Crypto exchange leader Binance bolsters user protections with new audit program

Crypto exchange leader Binance bolsters user protections with new audit program

The blockchain crypto exchange giant Binance announced today that it launched Project Shield, the latest level of protection designed to protect Binance users and give them access to secure projects.

Project Shield is Binance’s third attempt to provide greater security for those using the crypto exchange after its Security Research and Investigation Program and User-Accessible Security Tool. According to Binance, Project Shield provides in-depth auditing of projects against strict security standards, legal and regulatory compliance, and ongoing performance reviews.

The world’s leading crypto-asset exchange, based in Singapore, says this is the first time a crypto exchange has implemented this level of protection.

Audited projects are based on symbolic standards BEP-20 and ERC-20 that trade on the Binance exchange. (BEP-20 is the token standard for currency creation on the Binance Smart Chain platform, while ERC-20 is the standard used for all smart contracts on the Ethereum blockchain to administer tokens.) Binance noted in its announcement that stablecoins and mainnet tokens are not included in its program.

Binance said blockchain security companies CertiK and PeckShield will help provide “thorough security audits” when reviewing project tokens that are listed on the exchange, auditing some 150 project tokens by the end of the year. Meanwhile, Binance said it will provide real-time security assistance to listed and listed project teams, helping project owners improve and harden any vulnerabilities that may have arisen from audits. .

Changpeng Zhao, CEO and founder of Binance, who bears the initials CZ, said the number of people interested in the cryptocurrency market – and its potential for profitability – has increased, making it riskier for more people. , especially those who lack the proper knowledge and research to invest in cryptocurrencies. CZ believes Project Shield will provide protections for these users. “As security standards for projects increase, we believe the industry will become healthier, which will allow for greater mass adoption in the near future,” he said.

Binance’s audit program comes at a time when industry leaders are expressing the need for increased security measures and stricter regulation. This also comes a few days after the exchange platform AscendEX has been pirate, resulting in stolen funds totaling $77 million from Ethereum ($60 million), Binance Smart Chain ($9.2 million), and Polygon ($8.5 million), according to PeckShield. A week earlier, crypto exchange BitMart reported that hackers stole $150 million worth of tokens, although his loss was closer to $200 millionaccording to PeckShield ($100 million on Ethereum and $96 million on Binance Smart Chain).

In November, Binance launched an advertising campaign to guide regulatory discussions and to further develop and secure crypto markets, which culminated in its 10 Basic Rights for Crypto Users. “Securing our platform is one of our top priorities,” said Tigran Gambaryan, VP of Global Intelligence and Investigations at Binance in response to the launch of Project Shield, adding that it will help leverage partners. industry and strengthen its defences.