Binance Review: Is the security feature good?

BlogDecember 28, 2021

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Binance is an excellent exchange for crypto investors. This exchange is headquartered in Malta. Its transaction fees are considered to be quite good. It is entirely reasonable to say that Binance is the broker with the lowest fees. At the same time, its platform can handle a large volume of transactions without experiencing any significant lag in transaction time. Binance does not offer currency transactions. But this exchange offers over 500 cryptocurrencies for customers to choose from.

History and Platform of Binance

Binance Review: Is the security feature good?
Binance Review: Is the security feature good?

Binance is one of the largest cryptocurrency exchanges founded in China by Changpeng Zhao and Yi Er in July 2017. The exchange has just been established, but a veteran leadership team is behind it. Changpeng Zhao and Yi Er previously worked at OKCoin Exchange. And Changpeng is also a member of the Blockchain.info wallet group since 2013.

Launched in July 2017, Binance has become the world’s largest cryptocurrency exchange by trading volume in just six months. And up to now, Binance is still the leading exchange because of its ease of use. It is capable of handling a large number of transactions. In addition, Binance also supports translating the website into many languages ​​such as English, French, German, Chinese, Spanish, Russian, and Korean.

In 2019, the exchange again demonstrated its ability to lead the market and trends with many activities. Examples include Initial Exchange Offering (IEO), Bitcoin SV (BSV) delisting, the introduction of private chain and decentralized exchange, Binance DEX.

Review the security of the Binance exchange

Binance Review: Is the security feature good?
Binance Review: Is the security feature good?

The security of the Binance exchange is generally quite good. However, Binance was seriously hacked in May 2019.

Binance allows users to enable two-factor authentication (2FA), use Google Authenticator, and SMS authentication are two methods of 2FA. Users can also allow addresses and set up anti-phishing codes. Furthermore, Binance has built a relatively comprehensive list of Security FAQs in its support directory. In this section, Binance shows users how to protect themselves from scams and personal security holes. The user must confirm any withdrawals via email.

Binance prides itself on implementing state-of-the-art artificial intelligence (AI) risk control solutions. This technology uses facial recognition, big data analytics, and network forensics to track activities and analyze suspicious elements.

Recent events have shown that Binance can respond quickly to significant threats and protect customer funds. In March 2018, criminals scammed many users’ accounts and executed sell orders. And then proceed to buy Viacoin (VIA) cryptocurrency. However, Binance systematically identified and reversed all anomalous transactions so that only the hackers lost their funds.

In addition, Binance established a Safe Asset Fund for Users (SAFU) in July 2018 and distributed 10% of all trading fees there. If hackers attack the exchange, it is used to compensate users for losses.

Binance was hacked for the first time in May 2019. Hackers obtained many 2FA token API keys and other potentially harmful information. Around $40 million in BTC was stolen at the time. However, SAFU will refund the lost amount.

Investiki.com

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