Ripple, Binance, and a coalition of leading crypto and fintech companies have partnered with TRM Labs to launch the Beacon Network, a real-time response system designed to combat illicit activity in the blockchain space. This initiative arrives as U.S. regulators intensify efforts to address financial crimes involving digital assets, stated in the press release.
TRM Labs, a blockchain intelligence firm, announced that Ripple and Binance are among the founding members of the Beacon Network. The platform aims to prevent criminal funds from exiting the blockchain by enabling rapid detection and coordinated action across the industry.
A Unified Front Against Illicit Finance
Joining Ripple and Binance are other major players such as Coinbase, Crypto.com, OKX, Kraken, Robinhood, PayPal, Stripe, and Anchorage Digital. TRM Labs emphasized that this level of collaboration is unprecedented, creating a united front to block off-ramps for illicit funds.
The Beacon Network will also work closely with global law enforcement agencies. These agencies will actively flag wallet addresses linked to high-risk threats and trigger alerts to prevent criminals from moving stolen assets. Security researchers and firms like ZachXBT, Security Alliance (SEAL), and zeroShadow will contribute to ongoing threat monitoring and intelligence gathering.
This initiative aligns with recent moves by the U.S. government to tighten oversight of the crypto sector. The Treasury Department has called for public input on combating illicit finance, particularly in the context of stablecoins, following the passage of the GENIUS Act. Meanwhile, the Senate is exploring provisions for a draft Crypto Market Structure bill aimed at curbing crypto-related crimes.
Urgency Driven by Record-Breaking Hacks
TRM Labs highlighted the urgency of the Beacon Network by revealing alarming statistics. Since 2023, over $47 billion in crypto assets have been sent to fraud-linked addresses. The actual figure may be higher, as many victims do not report scams.
The year 2025 has already set records for crypto hacks, with more than $2.3 billion stolen. The most notable incident was the $1.5 billion Bybit breach, the largest exchange hack to date. The attacker moved funds through 10,000 transactions within a month, underscoring the need for faster detection and coordinated response.
Ripple, Binance, and other network members are expected to play a key role in intercepting such transactions. Binance notably assisted Bybit during its breach, demonstrating the kind of collaboration the Beacon Network seeks to institutionalize.
