Binance & Oasis Labs partner to launch CryptoSafe Alliance to combat crypto fraud

By Pavithra R

Binance, a cryptocurrency exchange provider, has announced that the firm has partnered with Oasis Labs, a privacy-first cloud computing platform on blockchain technology, to launch the CryptoSafe Alliance to bring together a global ecosystem of collaborators to combat fraud.

The CryptoSafe Alliance will have Oasis Labs as an inaugural member and primary infrastructure provider. It is an alliance of exchanges, security and compliance firms, and community members, as well as a platform dedicated to protecting the safety and security of the cryptocurrency community worldwide.

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

The CryptoSafe Platform is an open, collaborative, and decentralized incident report and response platform. It is 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 scams, hacks, and other malicious incidents privately, without having to share sensitive industry or user data with competitors. The platform will begin by supporting post-mortem analysis against the combined anti-fraud intelligence from the Alliance partners. It will then 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 defense against bad actors.

“Oasis is the perfect partner to help Binance execute such a groundbreaking initiative. 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,” said Dawn Song, CEO, and Founder of Oasis Labs.

Founded in 2018, 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, Alliance members can store and analyze sensitive data while Oasis will remain oblivious to the interpretation of the data each exchange uploads.