Reading time: ~ 2 m
The Project Shield program will enable the Binance cryptocurrency exchange to validate BEP-20 and ERC-20 projects for investor safety.
Cryptocurrency exchange Binance announced that now all projects based on BEP-20 and ERC-20 will be audited by Project Shield on the marketplace. The implementation of Project Shield on Binance is primarily aimed at protecting users. The solution will ensure that site clients only have access to reliable projects that have successfully passed audits for compliance with strict safety standards, legal and regulatory requirements, and efficiency.
As part of the program to improve the safety of users, the exchange has been conducting research work for several years and implementing available security tools. In particular, Binance periodically audits project tokens with the involvement of crypto security companies CertiK and PeckShield. By the end of the year, the exchange plans to test about 150 new tokens.
Binance founder Changpeng Zhao said that with the growth of the cryptocurrency market, the number of investors on the exchange continues to grow. He noted that investing without proper knowledge and study of projects is quite risky.
“We believe that Project Shield will be one of the first trials for projects that want to offer their tokens to users. In addition, with improved safety standards for projects, the industry will become healthier. This will allow its wider distribution in the near future ”.
Binance said the results of the audit will be shared with audited companies to improve the security of projects. The trading platform will assist teams of listed projects in security incidents. Binance will support the project owners in improving and fixing any vulnerabilities that were identified during the audit.
Vice President for Global Intelligence and Investigation Tigran Gambaryan stated that ensuring user safety is one of Binance’s key priorities. He noted that Project Shield will expand the exchange’s existing capabilities by bringing in industry partners to strengthen the exchange’s security and protect the Binance ecosystem.
In November, Binance CEO Changpeng Zhao stated that the asset’s popularity is a top requirement for listing cryptocurrencies and tokens on the platform.
#Binance #Introduces #Project #Shield #Audit #Program #Ahead #DeFi #Project #Listing
