SecureTomorrow

#MyFirstSquarePost New to Binance Square, thrilled to share and connect with everyone here!
Here are a few of Binance’s security measures that help to prevent cyberattacks:

Cold wallets. Ever since the notorious Mt. Gox hack,1 security experts have warned exchanges to always keep the vast majority of their crypto on devices that are not connected to the internet. Binance doesn’t disappoint here, as it states that the “vast majority” of its crypto is stored in cold wallets, outside of the grasp of cyberattackers.
Two-factor authentication (2FA). Like most crypto exchanges, Binance allows you to implement 2FA on your account. If you turn this feature on, you’ll be required to enter a code from your phone every time you log in or make a withdrawal. You can use text messaging or an authenticator app to receive the code. Unlike most exchanges though, Binance also allows you to use a hardware device such as Yubikey to receive the code, which is an even stronger method than using a mobile app.
Real-time monitoring. Binance tracks every action done on the exchange, and it has an algorithm that analyzes activity to see if it is unusual. Any action identified as suspicious results in a 24-to-48-hour freeze on withdrawals from your account. If you actually did authorize the action, you can contact customer service to have the freeze removed, or you can just wait for the time period to pass. But if your account was hacked, the 24-to- 48-hour freeze should give you enough time to alert the staff that your account has been compromised.
Access control. If you want further protection, you can set up “access control” mechanisms on Binance that limit withdrawals to only certain IP addresses or wallet addresses.
Organizational Security. Binance uses advanced organizational security systems to help keep its crypto secure, including threshold signature schemes (TSS)2 that require multiple parties to authorize a transfer from one wallet to another.
Security notifications. If Binance’s system detects suspicious activity on your account, it immediately notifies you through email.
Data encryption. Social Security numbers, addresses, and other personal data is stored in encrypted form, making it very difficult for a hacker to get this information.
Secure Asset Fund for Users (SAFU). Binance keeps a $1 billion fund available to reimburse users in case there is a major breach of Binance’s platform. This should help to make sure that the company does not go bankrupt and fail to pay its obligations to users.
Binance has some of the most advanced security systems of any crypto exchange. But it isn’t completely secure. In the next section, we’ll go over some risks of using Binance.
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