Binance CEO Issues Urgent Crypto Security Alert to All Users

Key Points:

• Richard Teng urges all Binance users to enable 2FA and stay alert to online scams.
• Binance uses encryption and monitoring tools, but Teng warns user action is also essential.
• Past phishing attacks highlight the need for constant vigilance in crypto account protection.

Binance CEO Richard Teng has issued a security advisory to all users, urging them to take an active role in protecting their digital assets. He noted that while exchanges like Binance deploy advanced systems to secure user accounts, individual awareness and action remain key to preventing losses.

Meanwhile, Teng emphasized that safeguarding assets in the crypto market requires consistent effort from both platforms and users. He described online security as a shared task, with individuals needing to stay alert and apply all available protection tools provided by the platform.

Binance CEO Outlines Key Protective Measures

In his message, Teng encouraged users to activate two-factor authentication (2FA) to strengthen account access security. He also advised users to secure their devices, remain cautious of scams, and utilize all Binance safety features.

“Enable 2FA, secure your devices, stay alert to scams, and make full use of the safety tools we provide,” Teng said. 

His comments come as part of ongoing efforts by Binance to reduce the risk of fraud and educate users about best practices.

Security Tools at Binance’s Core

Binance continues to offer multiple security systems, including encryption, fraud detection, and real-time account monitoring. These systems are designed to help protect users against unauthorized access and common attack methods such as phishing.

Teng reaffirmed that Binance remains committed to platform-level security. However, he noted that even the most advanced systems are not effective without user cooperation.

Past Incidents Underscore Need for Caution

The Binance CEO also referred to recent incidents that show the dangers of poor user security. In 2024, thousands of Australian wallets were compromised in phishing attacks that resulted in losses totaling hundreds of millions of dollars.

These attacks highlight the importance of user vigilance. Teng’s warning serves as a timely reminder for all participants in the crypto space to take personal security seriously.