Binance joins FIDO Alliance to enhance user security with introduction of passkeys
“With passkeys, a user can quickly and safely sign in across multiple sites, apps, and devices with local biometric authorization. Binance will offer users a more secure and streamlined experience using passkeys on our platform without compromising on security”.
Binance has officially joined the FIDO Alliance, an influential association focused on developing passwordless authentication standards, in order to enhance its users’ level of security and convenience.
The FIDO Alliance is an open industry association launched in February 2013 whose stated mission is to develop and promote authentication standards that “help reduce the world’s over-reliance on passwords”.
Passkeys to enhance Binance users’ trust and confidence
“We’re also pleased to announce that Binance will soon integrate passkeys to enhance security on our platform. Passkeys are based on FIDO standards and act as strong, phishing-resistant password replacements. With passkeys, a user can quickly and safely sign in across multiple sites, apps, and devices with local biometric authorization. Binance will offer users a more secure and streamlined experience using passkeys on our platform without compromising on security”, said Binance in an official statement.
By adding passkeys to its existing security features, which include multi-factor authentication (MFA) and multi-signature technology, Binance stated it aims to provide users with the best trading experience while keeping their assets safe and secure.
Binance’s FIDO membership and upcoming passkeys implementation are expected to enhance users’ trust and confidence when using Binance services.
“In the crypto world, this is incredibly important as we demonstrate its growing maturity. We’ve set the foundations for improving users’ experience on Binance, so stay tuned for more updates as we improve our platform’s security and functionality”, the crypto exchange added.
Binance, CZ, and Samuel Lim sued by CFTC earlier this week
Earlier this week, the US CFTC filed charges against Binance, its chief executive CZ, and former Chief Compliance Officer, Samuel Lim, for allegedly orchestrating a strategy directing the Binance enterprise to engage in numerous violations of the CEA and CFTC regulations.
The regulator says CZ and Samuel Lim used a complex operational infrastructure with several entities with the goal of shielding Binance from complying with existing regulations in any of the jurisdictions where the firm operates.
The complaint follows a recent implicit admission of guilt by Binance chief strategy officer Patrick Hillmann, who told the WSJ that the exchange expects to pay monetary penalties to settle a long-running criminal investigation by the US regulators and law-enforcement agencies.
CFTC Commissioner Kristin Johnson commented on the regulator’s complaint against Binance, CZ, and Samuel Lim by pointing out that actors who engage in conduct or transactions that fall within the Commission’s remit should expect to comply with CFTC regulations or face the consequences for failing to comply: “Manufacturing a mere façade of compliance will not shield those engaged in activities within our remit from surveillance, investigations, and potential legal liability for failing to comply with regulations.”
