Binance, Ripple, Coinbase and others create a financial surveillance network
-
This system tracks transactions and addresses, marking them as suspects.
-
Beacon Network sends automatic alerts to exchanges and financial platforms.
TRM Labs, a company dedicated to detecting and investigating financial crimes related to cryptocurrencies, Beacon Network presented a project co -founded by cryptographic ecosystem giants such as Binance, Ripple, Coinbase, Kraken, OKX and Bitfinex, among others.
Beacon Network, released on August 20, is a Real -time data and information exchange system which connects “forces of order, cryptocurrency exchanges, decentralized finance services (defi) and stablecoins emitters with the aim of stopping illicit funds before they are withdrawn,” according to their website.
This project allows researchers Mark directions linked to criminal activitiesgenerating alerts that activate risk -based responses.
In the words of Noah Perlman, Binance Compliance Director:
“Blockchain has proven to be one of the most powerful tools to combat financial crimes. Beacon Network facilitates collaboration between public and private sectors to ensure that we continue to reduce crime in blockchain.”
Noah Perlman, Binance Compliance Director.
The TRM Labs statement states that, since approximately 202347 billion dollars In cryptocurrencies they have been sent to fraud related addresses. ”
However, that figure probably underestimates reality, says the company. This is because many victims do not report SCAMS For shame, lack of conscience or unclear report paths.
In addition, 2025 was a record year for hacker attacks, stealing more 2.3 billion dollars in the cryptographic ecosystem.
How does the Beacon Network system work?
The Beacon Network system operates in four key steps, according to the official site: «Flag, Trace, Alert, Action» (Mark, track, alert, act).
First, verified researchers mark suspicious addresses on the TRM Labs platform.
Then, marked funds are automatically tracked through real -time cryptocurrency networks. When these funds arrive at an exchange or participating financial institution, the System sends an immediate alert.
Finally, exchanges and emitters can review the risk, collaborate with relevant regulators and act before retreats are carried out From those suspicious addresses.
This approach points to Prevent the conversion of illicit funds in cashbut also strengthens regulatory compliance by monitoring real -time activities.
From Binance they specified on the scope of the initiative:
“The network is designed to cover the entire spectrum of high -impact financial crimes. This includes the interruption of funds linked to North Korean hackers, the blockade of ransomware payments, the prevention of the financing of terrorism and the recovery of stolen assets for victims of scams.”
Binance statement, founding member of Beacon Network.
Additionally, from the largest cryptoactive exchange, they also clarified that «Membership is open: cryptocurrency exchange platforms, police agencies, Stablecoins issuing, deficue platforms and security researchers can join ».
While cryptootics reviewed Beacon Network, to access this platform it was necessary to complete a form and expect the TRM Labs platform to process that request.
