Trusted

Over 80% of Binance Users in Asia are Using Good Cybersecurity Practices

2 mins
Updated by Mohammad Shahid
Join our Trading Community on Telegram

In Brief

  • Binance's survey reveals over 80% of Asia-based users use 2FA, with 73% double-checking transfers for added security.
  • User education is key to improving security, with 60% of users willing to participate in anti-scam simulations.
  • Binance emphasizes localized, accessible anti-scam education and collaboration with regulators to enhance security efforts.
  • promo

Binance recently conducted a survey of its Asia-based users on the topic of security, and the results were encouraging. Over 80% of these users employ 2FA, and 73% double-check their transfers.

The poll concluded that user education is the most effective way to take advantage of growing security enthusiasm. Exchange-led scam simulations may be a potential solution to make anti-fraud knowledge accessible.

Binance’s Security Survey

Crypto phishing scams are on the rise right now, and technical security solutions aren’t always enough. For example, hackers recently used social engineering tactics to steal $330 million in Bitcoin, bypassing regular safeguards.

In this environment, users need to take charge of their own wallets’ security, and Binance’s survey assessed their current attitudes.

Key Results from Binance's Security Survey
Key Results from Security Survey. Source: Binance

Binance was very clear that increasing 2FA (two-factor authentication) usage is unambiguously good. Still, there are a few key holes in the community’s preferences.

Most of the other important user-end security practices have very low rates of adoption, which Binance blames on insufficient awareness. It described a few measures to foster security education:

“As the industry evolves, so do the tactics of bad actors. We’re investing heavily in localized anti-scam education that is practical, accessible, and tailored to users’ real needs. We’re also working closely with regulators and law enforcement… to better protect user assets,” claimed Jimmy Su, Binance’s Chief Security Officer.

This education question touches on several different topics. For one thing, most of Binance’s Asian users claimed that existing security guides are “too technical and difficult to understand.”

However, they’re ready to learn. Over 60% said they would participate in anti-scam simulations, especially if this was gamified or paired with rewards.

The survey also noted a key data point in an age-old debate: whether or not to self-custody assets. Binance reported that its users have a growing expectation that exchanges actively manage security.

Meanwhile, 62.5% believe that CEXs are responsible for intercepting high-risk transactions in real time, and more than half would “immediately” contact an exchange over scam attempts.

Still, as with the firm’s previous surveys, it’s important to remember the participants’ demographics. Binance only questioned Asian users on their security preferences, and it identified regional variations even within this sample. For example, depending on the respondent’s location, they may give four different answers to the question, “What platform spreads the most scams?”

In other words, Binance or other firms may need to conduct follow-up polls over a wider net to corroborate this security data. In this isolated form, though, the Asian user data is still very useful.

Hopefully, it can help craft beneficial anti-fraud policy and educational resources for a global audience.

Top crypto platforms in the US
eToro eToro Explore
Plus500 Plus500 Explore
Arkham Arkham Explore
Moonacy Moonacy Explore
Uphold Uphold Explore
Top crypto platforms in the US
eToro eToro Explore
Plus500 Plus500 Explore
Arkham Arkham Explore
Moonacy Moonacy Explore
Uphold Uphold Explore
Top crypto platforms in the US
eToro eToro
Plus500 Plus500
Arkham Arkham
Moonacy Moonacy
Uphold Uphold

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

image-10-1.png
Landon Manning
Landon Manning is a Journalist at BeInCrypto, covering a wide range of topics, including international regulation, blockchain technology, market analysis, and Bitcoin. Previously, Landon spent six years as a writer with Bitcoin Magazine and co-authored a Bitcoin maximalist newsletter with 30,000 subscribers. Landon holds a Bachelor of Arts in Philosophy from Sewanee: The University of the South.
READ FULL BIO
Sponsored
Sponsored