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The cryptocurrency space is only profitable when users get to keep their earnings and funds safe from malicious actors. Richard Teng, Binance CEO, is well aware of this; hence, he has issued a reminder to users to pay attention to their asset security.
Richard Teng insists crypto security is shared responsibility
In an update, Teng emphasized the importance of user awareness and responsibility in securing one’s funds. He noted that it requires due diligence to stay safe in the crypto space and use different platforms like Binance.
The Binance CEO assured readers that the exchange remains committed to keeping users safe with its numerous security systems. These include encryption, fraud detectio, and account monitoring mechanisms designed to protect against scammers attempting to hack users' accounts.
However, Teng reminded users in the crypto space that their role is equally important, as one-sided security is not enough. That is, users must take proactive steps to protect their accounts as online security is a shared responsibility.
He listed some steps that users must take to protect their accounts, including enabling two-factor authentication (2FA). This adds an extra layer of security when attempting to access the account or when making transactions.
“Enable 2FA, secure your devices, stay alert to scams, and make full use of the safety tools we provide,“ Teng stated.
Binance’s continued sensitization against crypto scams
Teng’s crucial reminder serves as a timely warning to users, protecting them from the ever-present risks in the crypto world. He has always maintained that vigilance is the best defense from scammers when it comes to protecting one’s crypto wallets.
The Binance CEO’s advice comes from a position of knowledge. In 2024, bad actors compromised thousands of Australian crypto wallets. The malicious actors were able to carry out the attacks using phishing scams and other methods, resulting in the loss of hundreds of millions of dollars.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team