Richard Teng, CEO of Binance, has issued a security advisory for all users, urging them to take an active role in protecting their digital assets. He noted that while exchanges like Binance deploy advanced systems to secure user accounts, individual awareness and action are key to preventing losses.
Meanwhile, Teng emphasizes that protecting assets in the cryptocurrency market requires consistent effort from both the platform and users. He describes online security as a shared responsibility, with individuals needing to remain vigilant and utilize all protective tools available from the platform.
CEO Binance outlines important security measures
In his message, Teng encourages users to enable two-factor authentication (2FA) to enhance account access security. He also advises users to secure their devices, remain vigilant against scams, and utilize all of Binance's safety features.
Teng said, 'Enable 2FA, secure your devices, be vigilant against scams, and make the most of the safety tools we provide.'
His remarks are part of Binance's ongoing efforts to mitigate fraud risks and educate users about best practices.
Security tools at Binance Core
Binance continues to provide multiple security systems, including encryption, fraud detection, and real-time account monitoring. These systems are designed to help protect users from unauthorized access and common attack methods like scams.
Teng affirms that Binance remains committed to security at the foundational level. However, he notes that even the most advanced systems are ineffective without user cooperation.
Past incidents underscore the need for caution
The CEO of Binance also mentioned recent incidents that illustrate the dangers of poor user security. In 2024, thousands of wallets in Australia were compromised in scam attacks causing losses amounting to hundreds of millions of dollars.
These attacks highlight the importance of user vigilance. Teng's warning serves as a timely reminder for all participants in the cryptocurrency space to take personal security seriously.