Over the past few years, the crypto space has changed beyond recognition. Thousands of new projects have entered the market. As a result, the niche technology community has grown into a broad ecosystem with a huge user base. Of course, this path was long and difficult.
The crypto industry is currently at a critical stage. The market continues to develop and attracts more and more attention, including unwanted attention. Because of this, Web3 companies must focus on providing a positive user experience that includes security, reliability, and transparency.
Users want to feel protected from digital threats. They want stable platforms with working features that are transparent about their transactions with customers' money and personal information.
From day one, Binance's priority has been user safety over profit. We founded Binance in 2017 with a simple goal: to make cryptocurrencies accessible to people around the world. We strive to meet users' expectations and always act in their interests.
In this article, we'll cover ways to protect your assets on Binance, from custom tools to internal security protocols. We encourage other companies in the Web3 space to follow the same standards.
Binance Security Measures
We take a comprehensive approach to ensuring user security, which includes advanced verification protocols (KYC), risk detection algorithms based on machine learning, and staff training in methods of protecting against potential threats.
Let's start with the most important measure for any financial institution: KYC and anti-money laundering (AML) protocols.
1. Customer verification (KYC) and anti-money laundering (AML) protocols
Binance partners with service providers around the world to create KYC verification processes that meet the requirements of various jurisdictions. For example, some regions require proof of address or other additional checks.
Our standard KYC verification process goes beyond what financial institutions typically offer. All new users must undergo a series of checks, including document and photo verification, before they can access any cryptocurrency product on our platform.
Binance also has best-in-class anti-money laundering (AML) procedures through its internal services and external providers like Chainalysis, which help us conduct targeted investigations to recover illicit funds.
2. Multi-factor authentication (MFA)
Multi-factor authentication (MFA) plays an important role not only in ensuring security but also in ensuring a smooth experience on Binance. We have added MFA requirements to certain account transactions based on their risk level.
For example, low-risk activities, such as logging in to check your balance, typically do not require multi-factor authentication. And high-risk actions, such as withdrawals, will always trigger additional verification steps.
3. Real-time monitoring
We use artificial intelligence and machine learning algorithms to detect fraudulent activity on the platform in real time. These include suspicious logins or transaction patterns.
When a potential threat is detected, our system will immediately send an alert to alert the user to the risks before proceeding with the transaction. It can also intercept outgoing transactions to known “suspicious addresses” and temporarily restrict withdrawals.
4. Monitoring the Darknet
We constantly monitor forums and markets on the darknet to identify new attack methods, potential threats and data leaks. All information we collect is passed on to law enforcement agencies. We also send any potential data we find to affected users and limit their account activity.
5. Staff training
Hackers often try to gain access to company data through personnel. Some of the world's biggest brands have suffered massive data breaches simply because an employee clicked on a simple phishing link.
Staff training is an integral part of Binance's security system. We provide security awareness training to ensure our employees are aware of new scams and social engineering attacks. We also provide training on how to deal with phishing emails to ensure our teams follow all safety precautions.
How users can protect their funds
Although we spend significant resources on internal user protection, your security is largely up to you. Think of your account as a vault inside our platform. We, in turn, use a variety of tools to protect your funds. However, all these measures can easily be nullified if you voluntarily give your password or money to a hacker.
Every Binance user has access to state-of-the-art protection against a variety of threats, from phishing attacks to account takeovers. Such tools include anti-phishing codes, white lists of withdrawal addresses, and various types of two-factor authentication.
1. Two-factor authentication (2FA)
Enable two-factor authentication (2FA) not only on Binance, but on all other platforms you use. One password is no longer enough.
2FA is one of the most effective ways to protect against hackers. As we have already said, your account is a vault within our platform. With 2FA, scammers won't be able to log in even if they have your password. The next hurdle they'll face is an additional verification step that can only be completed using your phone, email, or a third-party app.
For more information about setting up 2FA, please review the Frequently Asked Questions section. Please note that two-factor authentication based on SMS messages may be vulnerable to, for example, SMS spoofing. Binance users have access to a wide range of alternative 2FA methods, such as Passkey, Google Authenticator, and our own Binance Authenticator.
2. Anti-phishing code
The anti-phishing code feature allows you to identify genuine emails from Binance using a unique code known only to you. Any email without an anti-phishing code is fraudulent.
3. Binance Verify
Binance Verify is an official database that can be used to verify the authenticity of domains, email addresses, phone numbers, WeChat IDs, Twitter accounts and Telegram IDs associated with Binance.
4. White list of addresses for withdrawal
Each Binance user can whitelist trusted addresses for withdrawal of certain cryptocurrencies. This helps prevent unauthorized transfers if your account is hacked.
5. Alerts and notifications
You can set up alerts and notifications to always be aware of your account activity. With their help, you will receive real-time information about new devices, login attempts and suspicious transactions.
Conclusion
Following the described security rules and using Binance tools allows users to fully enjoy the benefits of cryptocurrencies.
Blockchain projects need to continue to prioritize security and adhere to high standards. We need to instill confidence not only in our users, but also in people outside the crypto space. Trust is the foundation of any financial system.
Binance is committed to maintaining the highest security standards as the future of the crypto economy depends on them. We hope that our colleagues are of the same opinion.