Binance has issued important guidance for crypto investors on how to protect their accounts in the event of a lost or stolen device, outlining quick and practical steps to lock down assets, block intruders, and regain full account control.
Binance advice for crypto investors: How to lock down your assets after losing your device
The rise in theft of mobile phones and laptops has raised concerns about the safety of digital assets, prompting crypto users to strengthen their account security. Cryptocurrency exchange Binance on November 6 shared detailed guidance on how to quickly protect and secure your Binance account in the event of a lost or stolen device, emphasizing the importance of acting quickly to prevent unauthorized access and financial loss.
Binance urged users to act without delay, stating:
If your device is stolen, you may be exposed to serious security threats, including unauthorized access and potential financial loss.
The company recommended several proactive measures to increase protection before an incident occurs. These include enabling facial recognition to ensure only legitimate owners can unlock the Binance app, enabling withdrawal address whitelisting to restrict transactions to verified wallets, and using passkeys for cryptographic authentication instead of traditional passwords.
Binance also encouraged users to set up customized two-factor authentication (2FA) through Binance Authenticator, SMS, and email verification. Additionally, the platform offered to turn on auto-lock for apps to automatically protect them after a period of inactivity and reduce exposure to potential attackers.
If a device is lost or stolen, Binance advises users to immediately deactivate their account from another device to prevent fraudulent activity, contact Binance Support via live chat for direct assistance, reset their account password, and re-enable 2FA with new credentials. The exchange also instructed users to revoke all API keys, log out of all active sessions, and review recent activity for unusual transactions.
Binance also emphasized the importance of maintaining regular security audits, updating devices with the latest operating system patches, and avoiding public Wi-Fi when accessing the trading platform. “Device theft can happen to anyone, but awareness and quick action make a big difference,” Binance concluded, adding:
By securing your account with multiple layers of authentication and staying alert for suspicious activity, you can protect both your assets and the integrity of the broader crypto ecosystem.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
