Certain early Binance Web3 Wallet users can now upgrade their wallet to self custody. You can create a recovery password to back up the encrypted wallet key-share with cloud service or QR code.
A self-custody wallet means that you hold and fully control your assets and private keys. You’re fully responsible for managing and securing your keys. If they get lost or stolen, no one can recover them for you and your funds would be irretrievably lost.
A semi-custody or custody wallet, on the other hand, means that a third party holds your assets on your behalf, such as an exchange wallet.
1. Tap on the [Upgrade Now] prompt.
Note: This pop-up will appear when users are required to upgrade their Web3 Wallet. Users who do not upgrade their wallet will have restricted access.
2. Choose to back up your key-share with cloud service or QR code.
3. Set 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 Web3 Wallet.
4. Read and agree to the safety tips before tapping [Continue].
5. If you choose to back up with cloud service, you’ll see the following confirmation. Tap [Back Up] to proceed.
6. Your key-share will be encrypted and backed up. Please wait for it to complete.
7. Your Web3 Wallet has been upgraded to self custody. Tap [OK] to return to the wallet homepage.
For more details on Binance Web3 Wallet, please visit:
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.
