Is Binance safe?

Compared with some small platforms, Binance’s security is still much higher. Since Binance is rated as the world’s largest cryptocurrency exchange, it means that the market has already paid attention to Binance’s security. There is a certain amount of trust in sexual evaluation.

Compared with some small platforms, Binance’s security is still much higher.

Since Binance is rated as the world’s largest cryptocurrency exchange, it means that the market has a certain degree of trust in Binance’s security evaluation.

From a technical perspective, what everyone is most worried about is that the exchange has been hacked, causing the money inside to be transferred away.

1) Exchange Security Countermeasures

As the world’s largest cryptocurrency exchange, Binance is inevitably subject to hacker attacks. In fact, Binance has indeed suffered several hacker attacks. In March, July 2018 and May 2019, fortunately, the losses suffered each time were not very large.

Although Binance was attacked by a hacker in May 2019, resulting in the loss of 7,000 Bitcoins, the SAFU fund was subsequently used to fully compensate users for their losses, and similar problems have not occurred in recent years.

After being attacked in 2018, Binance used 10% of transaction fees to establish an emergency insurance fund SAFU (Secure Asset Fund for Users)/Investor Asset Protection Fund. This fund is used to compensate customers for their losses. The losses caused by hacking attacks on Binance accounts, so for Binance customers, the past several hacking attacks have not caused customers to lose their funds. This is also the attitude that a large exchange should have.

2) User Security Countermeasures

Another security standard is the user himself. You must protect your own account, password and 2FA verification. Just like your bank account number, if hackers know it, they will also take away the money.

Therefore, before completing Binance registration, you must complete the 2FA authentication of email, mobile phone and Google. This is a very important security measure. In this way, even if the hacker has your account and password, he will not be able to log in to the account.

As an investor, you should pay attention to phishing platforms that pretend to be Binance for the purpose of fraud. Also do not use unsolicited websites recommended by so-called “friends” on dating apps such as LINE, WeChat, Facebook, etc., or in various groups, to avoid being deceived!

The above is the detailed content of Is Binance safe?. For more information, please follow other related articles on the PHP Chinese website!