Ripple, Binance, and other major cryptocurrency firms have partnered with blockchain intelligence company TRM Labs to launch the Beacon Network, a real-time crypto crime response system designed to combat illicit activities across the ecosystem. The initiative, announced on August 20, 2025, involves collaboration between exchanges, regulators, and blockchain firms to flag and freeze suspicious transactions instantly.
The Beacon Network operates by enabling participating entities to share information about suspicious transactions in real-time. When illicit movements are detected, the system activates immediately to freeze transfers before malicious actors can move funds to untraceable wallets or off-chain. This coordinated approach aims to prevent the laundering or cashing out of stolen crypto assets.
Binance CEO Richard Teng emphasized the network's importance, stating: "TRM Labs created the initiative with the exchange as a founding member... The goal is to prevent stolen or illicit crypto funds from being laundered or cashed out by malicious actors." The development marks a significant shift for Binance, which has faced regulatory challenges in the past but is now positioning itself as a leader in compliance and security.
TRM Labs, which previously helped freeze over $9 million linked to the ByBit hack through collaborations with Tron and Tether, developed the technical infrastructure for Beacon. Market participants have expressed willingness to report suspicious transactions to the network, highlighting industry-wide commitment to enhancing security.