks to its experience in handling complex data and a wide network of partners, TRM Labs helps the Beacon Network ensure immediacy and efficiency in international coordination between financial institutions and law enforcement agencies.
How does the Beacon Network differ from traditional monitoring mechanisms?
Unlike traditional financial crime monitoring mechanisms that operate in a fragmented manner, the Beacon Network brings together multiple entities in the cryptocurrency and law enforcement sectors to coordinate real-time security.
This creates a significant advantage in quickly detecting and responding to illegal transactions while preventing bad actors from exploiting the Blockchain to evade law enforcement or transport illicit assets across borders.
Frequently asked questions about the Beacon Network and Binance's participation
What is the Beacon Network?
The Beacon Network is a real-time cryptocurrency crime response network developed by TRM Labs, connecting companies and law enforcement agencies to prevent illegal activities on the Blockchain.
What are the benefits of Binance joining the Beacon Network?
As a founding member, Binance contributes to enhancing security for the global cryptocurrency ecosystem and promoting sustainable growth through effective public-private cooperation.
How does the Beacon Network work to stop illicit funds?
The real-time cryptocurrency crime intelligence sharing system helps quickly detect and coordinate responses to suspicious transactions on the Blockchain.
Who developed the Beacon Network?
The Beacon Network is developed by TRM Labs, specializing in providing global security and transaction monitoring solutions for cryptocurrencies.
How is cryptocurrency crime reduced thanks to the Beacon Network?
Through inter-organizational cooperation and rapid data sharing, the network effectively reduces money laundering and financial fraud on the Blockchain.
Source: https://tintucbitcoin.com/binance-gia-nhap-beacon-network-chong-toi-pham/
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