Binance, together with leading cryptocurrency exchanges such as Coinbase, Kraken, Ripple, and others, has become a founding member of the Beacon Network - an innovative initiative launched by TRM Labs. This real-time network aims to combat crypto crimes by preventing the withdrawal of illegal funds from the blockchain. The platform brings together exchanges, law enforcement, and analysts to quickly respond to suspicious transactions, such as fraud, money laundering, and terrorist financing.
The Beacon Network allows for the instant tagging of wallets associated with illegal activities and tracking them on the blockchain. For example, Binance has already helped freeze $6 million in a 'pig butchering' fraud case. By 2025, crypto crimes reached a record $2.3 billion, including through hacking attacks, such as the Bybit hack for $1.5 billion.
This collaboration demonstrates the maturity of the crypto industry, moving from competition to collective security. According to representatives of Binance, the network enhances trust in the ecosystem, contributing to the broader adoption of cryptocurrencies.
We urge you to stay updated on crypto market news! Subscribe to #MiningUpdates to keep informed about all events.
#CryptoSecurity #blockchain #CryptoNews #Binance #BeaconNetwork #TRMLabs #CryptoCrime