Binance, the world’s leading blockchain ecosystem, announced a new layer of user protection with the implementation of ‘Project Shield’. BEP-20 and ERC-20 based projects listed on the Binance centralized 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.
Project Shield is part of Binance’s ongoing efforts to protect users and provide access to secure projects, which include a thorough evaluation of potential projects against strict security, legal and regulatory compliance standards, as well as ongoing performance reviews for listed projects.
Binance is collaborating with CertiK and PeckShield to review project tokens that get listed on Binance centralized exchange, including those listed on the Innovation Zone, to protect users by providing a thorough security audit. CertiK and PeckShield will audit approximately 150 project tokens by the end of this year.
Binance Founder and CEO, Changpeng Zhao (CZ) said:
"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."
Audit results will be shared with the audited projects for improvements. Binance will provide real-time security incident assistance to the listed and listing project teams. Binance Security team will support the project owners to improve and enhance any vulnerabilities that may have arisen as a result of the audit.
Tigran Gambaryan, VP of Global Intelligence and Investigations, 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."