Binance partners with Oasis Labs to combat crypto fraud

Submitted 27/08/2020 - 4:19pm

Binance, a global blockchain firm behind the world’s largest cryptocurrency exchange by trading volume, is partnering with Oasis Labs, a data privacy software company, to launch the CryptoSafe Alliance which will bring together a global ecosystem of collaborators to combat fraud. 

Oasis Labs will serve as an inaugural member and primary infrastructure provider of the CryptoSafe Alliance. 

Through the newly launched CryptoSafe Platform, a decentralised system powered by the Oasis Network and the Oasis Labs privacy SDK, Parcel, Alliance members will be able to share and access real-time intelligence and reports on hacks, scams and other malicious incidents privately and without having to share sensitive industry or user data with competitors.

"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," says Binance CEO Changpeng Zhao (CZ). “Together, we can make a concerted effort to safeguard the global cryptocurrency community through collaboration and open data sharing.”

By reinforcing and strengthening the security and anti-fraud intelligence in collaboration with exchanges, blockchain protocols, cybersecurity experts and compliance firms from around the world, the CryptoSafe platform will begin by supporting post-mortem analysis against the combined anti-fraud intelligence from the Alliance partners. The platform will expand to provide proactive real-time fraud analysis for Alliance members to fight cryptocurrency hacks, theft, and laundering, as well as improve upon the industry’s standard for defence against bad actors.

"Oasis is the perfect partner to help Binance execute such a groundbreaking initiative," says 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.”

Founded with a mission to build an ecosystem of privacy-first applications and platforms, Oasis Labs offers data privacy APIs for enterprises and developers to easily enable privacy and define secure data access policies. Leveraging Oasis' innovations in privacy-preserving computing, the CryptoSafe platform provides defence in depth in a trustless environment to ensure the protection of sensitive data. Leveraging Oasis' innovations in privacy-preserving computing, Alliance members are able to store and analyce sensitive data while Oasis remains oblivious to the interpretation of the data each exchange uploads. 
 

Tags Cryptocurrency Cybersecurity