New Hardware Security Keys Feature Added to Binance in Latest Roll-Out
- Binance launches hardware security keys feature to increase security.
- Strategy officer Gin Chao discussed possibility of margin trading tiers at the FinTech Junction Conference.
Security is a priority of any investor in the cryptocurrency industry, especially considering all of the hackers and scammers floating around the digital space.
Binance has had its fair share of troubles with security recently, but they are rolling out a new feature to give consumers greater security in their own accounts – two-factor authentication (2FA) through hardware security keys. Binance announced this development through a blog post, which also announced the redesigned website for the platform, on June 28th.
With the added support for the FIDO2 open authentication standard, any 2FA device that supports the same standard are able to function as security keys for the Binance accounts. As long as the user has security keys that can be used on their device, they will have access to this option.
Presently, it is worth noting that Binance apps do not actually support the 2FA for security keys, though Binance is working to make this support available. If the user activates the security key feature, they will only have access to withdrawals from Binance.com, though they can still log in with the other 2FA methods.
Binance discussed in the blog how important it is for users to enable 2FA, based on the extra layer of security that it affords to prevent other people from logging in. Before now, Binance.com logins could use Google authentication and SMS authentication as their 2FA.
With hardware security keys, the hardware key can be physically plugged into the USB or Type-C port of the device, performing the verification for the user. Full instructions on how to use the security keys with Binance are available on the blog here: https://www.binance.com/en/blog/351376985820852224/You-Can-Now-Use-Hardware-Security-Keys-on-Binance.
Gin Chao, Binance’s new strategy officer that joined the platform last year, spoke recently at the annual FinTech Junction Conference in Israel with Finance Magnates. During the discussion, Chao talked about margin trading and offering leverage, though he did not say how much money that traders will be trading with.
He did mention that the company is working to establish tiers for this type of trading, assuring the publication that 5:1 trading is realistic. Not to get traders’ hopes up, he added,
“We’re also not going to be doing 100:1 like some other people are doing. So, it’s going to be somewhere in between.”