Why Do I Need to Backup My Binance Wallet and How to Do It?
2023-10-23 13:59
To get started with your Binance Wallet, you need to back it up first.
Why do I need to back up my Binance Wallet?
Binance Wallet employs Multi-Party Computation (MPC) to create three key-shares, which are then stored in different locations for added security. These locations include your cloud storage and your device. Additionally, you're mandated to secure these key-shares by encrypting them with a recovery password that's solely known to you.
What is a Multi-Party Computation (MPC) wallet?
Multi-Party Computation (MPC) is an enhanced cryptography security mechanism. It alters the traditional method of storing private keys by eliminating the need to retain them in one sole location. In this way, MPC lowers the risk of the keys being compromised and reduces the vulnerability of the system.
Binance Wallet employs MPC (multi-party computation) technology to govern every transaction and mitigates single points of failure to ensure that your assets are safe.
When you create a Binance Wallet, it will generate 3 wallet key-shares:
Share 1: Secured by Binance;
Share 2: Stored on your device;
Share 3: Encrypted by the recovery password you entered, and backed up to your cloud storage (iCloud or Google Drive).
To access your Binance Wallet, you must have at least 2 wallet key-shares. In the unfortunate event that a key-share is compromised, the remaining ones are still securely encrypted to protect your assets. Therefore, to prevent the loss of assets, you should back up your Web3 Wallet and store your recovery password securely.
However, it's crucial to understand that clearing your device's cache could result in the loss of Share 2. This underscores the importance of the backup process for Share 1 and Share 3. Without backups for these key-shares, and especially without your recovery password, regaining access to your wallet and your assets would be impossible.
There are two ways to back up your Binance Wallet, using cloud storage or QR code.
How to back up my Binance Wallet with cloud storage?
1. Tap [Back Up Now] on the Web3 Wallet homepage.
2. Tap [Back Up].
3. Choose [Back up with iCloud].
3.1 If you're using an Apple device, make sure that you're logged into your iCloud and have enabled iCloud storage for your Binance app.
3.2 If you're using an Android device, log in to your Google account and enable the Binance app to access your Google Drive.
4. Set up a recovery password and tap [Continue].
The recovery password is used to encrypt your key-share. Please store it in a secure location and do not share it with anyone. In the unfortunate case that you lose or forget your recovery password, Binance won’t be able to restore it for you, which means you will lose access to the key-share backup and your Binance Wallet.
5. Read the safety tips, check the boxes next to them, and tap [Continue].
6. Tap [Back Up] and one of three key-shares will be encrypted and backed up to your cloud storage.
7. Upon completing these steps, your wallet backup process will be complete. Please keep your recovery password safe and secure.
How to check whether I’ve successfully backed up my Binance Wallet?
1. On the [Wallet] page, tap [Wallet Settings] on the top left, then tap [Wallet Management].
2. You’ll see a 'Backed up' tag if you’ve successfully backed up your Wallet.
3. You can also verify your recovery password or back up your Web3 Wallet again.
4. To verify your recovery password, you’ll be asked to scan the backup QR code and enter the password. If the QR code and password are correct, you’ll see [Backup Verified].
5. If you forgot your recovery password or lost the backup QR code, we recommend backing up your Wallet again as soon as possible. Tap [Forgot Recovery Password? Back up again] and follow the steps to create a new recovery password to back up your Wallet.
I forgot my recovery password/lost the backup QR code. What can I do?
If you forgot your recovery password or lost the backup QR code, we recommend backing up your Wallet again as soon as possible.
1. On the [Wallet] page, tap [Wallet Settings] on the top left, then tap [Wallet Management].
2. Tap [Backup Management].
3. Tap on a backup method and choose [Back Up Again]. Follow the steps to generate a new QR code and/or create a new recovery password to back up your Wallet.
Can I back up my Wallet again?
Yes, you can back up your Wallet again.
1. On the [Wallet] page, tap [Wallet Settings] on the top left, then tap [Wallet Management].
2. Tap [Backup Management].
3. Tap on a backup method and choose [Back Up Again]. Follow the steps to generate a new QR code and/or create a new recovery password to back up your Wallet.
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.
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