Cryptocurrency exchange Binance has started publishing a series of information about risk management. In the first part of the series, which is aimed at keeping its users safe, the stock market shared its experiences in identifying and eliminating potential threats. Jimmy Su, Head of Security Management (CSO) at Binance, talked about how Binance keeps its users safe on Binance, starting with the platform security measures with the series on platform security measures.
Stating that in order to protect users, the crypto ecosystem must be understood not only from the user’s point of view, but also from the hacker’s point of view, Su said, “It is very important that we ensure that we provide the highest level of security for the user’s personal data and funds. Unlike at Binance, we work to identify attackers through an offense-defense simulation,” he said.
In this direction, Binance works with two different groups of security experts, internal and external. Both groups support simulating attacks to test the Binance platform’s vulnerabilities and vulnerabilities. Binance also hosts hacker rewards programs and Capture the Flag competitions, leveraging the talents of world-class cybersecurity experts to enhance Binance’s overall platform security.
A holistic approach to platform security
Binance, which examines everything that can threaten the platform from technical vulnerabilities to human behavior and is prepared accordingly, works in coordination with many individuals and institutions to adapt its Know Your Customer (KYC) approach for users in different jurisdictions.
Binance also maintains best-in-class anti-money laundering (AML) processes through its on-premises services and external providers. These processes include “on-chain” merchants that perform various user transactions on top of blockchains, such as Chainalysis, which assists Binance.
Supporting the security of the entire industry with multi-factor authentication and continuous surveillance
For a better user experience, Binance classifies risk levels and implements multi-factor authentication (MFA) measures. While advanced MFA measures are not required for low-risk activities such as logging into Binance, they do require a secondary login, especially for high-risk activities such as withdrawals.
On the other hand, Binance also monitors information exchanges on dark web forums and shares information with law enforcement to support the security of the entire industry. Accordingly, if users’ accounts appear to be at risk, Binance automatically secures their login credentials for their safety.
Binance also uses advanced artificial intelligence and machine learning algorithms to detect anomalous activities on the platform, including unusual login patterns (login from different clients, devices or locations) and trading patterns (timing, increased withdrawal amount).
While the anti-phishing code can quickly and securely identify emails as coming from Binance, users can also verify website links, email addresses, phone numbers, Twitter accounts and Telegram IDs with Binance Verify. It can check if it is interacting with the Binance resource. To reduce the risk of unauthorized access, Binance users can also create a “withdrawal whitelist,” a list of trusted wallet addresses from which cryptocurrencies can be withdrawn.
Binance keeps users safe with $1 billion SAFU fund
In July 2018, Binance launched the Secure Asset Fund for Users (SAFU), this emergency fund helps users recover lost assets from security breaches. While the value of the fund reached US$ 1 billion on January 29, 2022, when the value of the fund decreased as a precaution against the fluctuations in the market, Binance increased the fund to US$ 1 billion again, ensuring the preservation of the fund size.
“Binance employees receive regular training, but users must also be knowledgeable”
Binance helps its employees stay constantly prepared to avoid phishing by conducting security training and drills so that they are constantly prepared for the latest scams and social engineering attacks. Stating that the best defense is to be proactive in protecting users’ assets and information, and therefore educating users is very important, Jimmy Su said, “As Binance, we use many security protocols to protect our users and assets. However, our users also need to know how to recognize potential threats on their own and how to avoid them. “Crypto holders must have the know-how to recognize and avoid common threats.”
