Binance CEO Richard Teng has shared an important security tip for exchange users to protect their accounts. The CEO emphasized that security is now paramount, particularly amid the increasing number of phishing scams and malware attacks
How to protect your Binance account
In a blog post, the Binance team highlighted four essential tools for users to enhance the security of their accounts. These include Authenticator Apps, Passkeys, Security Keys and Multi-validator verification.
Authenticator Apps, according to Binance, add a second layer of login security using time-based one-time passwords that change every 30 seconds.
Binance shared two authenticator apps with users: Google and Binance. The former is widely trusted, works offline and no internet is needed after setup.
The Binance Authenticator functions similarly to the Google app and provides two-factor authentication (2FA) for trading activities. The key difference is that it is built into the Binance app ecosystem, providing a more seamless experience for Binance-only users.
The second security tool, passkeys, gives a modern alternative to passwords using public-key cryptography. With passkeys, your device, such as a phone or laptop, becomes the “key.” Think of it like your phone is the password, no typing required, no phishing.
Security keys, on the other hand, are hardware-based security measures. It requires physical possession and works even if malware is on your computer. Users are encouraged to purchase a security key from an official retailer.
Finally, Multi-validator verification is a security feature on Binance that requires multiple people or devices to approve big transactions, especially withdrawals. It is available to VIP users, providing an additional verification layer of protection against unauthorized transactions.
Binance prioritizing customers’ security
The primary reason why Binance has shared these four security tips is for users to become aware that scammers are evolving fast. Therefore, users must take precautions to ensure their safety.
The exchange has consistently warned its users about prevalent scams in the crypto industry. In September, Binance urged crypto projects to stay vigilant against fake listing agents and scams.
Binance disclosed that bad actors were attempting to exploit the Binance brand. These scammers made false claims that they were Binance Business Development (BD) employees and official listing agents.
Before this warning, the exchange pointed out a fresh scam about fraudsters faking Binance support. The exchange explained that bad actors were tricking users into scanning bogus QR codes and attempting to steal their faces.