Binance CEO shares important security tips with community

CEO of Binance Richard Teng We’ve shared important security tips for Exchange users to protect their accounts. The CEO emphasized that security is paramount, especially as phishing scams and malware attacks are on the rise.

How to protect your Binance account

in blog postthe Binance team highlighted four important tools for users to strengthen their account security. These include authenticator apps, passkeys, security keys, and multi-validator verification.

According to Binance, Authenticator Apps add a second layer of login security with time-based one-time passwords that change every 30 seconds.

Binance shared two authentication apps with its users: Google and Binance. The former is widely trusted, works offline, and does not require internet after setup.

Binance Authenticator works similarly to the Google app and provides two-factor authentication (2FA) for trading activities. The main difference is that it is built into the Binance app ecosystem, providing a more seamless experience for Binance-only users.

The second security tool, Passkey, uses public key cryptography to provide a modern alternative to passwords. With a passkey, your device, such as your phone or laptop, becomes your “key.” Think of your phone as your password, no typing or phishing required.

Security keys, on the other hand, are a hardware-based security measure. It requires physical possession and works even if there is malware on your computer. We recommend that users purchase security keys from authorized retailers.

Finally, multi-validator verification is a security feature on Binance that requires multiple people or devices to approve large transactions, especially withdrawals. This is available to VIP users and provides an additional layer of protection against fraudulent transactions.

Binance prioritizes customer safety

The main reason why Binance shared these four security tips is to make users aware that scammers are rapidly evolving. Therefore, users should take precautions to ensure their safety.

The exchange has consistently warned users about widespread fraud in the cryptocurrency industry. In September, Binance urged crypto projects to remain vigilant against: Fake listing agents and scams.

Binance has revealed that malicious actors are trying to exploit the Binance brand. These scammers falsely claimed to be employees of Binance Business Development (BD) and official listing agents.

Before this warning appears, The exchange has flagged a new scam About scammers pretending to support Binance. The exchange explained that malicious actors are trying to trick users into scanning fake QR codes and steal their faces.