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 new 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 fulfil 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.
● Submitting mature technical specifications to recognized standards development organizations for formal standardisation.