Secure Your Binance Account: A Comprehensive Guide to Setting Up and Using Passkeys

Leading cryptocurrency exchanges like Binance, Coinbase, and Bybit are increasingly adopting passkeys to bolster user security. Since March 2023, Binance has officially supported passkeys, allowing users to leverage biometrics, PIN codes, or USB/NFC security keys for login, replacing traditional passwords.

Currently, the Passkey feature on Binance is available for users on the Binance app version 2.60 or higher, and devices running iOS 16 or later, or Android OS 9 or later.

Learn more: What are Passkeys? The New Standard in Modern Security.

Enabling Passkeys on Binance

Enabling passkeys involves activating them on your personal device, such as your phone or computer. Major operating systems like iOS, Android, Windows, and macOS support passkeys through the FIDO2 and WebAuthn security standards.

Step 1: Account Login and Security Settings

Login to your Binance account:

• Access the Binance website or app.
• Log in using your current credentials (email and password, or 2FA if enabled).

Navigate to Security Settings:

• Once logged in, go to Account Settings > Security.

Here, you’ll find various security options, including Two-Factor Authentication (2FA), SMS Authentication, Email Authentication, Passkey Authentication, and Phone Number Authentication. Binance currently recommends using passkeys.

Step 2: Activating Passkeys

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• Select the Passkey option and choose where to store your Binance account passkey:
  • iOS: Store in iCloud Keychain for synchronization and recovery across your Apple devices.
  • Android: Store in Google Password Manager for synchronization and recovery across your Android devices.
  • USB/NFC Security Key: Store directly on your hardware security key.

Step 3: Passkey Setup Confirmation

Binance will prompt you to set up biometrics (fingerprint or facial recognition) on your device or connect your USB/NFC security key.

• Biometrics: Use Touch ID or Face ID for authentication on your mobile device.
• Security Key: Connect your USB or NFC security key to your computer or phone.

After setting up your passkey, you’ll be asked to re-authenticate by logging in. Use your newly configured biometric method or security key instead of your password. Successful authentication activates the passkey for your account.

Utilizing Passkeys for Login and Transaction Verification

After successful setup, use your passkey for login and transaction verification without needing a password.

Login with Passkey

When logging in on a new device or after logging out, Binance will request passkey authentication. Use biometrics or your PIN code to log in.

Transaction Verification

Passkeys replace 2FA or OTP codes for transactions like withdrawals, buying, and selling cryptocurrencies, ensuring a faster and more secure process.

Backing Up Your Passkey

Safeguard your passkey by setting up backup methods in case of device loss or damage. Passkeys are often synchronized with cloud services like iCloud or Google Password Manager. Backup options include:

• Backing up your passkey on a secondary device (e.g., a spare mobile device or computer).
• Storing the recovery code provided by the exchange or wallet for passkey restoration.

Read more: Top 5 Effective Passkey Backup Solutions in Crypto.

Passkey Management on Binance

Using Passkey for Login

Simply select your Binance account on the login page and use biometrics or your PIN for authentication.

Transaction Authentication with Passkey

Use your established passkey with biometrics or PIN code for transactions like withdrawals, trading, and fund transfers, replacing 2FA or OTP.

Passkey Recovery

Recover lost passkeys via iCloud Keychain (iOS) or Google Password Manager (Android).

Resetting Your Passkey

Navigate to Account Settings > Security > Reset Passkey, create a new passkey, and register it to your account.

Deleting Your Passkey

Go to Account Settings > Security > Delete Passkey, and confirm the deletion.

Important Considerations

While passkeys offer enhanced security, be mindful of potential risks:

• Device Loss or Theft: Unauthorized access is possible if the device containing your passkey is lost or stolen and the perpetrator can access your biometrics or PIN.
• Device Compromise: Malware infections can compromise your account security.

Mitigate these risks by:

• Keeping your security software updated.
• Avoiding public Wi-Fi for transactions to prevent man-in-the-middle attacks.

Frequently Asked Questions

What if I lose my Binance Passkey?

Contact Binance Customer Support for account recovery assistance, especially if you lack passkey backups. Creating a backup passkey is crucial for regaining access if your device is lost.

What’s the difference between Passkey and 2FA?

2FA requires a secondary authentication method like an OTP code, while passkeys are passwordless, utilizing encrypted key pairs for superior security and simplified login.

Can I use a Passkey on multiple devices?

Yes, register a separate passkey for each device to access your account securely from various locations.

Are Passkeys more secure than passwords?

Yes, passkeys are immune to phishing and brute-force attacks that target traditional passwords. The private key remains on your device, ensuring enhanced security.

Should I back up my Passkey?

Absolutely. Losing your device without a passkey backup could result in permanent account lockout. Utilize cloud services like iCloud or Google Password Manager for secure backup and easy restoration.