Whitelist of withdrawal addresses
Whitelisting of withdrawal addresses is another security feature offered by Binance. If the withdrawal whitelist function is disabled your account will be able to make withdrawals to any address. But when this function is turned on, your account will only be able to make withdrawals to whitelisted addresses.
In other words, only the addresses you whitelist will be able to receive funds from your Binance account. This is very useful because if you ever become a victim of phishing and a hacker is able to hack your account, they will not be able to withdraw your funds.