Binance Survey Shows: Maturity in Security Awareness
According to a large-scale user survey conducted by Binance, over 80% of respondents have enabled two-factor authentication (2FA), and 84% of respondents express trust in protective mechanisms such as the Binance Investor Protection Fund (SAFU). This demonstrates a significant increase in user awareness regarding cybersecurity, and growing confidence in exchange-led protection systems.
The survey, titled “Asia Crypto Security Survey,” collected a total of 29,847 valid responses from users in Southeast Asia, South Asia, and East Asia, making it one of the most comprehensive observations to date. It provides in-depth insights into how users in the region perceive and practice security measures, as well as how exchanges and the industry can further support users through tools, education, and proactive protective mechanisms.
From “Awareness” to “Action”: A Shift in Cybersecurity Habits
According to the survey data, 47.2% of respondents are high-frequency traders, using cryptocurrency exchanges multiple times a day. Notably, nearly 30% of respondents entered the cryptocurrency market within the past six months, reflecting the rapid growth trend of the Asian crypto market.
Despite the rapid expansion of user numbers, the survey reveals a clear disparity in safety behaviors: while most users have a basic awareness of protection, the adoption of advanced protective mechanisms remains insufficient.
80.5% of respondents have enabled 2FA, indicating a good awareness of basic cybersecurity measures. However, only 17.6% have enabled address whitelisting, and only 21.5% use anti-phishing codes. Additionally, 34.4% of respondents store private keys on connected devices, with this figure reaching as high as 42% in Southeast Asia. These behaviors highlight the importance of ongoing education and practical tools to simplify cybersecurity protection processes for all users.
Optimistically, 73.3% of users review the recipient address before transferring funds, demonstrating an awareness of risk management in their daily operations.
Overall, the survey indicates that continuous education is crucial for encouraging users to confidently adopt advanced cybersecurity measures.
As Users Become More Proactive, Trust in Exchanges Increases
According to the survey, despite 40.7% of respondents having encountered cryptocurrency-related fraud, most now exhibit greater resilience:
More than half of the respondents (53.4%) indicated that they would immediately contact the exchange to freeze assets in the event of fraud—demonstrating basic preparedness and trust in the platform’s response capabilities. Furthermore, 84% of respondents stated that they trust protective mechanisms like the Binance Investor Protection Fund (SAFU).
Although common fraud tactics such as phishing links (69.5%), fake insider information (54.9%), and false airdrops (52%) still exist, the survey results show that an increasing number of users can identify potential risk signals, becoming more informed, proactive, and willing to use safety mechanisms provided by the platform.
From Passive to Proactive: Users Expect More from Exchange Security
The survey results indicate a notable shift in users’ expectations—from passive protection to immediate and intelligence-driven threat management. Users increasingly expect exchanges to proactively detect, prevent, and mitigate potential threats before damage occurs.
62.5% of respondents listed ‘real-time threat interception’ as their top security need, reflecting a strong demand for automated defense and alert systems. 50.4% of respondents expressed the need for device-level threat detection features, such as malware recognition and warnings for compromised devices. Nearly half of the respondents support the establishment of a suspicious address database and the introduction of biometric verification to enhance identity protection measures.
This shift reflects a change in user mindset: exchanges are no longer seen solely as platforms for asset trading. Today, users expect industry leaders like Binance to set new standards, particularly in creating intelligent and intuitive security systems.
Users Prioritize Private Key Protection, Binance Strengthens Decentralized Wallet Security with MPC Technology
In terms of decentralized wallets, users prioritize features that offer stronger control and intelligent threat detection. The survey results indicate that wallets are no longer just simple tools for storing assets, but serve as a smart security layer for asset protection.
62.8% of respondents identified enhanced private key protection as their most desired wallet feature—highlighting a high demand for more intuitive and secure self-custody tools. 50.4% of respondents hope for better backup and recovery options, which are key to enhancing users’ sense of security and control over their assets. Over 40% of respondents support the development of proactive fraud detection tools, such as phishing alerts, suspicious transaction monitoring, and hacker protection features.
Binance meets these expectations through its Binance Wallet, which plays a key role in the decentralized wallet space. This wallet utilizes MPC (Multi-Party Computation) technology, eliminating the need for seed phrases while securely splitting private keys into three encrypted keys.
Simple and Localized Education is Key to Closing the Security Gap
Education remains a crucial pillar of user protection, and the survey shows that users are looking forward to more practical and easily accessible learning experiences:
55.8% of respondents believe existing educational materials are “too technical and difficult to understand.” 39.7% prefer localized real-case analyses to enhance their understanding of real-life situations. To effectively promote anti-fraud education, it is also important to understand the channels through which users most frequently encounter misleading or fraudulent content. Throughout the Asia-Pacific region, such content is most commonly found on X (formerly Twitter, 57%) and Telegram (51.2%), though the channels vary slightly across different markets—for example, in Southeast Asia, Facebook is the primary platform (61.1%), while in India, WhatsApp serves as a key channel (42.5%).
61.3% of respondents expressed willingness to participate in ‘anti-fraud simulation tests’ led by exchanges to enhance their alertness—especially when these tests incorporate rewards or gamification, indicating that users are not only willing but eager to learn. Our cybersecurity team regularly shares easily understandable articles that break down complex topics, such as SMS phishing (smishing) and phishing attacks, to help users bridge knowledge gaps while retaining all critical details. We invite you to explore our security column series and embark on an insightful learning journey to help you identify potential risks!
Binance: Comprehensive Strengthening of Security Protections
According to Chainalysis’s 2025 “Crypto Crime Report,” cryptocurrency addresses marked for illegal use received $40.9 billion in funds in 2024. Although this figure may rise as more illegal addresses are identified, the proportion of illegal transaction volume relative to overall on-chain activity has significantly decreased—from 0.61% in 2023 to just 0.14%—demonstrating the effectiveness of proactive security measures implemented across the industry.
Binance continues to maintain a leading position in security and is doubling down on its commitment to safety and compliance, investing hundreds of millions of dollars to strengthen platform protections and build overall industry resilience. Binance’s security chief, Jimmy Su, stated: “In 2024 alone, we successfully prevented over $4.2 billion in potential user losses, assisted in recovering $88 million in stolen or lost assets, and protected over 2.8 million users from malicious attacks.” He added, “As the industry continues to evolve, malicious actors’ tactics are also changing. We are investing heavily in localized, practical, and easy-to-understand anti-fraud education to genuinely meet users’ needs; at the same time, we are accelerating the deployment of real-time risk detection systems and working closely with regulatory and law enforcement agencies across Asia to better protect user assets.”
