Binance Survey: 80% Asian Users Employ 2FA, 73% Double-Check Transfers

Binance, a leading cryptocurrency exchange, recently conducted a survey focusing on the security practices of its users in Asia. The results were encouraging, with over 80% of respondents employing two-factor authentication (2FA) and 73% double-checking their transfers. This high level of security awareness is a positive sign for the industry, especially given the increasing prevalence of crypto phishing scams.

The survey highlighted that user education is crucial in leveraging the growing enthusiasm for security. Exchange-led scam simulations were suggested as a potential solution to make anti-fraud knowledge more accessible. Jimmy Su, Binance’s Chief Security Officer, emphasized the importance of localized anti-scam education that is practical, accessible, and tailored to users’ real needs. He also mentioned the collaboration with regulators and law enforcement to better protect user assets.

However, the survey also revealed that most other important user-end security practices have very low rates of adoption. This is attributed to insufficient awareness among users. Many users found existing security guides to be too technical and difficult to understand. Despite this, over 60% of users expressed interest in participating in anti-scam simulations, especially if these were gamified or paired with rewards.

The survey also touched on the debate surrounding self-custody of assets. It reported that users have a growing expectation that exchanges actively manage security. A significant portion of users, 62.5%, believe that centralized exchanges (CEXs) are responsible for intercepting high-risk transactions in real time. More than half of the users would immediately contact an exchange over scam attempts, indicating a reliance on exchanges for security measures.

It is important to note that the survey only questioned Asian users, and regional variations were identified even within this sample. For instance, depending on the respondent’s location, they may give different answers to the question of which platform spreads the most scams. This suggests that follow-up polls over a wider net may be necessary to corroborate this security data. Nonetheless, the Asian user data is still very useful and can help craft beneficial anti-fraud policy and educational resources for a global audience.