Protecting Your NFTs: A Closer Look at Binance's SAFU Fund and Robust Security Measures
Main Takeaways
Binance maintains a range of measures and features enhancing the platform's security, including identity verification, 2-factor authentication (2FA), the anti-phishing code feature, and risk monitoring processes.
Learn how Binance NFT stays true to its commitment to user security.
Binance’s Secure Asset Fund for Users (SAFU) provides asset protection for non-fungible token (NFT) holders in case of a potential security breach.
Security measures like risk monitoring and the anti-phishing code feature ensure that our NFT holders can rest easy. Find out how Binance protects you and your NFTs.
Non-fungible tokens (NFTs) have been gaining a lot of traction in recent years. These assets can be used for a variety of purposes, representing digital collectibles like artwork or authenticating ownership of real-world items on the blockchain, which makes them attractive to different audiences.
However, like with any other asset, NFT ownership and transactions are associated with a certain degree of risk. Committed to providing a safe environment for holders of fungible and non-fungible digital assets alike, Binance maintains a set of security measures aimed at protecting users, including our $1B Secure Asset Fund for Users (SAFU), the anti-phishing code feature, and risk monitoring.
How Binance Safeguards Your NFTs
Binance has implemented several measures and features to enhance the security of its users and the NFT ecosystem. These measures include stringent identity verification protocols, 2-factor authentication (2FA), the anti-phishing code feature, and risk monitoring, among other tools and processes.
Identity Verification (know-your-customer, or KYC)
Knowing who our users are helps protect our ecosystem from bad actors who might want to use it for illicit purposes. Only verified users can transact in digital assets on the Binance platform. The identity verification process involves collecting and checking user information like name and date of birth using government-issued documents.
2FA (two-factor authentication)
You can activate 2FA as a second layer of security when logging into your account. Learn more in our Binance 2FA Guide.
Anti-phishing code feature
You can set up an anti-phishing code to verify if emails that appear to be coming from Binance are legitimate. Learn more in our blog, Today’s Catch: Anti-Phishing Codes and How to Protect Yourself.
Risk monitoring
We are constantly tracking and analyzing data from transactions and other on-platform activity to remove security vulnerabilities and threats. Help keep our platform safe by reporting scams via Binance Support.
$1B SAFU Fund
SAFU is an emergency insurance fund that Binance established in July 2018 to protect users who have lost their assets due to security breaches. In January 2022, Binance announced that the fund was worth $1 billion. Due to market dynamics, the value of the fund can sometimes deviate from this target, requiring periodic top-ups.
Having last replenished the fund in November 2022, Binance continues to monitor the size of the SAFU fund to maintain the size necessary to safeguard our users. The fund covers losses incurred by Binance crypto asset owners, including NFT holders, as a result of a hack.
Conclusion
Binance is committed to protecting its users and ensuring they are safe no matter what class of digital assets they hold and transact in. We will continue to invest in security measures and features to safeguard user assets and data and ensure the safest possible Web3 experience for everyone.