Binance has been around since 2017. From day one, the security of users’ data and assets has been the top priority of this platform. It has come up with several procedures for making it more and more secure over time. Here are some of the way by which Binance protects its users:
2-factor authentication is an extra layer of security on your Binance account. It helps secure accounts from a phishing attack. Whenever you log in to your account then a verification code is sent to your Google Authenticator app. So, along with the login Id and password, you will have to add a random 6 digit code to verify your identity.
You can also have SMS verification as part of 2FA but it’s risky and can be subject to SIM Swapping.
A recent addition in 2FA is Yubikey, a small device used for authentication. You insert this ‘USB-type’ device in your system and tap it for generating code every time you log in to your account. Like Google authenticator, Yubikey also has to be set up for a Binance account. It is an extremely secure method. Nevertheless, you have to buy the device from the Yubico store.
Enabling 2FA is at the user’s discretion. However, it is advisable for secure operations.
You can also enable withdrawal notifications for your Binance account. This way whenever cash is taken out from your account you get an email notification. As a result, account activities can be easily monitored.
This is another step towards the safety of your account.
Binance has an ‘address whitelisting’ feature for extra security on ‘address wallet’. This restricts users to a single address for funds withdrawal. You should pick a trusted address and stick to it.
Keep checking your ‘withdrawal addresses’ regularly to catch any unusual activity just in time.
Secure Asset Fund for Users (SAFU):
SAFU was setup by Binance in 2018 for safekeeping of some of the assets for users in case of attack. Binance adds 10% of all trading fees that it earns in this fund. It amounts to a significant value. Users get a refund through this fund in case of a hacking attack.
In 2019, Binance was hacked despite all the security. Nearly 7000 bitcoins worth 40 million dollars were stolen. However, the forum used SAFU to replace the stolen money.
Binance has employed every possible way to win the trust of its customers. The platform has some of the best operational procedures for securing money and keeping users’ data safe. Hence, we recommend that if you are looking for crypto trading then Binance Exchange should be your very first choice. Because Binance is secure to the next level in 2020.
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