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The Binance wallet refers primarily to the Binance Web3 Wallet, which is a self-custody wallet integrated directly into the Binance app. This means that users have full control of their assets and private keys, unlike custodial wallets where a third party (in this case, the exchange itself, Binance) has a certain level of control.

Here I detail what it is and how it works:

What is the Binance Web3 Wallet and how does it work?

Self-custody: The key point is that you, as a user, have control of your private keys and, therefore, your cryptocurrencies. You do not depend on Binance to access your funds in this wallet.

MPC Technology (Multiparty Computation): It uses advanced technology that divides the user's private key into three parts ("key shares") that are stored in different locations for greater security:

One part is secured by Binance.

Another is stored on your device.

The third is encrypted with a recovery password that only you know and is backed up in your personal cloud storage (like iCloud or Google Drive).

This eliminates the need to remember a long and complex seed phrase while maintaining security.