Security and privacy are two of the most important concerns of users engaged in crypto trading, especially due to the increasing number of hacks and cyber attacks on crypto wallets. Addressing the pressing issue, the world’s largest crypto exchange Binance has announced that users will now be able to use hardware security keys to access the platform.
Binance CEO, Changpeng Zhao shared the official announcement on Friday via Twitter.
You Can Now Use Hardware Security Keys on Binance | Binance Blog https://t.co/fYV4DyvBlb
— CZ Binance (@cz_binance) June 28, 2019
Hardware wallets are growing in popularity due to the security they provide. For users who integrate hardware wallets with their crypto, they need to authenticate every transaction via a physical button present on the hardware wallet device, which eliminates the risk of online cyber attacks. This same physical button can now be used to authenticate transactions of the Binance platform.
In its official blog, Binance stated that the website on both, desktop and mobile will support the new feature. The platform has always recommended two-factor authentication, which puts an additional layer of security other than simple logins. Till now, the Binance Implemented SMS and Google Authenticator to verify transactions. It further added,
Doing 2FA via hardware security keys works a bit differently. With hardware security keys like YubiKeys, you just plug in your hardware key to the USB or Type-C port of your desktop/laptop or phone, and the key completes the verification for you. In the case of your Binance account, when you’re prompted to attach your key and you do so, it confirms that your withdrawal transaction is legitimate.
Hardware security is considered to be better than software-based options which Binance uses currently. Although SMS and Google Authenticator provides the convenience of using a mobile device to authenticate, there always a chance of them being compromised by remote hacks. However, the tangibility of hardware buttons make them inaccessible to hackers, make your transactions more secure by giving up slight convenience.