Interesting information. #Binance

Main TakeawaysWhile crypto security has evolved tremendously over the last several years, bad actors still seek to exploit users, making security awareness and platform safeguards crucial.Binance employs industry-leading security measures, real-time monitoring, strong user-level protections, and the SAFU fund to safeguard assets.On their part, users must adopt a security-first mindset, leveraging Binance's tools and educational resources for comprehensive protection.The crypto space has come a long way from its early days. The industry has changed beyond recognition, with regulatory advancements, improved security infrastructure, and a declining share of illicit activity as a result of these strides. However, one fundamental truth of digital finance remains unchanged: there are always bad actors looking to exploit vulnerabilities and steal funds.Given crypto's decentralized nature, a significant part of the responsibility for safeguarding assets lies with users themselves. Over the past five years, Binance has welcomed hundreds of millions of new users, many of whom are yet to develop the necessary level of security awareness needed to approach crypto with an optimal security mindset. The need for continuous education, robust security measures, and proactive risk mitigation is still there, and always will be. Read on to find out what Binance does to protect your funds.How Binance Keeps Your Crypto Safe: A Multi-Layered Security StrategyAt Binance, we do everything possible to protect users by implementing advanced security measures at both the platform and user levels. Our comprehensive approach includes secure storage, real-time monitoring, threat detection, and a dedicated safety net in case of emergencies.Platform SecuritySecure Storage: The vast majority of user funds are stored in offline, cold storage facilities to minimize exposure to cyber threats.Real-Time Monitoring: Every withdrawal attempt, password reset, two-factor authentication reset, and email change is analyzed by our risk management system. If unusual activity is detected, withdrawals may be suspended for 24-48 hours as an added precaution.Organizational Security: Our infrastructure employs multi-signature and threshold signature schemes (TSS) to ensure the safety and integrity of user funds.Advanced Data Encryption: We encrypt user data and personal information, including Know-Your-Customer (KYC) details, both in storage and transit, ensuring that only users have access to their private data.User-Level SecuritySafe Sign-In: Binance supports stringent sign-in protocols using two-factor authentication (2FA), including hardware keys, app-based, SMS, and email verification.Access Control: Users can enhance security with opt-in features like IP and wallet address whitelisting, API access control, and device management.Security Notifications: If suspicious activity is detected, users receive immediate alerts via email and in-app notifications, allowing them to take quick action to secure their accounts.Proactive Threat Monitoring and Risk PreventionUser safety is our top priority, and Binance has a variety of proactive measures in place to prevent users from losing money to scams and fraud. Throughout 2024, Binance’s security systems prevented over $4.2 billion in potential user losses, protecting 2.8 million people worldwide.At the core of our threat monitoring system lies a powerful risk engine that operates in real time. Using a hybrid approach of artificial intelligence (AI) and manual review, Binance dynamically detects and flags suspicious transactions across its entire ecosystem, including P2P trading, payments, and crypto transactions. Many fraudulent transactions are intercepted at the withdrawal stage, when bad actors attempt to siphon funds away from Binance’s security infrastructure.Beyond active monitoring and fraud prevention, Binance has implemented a structured security framework to protect users from scams. Our eight-tier risk mitigation strategy balances security with user experience, incorporating measures like: customized pop-up warning, withdrawal cooldown features, wake-up calls for high-risk transactions, and multiple appeal handling channels, ranging from automated to manual reviews.Beyond securing Binance’s own platform, we also assist external users in recovering misplaced funds. Throughout 2024, Binance has successfully secured over $88 million in lost or misplaced assets for external parties. Our efforts in blockchain analytics, cooperation with law enforcement, and security awareness initiatives help create a safer ecosystem for all crypto users.The Secure Asset Fund for Users (SAFU)Even with best-in-class security measures in place, unforeseen circumstances can still arise. That’s why Binance established the Secure Asset Fund for Users (SAFU) in July 2018 as an emergency protection measure. A portion of trading fees is allocated to SAFU to ensure that users have an additional layer of financial security in the rare event of a platform incident.We keep the value of the fund at $1 billion in USDC, ensuring that it continues to be a robust safety net.Security EducationNo matter how robust platform safeguards and security measures are, users are always the first and most important line of defense against security threats. From Binance Academy articles to Know Your Scam blog series and practical security tips, we offer a wealth of information designed to help Binancians develop a strong security-first mindset, be aware of new and evolving threats, and know exactly what to do to maximize the security of their accounts and wallets.Final ThoughtsBinance has built a world-class security infrastructure designed to protect users at every step, from advanced platform safeguards to real-time threat monitoring and the SAFU fund. However, security is a shared responsibility. While we provide all the tools, alerts, and educational resources to help users stay safe, maintaining a security-first mindset is essential.Users should adopt strong security habits, remain cautious of scams, and leverage Binance’s built-in protections to safeguard their assets. The future of crypto security depends on collective vigilance, and together, we can build a safer and more resilient digital finance ecosystem.Further Reading14 Tips to Secure Your Binance Account: How to Protect Your CryptoFrequently Asked Questions on Secure Asset Fund for Users (SAFU)Our Commitment to User Protection