Global Alert Network Called ‘Beacon’
Money laundering has long been a scourge of the cryptocurrency sector, and the industry has a new answer meant to demonstrate it can head off major problems before they accelerate: the Beacon Network.
The new system of illicit-activity alerts, which has been building behind the scenes under the management of TRM Labs, is now officially operational under a broad coalition of law enforcement agencies, exchanges, analysts, individual crypto sleuths and digital assets issuers. Exchanges such as Binance, Coinbase and Kraken have joined issuers and freelance investigators to share real-time information about bad actors, potentially offering an answer to several government efforts to clamp down on costly abuses, TRM announced on Wednesday.
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