Binance and Oasis Labs to Build Suspicious Transaction Data Exchange Platform

Cryptocurrency exchange Binance and Oasis Labs have formed the CryptoSafe Alliance and will develop the CryptoSafe platform for exchanging high-risk transaction data.

Cloud computing platform Oasis Labs will act as the primary infrastructure provider for the CryptoSafe Alliance. The companies will develop a decentralized platform that will use Oasis Labs’ confidential smart contracts, and the service itself will operate on the Oasis Network blockchain. 

The CryptoSafe platform will allow trading platforms to exchange data on potential threats. The developers of Binance and Oasis Labs explained that their joint solution will help to effectively detect cases of fraud, while ensuring the confidentiality of data received from cryptocurrency exchanges.

Exchanges will be able to exchange data on transactions carried out on the Bitcoin, Ethereum, Tron and EOS blockchains, with more networks planned to be added by the end of the year. Platform participants will also have the opportunity to compile a “black list” of addresses related to illegal activities. 

This will enable real-time analysis of transactions to prevent hacker attacks, digital asset theft and money laundering. Binance CEO Changpeng Zhao has called on the cryptocurrency community to join the initiative.

“The collaboration of CryptoSafe developers and participants can ensure the security of the cryptocurrency industry and the integrity of its ecosystem. Our common goal is to prevent cybercriminals from committing illegal actions through cryptocurrency exchanges, ”he said.

According to analyst firm CipherTrace, in the first five months of 2020, the total amount of stolen digital assets reached $ 1.36 billion. However, according to researchers, crypto ATMs are most often used for money laundering , rather than trading platforms.

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