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BNB Chain has successfully completed its 25th quarterly BNB burn. The burn includes the Auto-Burn as well as the Pioneer Burn Program.Here are the facts and figures from the latest burn:Auto-Burn (Total BNB burned): 2,139,182.98 BNBApproximate value in USD: ~$501,617,017Transaction ID (TXID) for BNB burn: View transactionBNB burned from the Pioneer Burn Program: 314.69 BNBReal Burn (Auto-Burn - Pioneer Burn): 2,138,868.29 BNBWhat You Need to Know About the BNB BurnBNB is the cryptocurrency that fuels the BNB Chain ecosystem. It acts as the native coin of the BNB Beacon Chain, the BNB Smart Chain, and the opBNB L2s and BNB Greenfield blockchain. It also serves as a governance token and allows holders to transact with projects built on those chains.When BNB was launched in 2017, a commitment was made to remove 100 million BNB (half of its total supply) from circulation through a burning process. This ultimately will keep only 100 million BNB in circulation. This commitment is automatically honored each quarter and calculated according to the Auto-Burn formula. The BNB Auto-Burn provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange. On top of that, BNB Chain continues to burn a portion of BNB Chain’s gas fees in real-time using the Real-Time-Burn mechanism. To learn more about the BNB Burn, refer to this Binance Academy article.Pioneer Burn ProgramThe Pioneer Burn Program also permanently removes an amount of BNB from circulation equal to provable lost funds by eligible BNB Chain users. This number is then counted towards the total quarterly burn figure. More details can be found here.When it comes to the Pioneer Burn, BNB Auto-Burn, and Real-Time-Burn (BEP95) mechanisms, everything has stayed the same as in the 24th BNB burn. As always, these are transparent and independently verifiable. Since the introduction of BEP95, roughly 146,650 BNB has been burnt under this mechanism.Further Reading24th BNB BurnWhat Is BNB?What Is a Coin Burn?What Is BNB Greenfield?

Main TakeawaysCristiano Ronaldo — one of the greatest players of all time —  is teaming up with Binance to launch his third collection on October 11, 2023! The CR7 ForeverZone Collection comprises 50,000 digital boxes that each contain unique rewards, including signed merch and a ticket to train with Cristiano himself.New users who register via the official collection page or using the code MEETCR7, and complete account verification between October 11, 14:00 UTC, and October 24, 23:59 UTC, will receive a free CR7 ForeverZone Box. While supplies last! Follow our detailed guide, get verification right on your first try, and score a free CR7 ForeverZone Box!Note: This is a general announcement. Certain products and services may not be available in your region.Cristiano Ronaldo fans! If you’re reading this, you’re in the right place. This guide will help you take your first step into Web3 with an exclusive CR7 ForeverZone Box. But before we dive further, here’s a quick refresher on what each box might contain: A golden ticket to train with Cristiano Ronaldo;Autographed merchandise;Binance Blockchain Week tickets;And much more! View CR7’s latest collection breakdown for more information.To get your free CR7 ForeverZone Box, make sure to sign up via the official collection page or using code MEETCR7 if you haven’t already done so, and pass identity verification by October 24, 23:59 UTC. You can read more information about how to verify and pass identity verification below. Make sure to complete your verification as soon as possible because we’re only giving away 50,000 boxes on a first-come, first-served basis.How to Verify Your Binance AccountEvery Binance user is required to complete basic verification prior to using our services. This process is mandatory with your local country's regulations and stops people from creating multiple accounts to claim additional boxes. Let’s start with the first step: your personal information. 1. Enter your personal informationLog in to your Binance account and click [Profile] - [Identification], then click [Get Verified]. Select your country of residence and enter your personal information. Please ensure all information entered matches your ID documents. You won’t be able to go back after completing this step.2. Verify your government-issued IDFor this step, you can choose to verify your documents by taking a photo with your camera or verifying with the Binance app. Just make sure you’re in a well-lit room; otherwise, our system won’t be able to read your documents. Common forms of accepted documents include but are not limited to: passports, driver’s licenses, or national ID cards. If you’re located in the MENA region, you can refer to our full list of accepted documents. 3. Complete the liveness checkYou’re one step away from securing your CR7 ForeverZone Box. Enable camera access on your device and follow the instructions to complete your liveness check. Again, make sure you’re in an area with good lighting. Take off any accessories, including glasses, hats, and face masks. Claim Your CR7 ForeverZone Box!Once you’ve passed verification, we will send your free CR7 ForeverZone Box to the NFT wallet in your Binance account. Find it there and open it to discover what’s inside.Please note that, during the campaign period, ForeverZone Boxes will be airdropped at 12:00 UTC each and every weekday (Monday-Friday; starting from October 13, 2023) to anyone who successfully qualifies, and will be awarded on a first-come, first-served basis (while supplies last). We’re only giving away 50,000 CR7 ForeverZone Boxes so be sure to act fast! Note: In order to withdraw any NFTs on the Binance platform, you must first complete and pass identity verification.Further ReadingUnlock A Training Session with RonaldoRefer Friends and Score Free CR7 ForeverZone Boxes!The CR7 ForeverZone CollectionDisclaimer: The value of your NFT may go down or up. NFTs are subject to high market risk. Binance is not responsible for verifying the identity, legitimacy or authenticity of any NFT. NFTs are not regulated in most countries, however please ensure you are permitted to access our Binance NFT Marketplace based on your circumstances. For further details, see the Binance NFT Terms and Conditions, our Terms of Use and Risk Warning.

Key Takeaways

Two-factor authentication (2FA) is a security method that requires two forms of verification before granting access to an account.

Common 2FA types include SMS codes, authenticator apps, hardware tokens, biometrics, email codes, and the newer passkeys standard.

2FA significantly reduces the risk of unauthorized access, even if a password is stolen or guessed.

It's especially important for financial and crypto accounts, where the consequences of a phishing scams or account breach can be severe.

Introduction

Passwords alone are no longer a reliable defense for online accounts. Data breaches, weak password choices, and credential-stuffing attacks have shown that a single password can be compromised more easily than many users expect. This is where two-factor authentication (2FA) comes in.

Two-factor authentication adds a second layer of security on top of your password. Even if someone obtains your password, they still can't access your account without the second factor. This makes 2FA one of the most effective and accessible security measures available today.

How Does Two-Factor Authentication Work?

2FA works by requiring two separate types of verification before access is granted. These two factors come from distinct categories:

Something you know: typically your password or PIN.

Something you have: a smartphone, hardware token, or security key that generates or receives a one-time code.

Something you are: biometric data such as a fingerprint or facial scan.

Most 2FA setups combine the first category (your password) with the second (a one-time code). Even if an attacker learns your password, they can't log in without also having access to your second factor. This combination substantially raises the barrier for unauthorized access.

Why Do You Need Two-Factor Authentication?

Passwords are vulnerable in several ways. Brute-force attacks can systematically try combinations until one works. Data breaches at online services can expose large numbers of credentials at once. Reused passwords mean a breach on one site can affect many others. High-profile account compromises, including those targeting cryptocurrency scams and social media platforms, have demonstrated that even well-known individuals can be targeted.

2FA doesn't eliminate these risks entirely, but it makes them much harder to exploit. An attacker would need to both steal your password and obtain your second factor at the same time, which is considerably more difficult than stealing a password alone.

Types of Two-Factor Authentication

1. SMS-based 2FA

SMS-based 2FA sends a one-time code to your registered phone number after you enter your password. It's widely supported and requires no special app or hardware. However, it's vulnerable to SIM-swapping attacks, where an attacker tricks a mobile carrier into transferring your number to a SIM they control. SMS-based 2FA is better than no 2FA, but it's considered the weakest of the available options.

2. Authenticator apps

Apps such as Google Authenticator and Authy generate time-based one-time passwords (TOTPs) that refresh every 30 seconds. These work without an internet or cellular connection, making them more reliable than SMS. They also aren't vulnerable to SIM-swapping. The main limitation is that they're tied to the device they're installed on, so losing your phone without a backup can lock you out of accounts.

3. Hardware tokens

Hardware tokens are physical devices, such as YubiKey or similar security keys, that generate or confirm authentication. They're considered among the most secure options because they work offline and are immune to most remote attacks. The trade-off is cost and the need to carry the device. If the hardware is lost or damaged, users need a replacement and backup recovery method.

4. Biometrics

Biometric 2FA uses physical characteristics, such as fingerprints or facial recognition, to verify identity. This method is user-friendly and fast, with no code to enter. The key concern is how biometric data is stored and protected; a compromised fingerprint cannot be changed the way a password can. Most modern smartphones include biometric authentication built in.

5. Email-based 2FA

Email-based 2FA sends a one-time code to your registered email address. It's familiar and requires no extra app or device. The downside is that your email inbox becomes a single point of failure: if someone accesses your email, they can also bypass your 2FA. It's most appropriate when other options aren't available.

6. Passkeys and FIDO2

Passkeys are a newer authentication standard built on the FIDO2 specification. Instead of a password and a separate code, a passkey uses a cryptographic key pair stored on your device. You authenticate using your device's biometrics or PIN, and the server never receives your private key. This approach is resistant to phishing because there is no password or code to be tricked into entering on a fake site. Major platforms, including Google, Apple, and Microsoft, began rolling out passkey support from 2023 onward.

Where Can You Use Two-Factor Authentication?

2FA is available on most services that hold sensitive data. Common categories include:

Email and messaging platforms

Social media accounts

Online banking and financial services

Cryptocurrency exchange accounts

Cloud storage and workplace tools

Enabling 2FA wherever it's available is one of the most straightforward steps you can take to improve your overall online security posture.

How to Set Up Two-Factor Authentication

The steps vary by platform, but the general process is consistent:

1. Choose your 2FA method

Decide which type of 2FA you'll use. Authenticator apps are a practical choice for most users, offering a good balance of security and usability without requiring hardware purchases.

2. Enable 2FA in your account settings

Log in to the service and navigate to security or account settings. Look for a Two-Factor Authentication or Two-Step Verification option and follow the prompts to activate it.

3. Complete the verification setup

For authenticator apps, you'll typically scan a QR code with the app to link it to your account. For SMS, you'll confirm your phone number. For hardware tokens, you'll register the device.

4. Save your backup codes

Most services provide backup codes when you enable 2FA. These codes can be used if you lose access to your primary 2FA method. Store them securely offline, such as printed and kept in a locked location, or in a password manager.

Tips for Using 2FA Effectively

Enabling 2FA is only the first step. Some practices to keep in mind: never share your one-time codes with anyone, even if the request seems to come from a trusted source. Stay alert to phishing scams that mimic legitimate login pages to capture your codes in real time. Avoid using 2FA over public Wi-Fi where network traffic may be intercepted.

Enable 2FA on every account that supports it, not just your most-used ones. If you change or lose a device used for 2FA, update your settings on all linked accounts immediately. Regularly reviewing which devices and apps have access to your accounts is also a good habit.

FAQ

What is the difference between 2FA and two-step verification?

The terms are often used interchangeably, but they can differ technically. Two-step verification may use two factors from the same category (such as a password and a security question, both "something you know"), while true 2FA requires factors from two different categories. In practice, most services labeled as either type use a password combined with a one-time code.

Is SMS-based 2FA safe enough?

SMS-based 2FA is more secure than using only a password, but it's the most vulnerable of the 2FA options due to SIM-swapping risks. For accounts holding significant value, such as a cryptocurrency exchange account, an authenticator app or hardware token is a stronger choice.

What happens if I lose my 2FA device?

If you lose access to your 2FA device, you can use backup codes that were provided when you set up 2FA, or contact the service's account recovery process. This is why saving backup codes securely at setup time is important. Without them, account recovery can be a lengthy process.

Do passkeys replace 2FA?

Passkeys are designed to replace the traditional password-plus-code model rather than function as a second factor. When you use a passkey, your device confirms your identity (through biometrics or a PIN) and the cryptographic process handles authentication without a password. Most passkey implementations meet or exceed the security of conventional 2FA while being simpler to use.

Closing Thoughts

Two-factor authentication is one of the most practical steps you can take to protect your accounts. A password alone can be stolen, guessed, or leaked, but adding a second factor makes unauthorized access substantially harder. Whether you use an authenticator app, a hardware token, or a passkey depends on your needs and the platforms you use. The important thing is to enable some form of 2FA wherever it's available, especially on accounts connected to your finances.

Further Reading

Common Scams on Mobile Devices

5 Common Cryptocurrency Scams and How to Avoid Them

Common Bitcoin Scams and How to Avoid Them

Why Public WiFi Is Insecure

5 Ways to Improve Your Binance Account Security


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