Ripple, Binance Help Launch Beacon Network to Combat Crypto Crimes

Ripple, Binance, and other major industry players have joined forces to help TRM Labs launch the Beacon Network initiative to stop crypto crimes. This comes at a time when the U.S. government is developing frameworks to combat illicit finance involving cryptocurrencies.

Ripple and Binance Join As Founding Members of Beacon Network

In a press release, TRM Labs announced that Ripple and Binance have joined as founding members of the Beacon Network, the first real-time crypto crime response network. The blockchain intelligence platform noted that they have designed this initiative to prevent illicit funds from leaving the blockchain.

Other founding members besides Ripple and Binance include top crypto exchanges, such as Coinbase, Crypto.com, OKX, Kraken, Robinhood, alongside PayPal, Stripe, Anchorage Digital, among others. TRM Labs noted that this initiative creates “an unprecedented level of industry collaboration to block off-ramps for criminal funds.”

The Beacon Network will also work with federal law enforcement agencies globally, who will actively contribute to the network. These agencies will help flag addresses linked to critical threats and trigger alerts that help stop bad actors before they can move these funds off the blockchain.

In addition to firms like Ripple and Binance, security researchers and firms including ZachXBT, Security Alliance (SEAL), and zeroShadow will also play a major role in the network. They will provide continuous monitoring to identify and track threats.

This move comes just as the U.S. Treasury issued a statement, seeking the public’s input on how to combat illicit finance as part of its oversight of stablecoins following the passage of the GENIUS Act. The U.S. Senate had also earlier requested information on provisions they could include in the draft Crypto Market Structure bill to help combat crypto crimes.

The Need To Combat Crypto Crimes

Having unveiled Ripple, Binance, and other founding members, TRM Labs touched on what has necessitated this initiative. They revealed that since 2023, at least $47 billion in cryptocurrencies have been sent to fraud-related addresses. They noted that these figures are likely higher since most fraud victims don’t disclose when they fall for a scam.

Furthermore, the blockchain intelligence agency stated that 2025 has been a record-setting year for hacks, with over $2.3 billion stolen from the crypto ecosystem. This includes the $1.5 billion Bybit hack earlier this year, which is the largest crypto exchange hack ever.

TRM Labs stated that the hacker moved funds from the hack through 10,000 transactions in the first month after the attack, which has now triggered an “urgent need for faster detection, response, and coordination across the crypto ecosystem.” Meanwhile, as CoinGape reported, one of the latest exploits was the CoinDCX $44 million hack.

Industry players like Ripple and Binance are expected to help block such transactions when they go through their channels. Firms like Binance notably assisted Bybit when the $1.5 billion hack occurred.