Binance, the world’s leading blockchain ecosystem, announced a new initiative, “Project Shield”, the first-ever audit program reviewing tokens listed on crypto exchanges.
Binance is the best place to trade altcoins as it has already listed over 500 cryptocurrencies, and is used in more than 180 countries with low fees. Therefore, the company is consistently making an effort to improve its security tools in order to protect its users as the cryptocurrency market is emerging.
In the official blog post, the company states:
“BEP-20 and ERC-20 based projects listed on the Binance centralized exchange is 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.”
This upgrade is considered to be 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.
In addition, Binance’s security research and investigations program and user-accessible security tools are also in play.
The exchange further noted that it is going to join forces 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 around 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.”
More user protection measures.
"Project Shield is part of Binance’s ongoing efforts to protect users and provide access to secure projects."https://t.co/1CbdKm0Ts0
— CZ 🔶 Binance (@cz_binance) December 14, 2021