Key points
In April 2024, Binance teams reviewed 396 proposed new ideas shared by our user community via the Feature Request and Feedback Board.
As the market gathers momentum, offerings for asset management tools and security enhancements are becoming more prominent.
We've also just launched the #BinanceBuild Spotlight, a weekly series showcasing how we turn your feedback into a final product
This is a general announcement. The products and services mentioned here may not be available in your area.
Join the April 2024 edition of #BinanceBuild recaps of the latest improvements in the Binance ecosystem.#BinanceBuilddemonstrates our holistic path of progress. While major feature updates are the cornerstone, subtle improvements inspired by your invaluable suggestions from the Feature Request and Feedback Board also define our growth.
In this issue, we recall and highlight several key themes that emerged directly from user suggestions in April. Remember, your vote matters!
Protecting your assets and avoiding serious mistakes
Lack of robust security measures often turns out to be a costly mistake for cryptocurrency market participants. From lost devices to sophisticated social engineering schemes or compromised confidential information, it is vital for all users to be aware of the latest security measures and protocols related to their exchange accounts.
As activity in the markets increases, so does the temptation for fraudsters to use the crypto space and your assets. To stay ahead of the curve, we strategically implemented a number of improvements to our two-factor authentication and access key acquisition procedures last month.
Two-factor authentication and access keys
We're excited to introduce two major improvements to our 2FA reset procedures. The first is a comprehensive redesign and modernization aimed at reducing user errors. This improvement promotes a higher reset success rate through a more intuitive and simplified interface. Second, we introduced a new feature that allows users to reset their access keys themselves – a feature that was previously unavailable without contacting a Binance customer support representative for assistance.
It is important to note that the 48-hour suspension of withdrawals for withdrawals, P2P sales, payment services and Binance cards remains consistent with the updated flow - this is a guarantee of maintaining the integrity of your account in the face of such security changes.
Instant feedback on reset failure
In the past, when our internal risk management team rejected a reset request, the user was only provided with the case ID number without any explanation or reasoning. In order to understand the reason for the rejection, the user had to contact a support representative by providing their case ID. However, we have refined our approach to improve transparency and timeliness. Users will now be immediately provided with a reason right on the failed request screen in the event of a failure. This enables the user to take more informed next steps, not only increasing the likelihood of their subsequent application being approved, but also eliminating the need for lengthy support interactions, simplifying the overall experience.
Priority of crypto-documentation and taxation
Amid the booming market, keeping accurate records of your trading and investment activities remains critical to paying your taxes properly.
Inspired by your feedback and the general trend, the product team has launched an updated interface for users who want to collect and export information about their accounts to help with reporting.
Binance financial reports
In your Binance desktop client or web version, you will now notice a new "Financial Reports" option under the "Account" dropdown menu. Specially designed to assist users with their domestic tax filing needs, this feature generates reports that comply with local regulations, providing quick convenience and ready reference information. We currently meet the tax requirements of Spain, Bahrain, UAE and Italy. Stay tuned as we will soon be expanding this support to El Salvador, Australia, New Zealand, Kazakhstan and many more. Take a look:
Export transaction history
For a long time, we have received feedback that users are unable to export transaction records for full years or even several years. While our existing custom time filter solved this problem, we've improved the user experience even further. We've now added a series of quick filters to simplify and streamline the process for users.
The final touch: withdrawal
Once you have successfully collected the necessary records for your personal and regulatory obligations, you may need to withdraw funds. Rest assured, we've improved the delisting process in April by introducing an updated page with clear visual workflows for your guidance. Take a look:
Other important features released in April
Re-open the app with Web3 wallet: Previously, every time users closed and reopened the app, they were redirected to the exchange page. However, with the recent update, if you last used the Web3 wallet before logging out, you will be returned to the wallet the next time you launch the app.
New Features on Your Wallet Overview Page: We've integrated the Withdraw and Transfer features directly into your Wallet Overview. This simplifies the workflow by actually reducing the steps, resulting in a smoother and more convenient navigation.
Building together: a look into the future
In summing up this release of #BinanceBuild, it is clear that the improvements presented are not just nominal updates, but rather a demonstration of our commitment to improve your experience in a safe and compliant manner. Each update represents a step forward as we navigate the ever-changing world of cryptocurrencies. Remember that your invaluable feedback drives our innovation and together we shape the future of Binance.
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Disclaimer: Digital asset prices are subject to high market risk and volatility. The value of your investment may fall as well as rise, and you may not get back the amount you invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses you may incur. Past performance is not a reliable indicator of future performance. You should only invest in products that you are familiar with and understand the risks involved. You should consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial advisor before making any investment. This material should not be considered as financial advice. For more information, please see Terms of Use and Risk Warning.
