This means that 2FA devices that support this standard, like YubiKey, Trezor, and others, can be used as security keys for your Binance accounts. The Binance website, both on desktop/laptop and mobile, now supports the FIDO2 open authentication standard. U2F is basically two-factor authentication (2FA) through hardware security keys instead of the Google Authenticator and SMS. Universal 2nd Factor (U2F) authentication While SMS 2FA may be more convenient, this increases the attack vectors that may be used to target your account (e.g. It is recommended to use Google Authenticator. To be properly protected by 2FA your account must require 2 locks before granting access.Īctivating 2FA on your Binance account is a crucial first step toward securing your funds on Binance. In this context, a factor is split into three different categories: Two-Factor AuthenticationĢFA or two-factor authentication is when you protect your account with two factors or locks, creating an additional layer of security. Let’s check what else the platform does to ensure your personal information and funds are secure.
Personally I think it was the right solution from Binance. The 3rd party app then abused this privilege by market buying a Viacoin and pumping the price.īinance ended up reversing all the trades and paying its users back, so not a single user lost any money in this incident. What happened was a 3rd party app was requesting API keys from users to make trades for the users. You probably remember those rumors about Binance being hacked in March 2018. With that said, no matter how secure exchange is, they’re always a hot target for hackers. Is Binance Safe?īinance is a great platform to use for trading cryptocurrencies. How secure is Binance? Binance is a secure place for cryptocurrency traders and users and is probably one of the safest bets out there.
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