World’s leading crypto exchange Binance has been working on new ways of protecting users and securing their projects, including their new initiative. So-called “Project Shield” was announced on Tuesday, 14th December.
The upgrade is the first in the world audit program for reviewing tokens listed on crypto exchanges. According to the official blog post, auditors will evaluate projects against strict security, legal and regulatory compliance standards before their official release. They will also compare ongoing performance reviews for projects that have already been listed.
“BEP-20 and ERC-20 based projects listed on the Binance centralised exchange are audited in Project Shield. Fees for audits are covered by Binance and this is the first time that a crypto exchange applied this kind of protection,” the post says.
Security research and investigations program, as well as user-accessible security tools are included on the program.
Еhe exchange has partnered with blockchain-related research firms CertiK and PeckShield. The companies’ representatives will review 150 project tokens by the end of the year.
“With the increased interest in the market and the profitability of crypto investments, the number of people ‘apeing’ has increased. Investing without proper knowledge and enough research is risky, but through Project Shield, we believe that Binance can be one of the first hurdles that projects have to overcome before they approach users. Furthermore, with the increased standards of security for projects, we believe that the industry will get healthier, which will allow for greater mass adoption in the near future,” Binance Founder and CEO, Changpeng Zhao (CZ) said.
“Securing our platform is one of our key priorities. Project Shield will enhance our existing capabilities by leveraging industry partners to strengthen our defenses and protect the Binance ecosystem,” Tigran Gambaryan, VP of Global Intelligence and Investigations, also commented.
Binance has implemented “Project Shield”, a new audit program for evaluating BEP-20 and ERC-20 based projects against the crypto market’s rules and regulations.
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