Key Points

  • Binance has a range of measures and features to enhance platform security, including identity verification, two-factor authentication (2FA), anti-phishing code features, and risk monitoring processes.

  • Learn how Binance NFT upholds its commitment to user security.

  • The Binance Investor Protection Fund (SAFU) provides asset protection for non-fungible token (NFT) holders in response to security issues.

Security measures such as risk monitoring and anti-phishing code features protect our NFT holders. Learn how Binance protects you and your NFTs.

Non-fungible tokens (NFTs) have made exciting progress in recent years. These assets have a variety of functional uses, such as serving as digital collectibles of art or certifying ownership of real-world assets on the blockchain, which makes NFTs attractive to different audiences.

However, like any other asset, NFT ownership and trading comes with a certain degree of risk. Binance is committed to providing a safe environment for digital asset holders of both fungible and non-fungible tokens, and provides a set of security measures designed to protect users, including our $1 billion Investor Protection Fund (SAFU), anti-phishing code features, and risk monitoring.

How Binance protects your NFTs

Binance has implemented several measures and features to strengthen the security of its users and the Binance NFT ecosystem. These measures include strict identity verification, two-factor authentication (2FA), anti-phishing code features 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 those who want to exploit it for illicit purposes. Only verified users can trade digital assets on the Binance platform. The identity verification process involves collecting and checking user information such as name and date of birth using government-issued documents.

Two-factor authentication (2FA)

You can activate two-factor authentication as a second layer of security when logging into your account. Learn more in our Binance Two-Factor Authentication (2FA) guide.

Anti-phishing code function

You can set up an anti-phishing code to verify that emails that appear to be from Binance are legitimate. Learn more in our blog: Anti-phishing codes and how to protect yourself.

Risk Monitoring

We are constantly tracking and analyzing data from trading and other platform activities to eliminate security vulnerabilities and threats. Report cases of fraud through Binance to help keep our platform safe.

$1 billion investor protection fund

The Investor Protection Fund (SAFU) is an emergency insurance fund established by Binance in July 2018 to protect users who lose assets due to security breaches. In January 2022, Binance announced that the fund is valued at $1 billion. Due to market dynamics, the value of the fund sometimes deviates from this target and requires regular top-ups.

After the last replenishment of the fund in November 2022, Binance continues to monitor the size of the fund to keep its balance at a level sufficient to protect user funds. The fund covers user asset losses caused by extreme conditions or security issues for Binance cryptocurrency asset owners (including NFT holders).

in conclusion

Binance is committed to protecting our users and ensuring their assets are safe, no matter what digital assets they hold and trade. We will continue to invest in security measures and features to protect user assets and data and ensure the most secure Web3 experience for everyone.

Further reading

  • A Guide to Crypto Collectibles and Non-Fungible Tokens (NFTs)

  • Binance Investor Protection Fund (SAFU) will always maintain a size of $1 billion

  • NFT Security: Protecting Your Digital Collectibles

  • How to protect your assets by setting a Binance NFT account limit

  • Common NFT Scams and Safety Tips