Coinbase and Binance Team Up on New Anti-Crime Network for Faster Asset Freeze

A major alliance in the cryptocurrency industry has launched a new network aimed at tackling criminal activity, aiming to freeze illicit assets within minutes rather than hours or days. Coinbase, Binance, PayPal, and Kraken have partnered with blockchain analytics firm TRM Labs to create the Beacon Network, designed to empower verified members to share alerts, trace suspicious transactions, and proactively freeze funds that may be used for illegal purposes. This collaborative effort marks a significant shift in how cryptocurrency platforms respond to criminal activity.