Binance has joined the FIDO Alliance, a
large association dedicated to the development of passwordless authentication
standards. Integrating FIDO passkey technology will improve the speed and
security of Binance users when logging into the platform.
By joining the FIDO Alliance, Binance
users can look forward to a streamlined and secure experience when accessing
their favourite exchange services.
The FIDO Alliance, one of the most
influential and largest associations, is focused on developing passwordless
authentication standards. “We are committed to providing our users with the
highest level of security and convenience as a member of this prestigious
alliance.”
What joining the Fido Alliance means for
Binance users
We’re also pleased to announce that
Binance will soon integrate passkeys to enhance security on our platform.
Passkeys are based on FIDO standards and act as strong, phishing-resistant
password replacements. With passkeys, a
user can quickly and safely sign in across multiple sites, apps, and devices
with local biometric authorization. Binance will offer users a more secure and
streamlined experience using passkeys on our platform without compromising on
security.
Passkeys will be an excellent addition to
our existing security features, which include multi-factor authentication (MFA)
and multi-signature technology. We aim to provide our users with the best
trading experience while keeping their assets safe and secure.
It’s About Being User Focused
Our FIDO membership and upcoming passkeys
implementation will enhance users’ trust and confidence when using Binance
services. In the crypto world, this is incredibly important as we demonstrate
its growing maturity. We’ve set the foundations for improving users’ experience
on Binance, so stay tuned for more updates as we improve our platform’s
security and functionality.
What
is the FIDO Alliance?
The FIDO Alliance is an open industry
association that focuses on news authentication standards that help reduce the
world’s over-reliance on passwords. The FIDO Alliance promotes the development
of, use of, and compliance with standards for authentication and device
attestation.
According to FIDO, passwords are still
popular even though there is a growing consensus that their use needs to be
reduced, if not replaced. But even though effective PKI and strong
authentication solutions have existed for years, barriers to widespread
adoption are still in place.
The
FIDO Alliance is working to change the nature of authentication with open
standards that are more secure than passwords and SMS OTPs. These new solutions are
easier for consumers to use and easier for service providers to deploy
and manage.
The FIDO Alliance aims to fulfill this mission
by developing technical specifications that define an open, scalable,
interoperable set of mechanisms that reduce the reliance on passwords to
authenticate users; operating industry certification programs to help ensure
successful worldwide adoption of the specifications, and submitting mature
technical specifications to recognized standards development organizations for
formal standardization.
