Binance teams up with Oasis Labs to build an anti-fraud platform

Binance has joined forces with Oasis Labs to develop a platform that will facilitate threat intelligence sharing among crypto exchanges

News about the collaboration emerged yesterday when cloud computing developers, Oasis Labs, made a statement confirming the alliance.

Binance is renowned as the world’s largest crypto exchange, with the partnership aiming to reduce fraud in the crypto space. The firm presented Oasis Labs as an inaugural member and main infrastructure provider for the industry-first anti-fraud platform.

The project is called CryptoSafe and it will allow members of the “alliance” to safely share and access data related to fraudulent activities through its platform. CipherTrace — a blockchain analytic ad crypto forensic company — reported that crypto fraud totaled $1.36 billion between January and May this year.

Oasis Labs confirmed that its ‘confidential smart contracts’ will be employed in developing the new decentralised CryptoSafe platform. The platform will provide real-time intelligence on threats such as scams and hacks. It will also ensure seamless sharing of this data among exchanges without leaking any user data to competitors.

“Today we’re very excited to announce that we’ve joined forces with Binance as an inaugural member and infrastructure provider of the new CryptoSafe Alliance — a decentralized way to bring together a global ecosystem of collaborators to combat fraud,” read a tweet from Oasis Labs.

Binance’s CEO, Changpeng Zhao, made a statement calling for crypto industry representatives to get in on the CryptoSafe alliance.

“A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem’s integrity to achieve this common mission,” the statement read.

Several blockchain protocols, exchanges, compliance firms, and cybersecurity experts have since taken an interest in this project. Some of them have even offered to lend a hand in providing proactive real-time anti-fraud analysis to fight fraud in crypto.

Oasis Lab’s CEO, Dawn Song, also expressed her views, saying that Oasis was the perfect partner to help Binance bring the project to life. She added that the platform would use the Oasis Network to help crypto exchanges share sensitive data safely in light of the growing focus on privacy and security.

According to both companies, CryptoSafe will facilitate the sharing of data on transactions processed on the Ethereum (ETH), Bitcoin (BTC), Eos (EOS) and Tron (TRX) blockchains at launch. There are also plans in place to add other networks before the end of the year.