Binance launches a new program to protect users through security audits…Details here
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Answer Binance launches a new program to protect users through security audits…Details here
Binance, a global trading and blockchain system provider, has announced a new program that provides security to its users through vetted security audits.
Given that the program is stuck in the current regulatory quagmire, it represents a strategically necessary step for the company to gain a better regulatory position.
The new program, which was coined as “Project Shield”, will act as a layer of protection for the user, through the use of Binance in several partnerships such as:
“CertiK” and “PeckShield”.
The new program announced by Binance is an official verification platform and service based on deep specification and information checking techniques.
As for PeckShield, it is the second partner in the Binance program, a company that specializes in blockchain security.Read:Tether launches its own stablecoin USDT on the NEAR protocol
Tigran Gambarian, Vice President of Global Intelligence and Investigations at Binance, said:
Securing our platform is one of our main priorities.
Project Shield will enhance our existing capabilities by leveraging industry partners to strengthen our defenses and protect the Binance ecosystem.
The launch of “Project Shield” comes on the heels of other initiatives by Binance aimed at enhancing security on both its end-user platform and its internal systems.
The news comes on the heels of Binance’s recent withdrawal from its license application with the Monetary Authority of Singapore (MAS), with Binance saying it will refocus its strategies rather than distract them and work on other important issues, such as security.
Binance currently has two programs already connected to the platform and working to protect users’ funds, namely:
The Bulletproof Exchanger project, which helps detect unusual activity on the platform early, which previously prevented Binance from losing $42 million in cryptocurrency.
and the Safe User Asset Fund (SAFU), which was set up to secure users’ funds in extreme cases by providing two-factor authentication (2FA), hardware-level security mapping, and a regularly updated project whitelist.Read:10% of Bitcoin Hasn’t Moved in Years… What Does That Mean?
Binance founder and CEO commented on the new program:
With the increase in the interest in the market and the profitability of cryptocurrency investments, the number of people who are new to it has increased.Read:DigiByte Founder: These Are Binance Requests to List Overpriced DGB Cryptocurrency
Investing without proper knowledge and research is risky, but with Project Shield, we believe Binance can be one of the first hurdles projects have to overcome before approaching users.
With increased security standards for projects, we believe the industry will become healthier, allowing for greater mass adoption in the near future.
Also, according to Binance, close to 150 digital currencies will be subject to scrutiny this year.
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