Binance is now collaborating with blockchain security firms CertiK and PeckShield to consolidate security audits of tokens listed on its platform. A move in line with the company’s efforts to protect the general public.
Good news for Binance users
The world’s largest cryptocurrency exchange platform has announced the arrival of new security measures designed to protect its users, especially novices.
According to Binance, the project, named “Project Shield,” will add a new layer of audit protection for existing and upcoming projects.
This will affect BEP-20 and ERC-20 projects. However, the company announced that the audits will not affect stablecoins (USDC, USDT) or Binance Chain (BC) tokens.
Protection at the forefront
Binance will work with the security companies CertiK and PeckShield, already known in the blockchain world (working with Crypto.com, 1inch or PancakeSwap).
Concretely, the goal is to protect users by continuously analyzing the cryptocurrency projects present or to come on the platform via in-depth security audits.
Binance said that it will help developers of cryptocurrency projects to fix any security flaws detected via the audits, and also said that it will cover the costs of the audits itself.
Project Shield is the third plan Binance has put in place to increase the security of its exchange platform, and joins the security and research program and tools for users to ensure their safety.
Measures to mitigate risk
According to Changpeng Zhao, the CEO of Binance, the growing interest in the profits generated by cryptocurrency investments is leading more and more users to invest in projects that they may not have done enough research on.
He also added:
“With the new increased security standards for projects, we believe that the industry will become healthier, which will attract more people in the near future.”
Note that the arrival of Project Shield should delight cryptocurrency enthusiasts since it comes shortly after the hacking of the AscendEX exchange, representing a loss of more than $77 million, or the $200 million hack of the BitMart platform.
