Binance brings ‘Withdraw Protection’Image Credit source: ai generated
Security has always been the biggest concern for those investing in digital assets i.e. cryptocurrency. Clicking on a wrong link, losing the phone or any suspicious activity in the account… these are the moments when any investor’s breath gets stuck and sleepless nights occur. To overcome this fear and protect customer funds from hackers, Binance, one of the world’s largest crypto exchanges, has taken an important step. The company has introduced a new security cover named ‘Withdrawal Protection’. This feature gives customers the power to lock on-chain withdrawals from their account for a period of time, which can prove to be a big game-changer in keeping your money safe during times of crisis.
What is ‘Withdrawal Protection’?
This new tool from Binance is specially designed for those nervous moments when you suddenly feel that your account is not secure. With the help of this feature, you can completely lock your digital assets for a period of one to seven days. During this lock period, no money or crypto can be transferred on-chain from your exchange account.
This simply means that if you feel the need to have additional control over your funds, you can deliberately put a brake on the withdrawal process. You can activate this feature anytime as per your need. Additionally, you also get the right to decide whether to allow unlocking of funds before the locked period or not.
‘No-entry’ for hackers
If you choose the option of early unlocking ahead of time, you will have to go through very strict security arrangements. For this, it is mandatory to have both an authenticator app and a security key running. Additionally, email confirmation and phone or SMS authentication can also be added for additional account verification.
At the same time, for those investors who do not want to take any risk with their funds, there is also a ‘Strict Lockdown’ option. In this mode the facility of premature unlocking stops completely. This means that once the funds are locked, you will have to wait for the stipulated period to end. The most important thing is that the lock period implemented in both these modes cannot be removed even by the exchange itself.
Who will get this feature?
According to Jimmy Su, Chief Security Officer of Binance, customer security is of utmost importance in the world of digital finance. He says that security is most effective when it is proactive and under the direct control of the customer. The Withdrawal Protection feature is the result of this thinking, which is a big step towards making digital asset services more secure.
This feature is gradually being made live in all regions. If you use an iOS device, then your operating system should be on iOS 16 or above version. Also, the Binance app must be version 3.14.0 or newer. However, the company has clarified that this tool is an additional part of security, not an alternative to your basic precautions. Investors are still advised to whitelist their withdrawal addresses, keep strong passwords, and avoid discussing their crypto holdings publicly.
Disclaimer: Crypto products and NFTs are completely unregulated and can be extremely risky. There is no regulatory recourse or compensation available for any losses arising from such transactions. TV9 HEREBY DISCLAIMS ANY EXPRESS OR IMPLIED WARRANTY WITH RESPECT TO THE CONTENT PROVIDED ABOVE, AND IS NOT LIABLE IN ANY WAY FOR THE SAME. This article is not investment advice
