Crypto Industry Launches Beacon Network to Combat Money Laundering
The Beacon Network has been launched to combat money laundering in the cryptocurrency sector. Managed by TRM Labs, it operates through a coalition of law enforcement, exchanges, analysts, and crypto investigators.
Key points include:
- Major exchanges like Binance, Coinbase, and Kraken are participating.
- The system provides real-time alerts on illicit activities to prevent cashing out of stolen assets.
- It aims to improve anti-money laundering (AML) controls amid increasing regulatory scrutiny.
- The inaugural membership includes multiple prominent companies, excluding some major stablecoin issuers.
- Automation will allow for 24/7 monitoring, supplemented by human investigation teams.
- The network plans to utilize AI for analyzing criminal activities and strategies.
- The U.S. government is prioritizing cryptocurrency regulation and enhancing information sharing related to illicit finance.
This initiative addresses pressing challenges in the crypto ecosystem, aiming for more effective AML measures.