Binance: 80% of Asian Crypto Users Adopt 2FA, yet Advanced Security Lags

Binance’s recent report uncovers a sweeping shift in crypto security across Asia, as users adopt stronger protections like 2FA and demand smarter, safer exchange safeguards.

Binance Report Shows Rising Security Awareness Among Asian Crypto Users

Crypto exchange Binance published a report last week showing that users across Asia are adopting stronger security measures, though key vulnerabilities remain. The report, based on a survey of nearly 30,000 participants, outlined how crypto holders are increasingly taking control of their safety, particularly through foundational habits. One section of the findings emphasized this shift:

The findings show that 80.5% of users have enabled 2FA, suggesting that basic safety practices are widely adopted. A significant 73.3% also said they double-check recipient addresses before making transfers, showing attentiveness to daily risk.

While basic security features are widely used, more advanced protections continue to see limited adoption. Only 21.5% of respondents reported using anti-phishing codes, and 17.6% have activated address whitelisting. Notably, over one-third of users still store their private keys on internet-connected devices—a number that rises to 42% in Southeast Asia.

Despite these gaps, Binance stated that users showed a growing trust in centralized platforms. According to the report, 84% expressed confidence in exchange-provided safeguards like Binance’s Secure Asset Fund for Users (SAFU), and more than half indicated they would contact the exchange to freeze their assets if targeted in a scam.

The survey also revealed rising expectations among users, who increasingly view exchanges as security partners rather than just trading platforms. A majority (62.5%) named real-time threat interception as their top priority. Additional user preferences included malware alerts, suspicious address databases, and biometric authentication. Users also called for better educational tools, particularly localized resources and gamified anti-scam simulations. The report concluded with a clear message about the shared role in crypto safety:

True safety in the digital-asset space requires shared responsibility. While users are becoming more vigilant, exchanges must continue building smarter, safer systems that meet those rising expectations.

Despite criticisms that centralized platforms remain attractive targets for attackers, the industry has made notable progress. Chainalysis reported that illicit crypto activity fell to 0.14% of all transactions in 2024, compared to 0.61% in 2023. Advocates for decentralization maintain that long-term security also depends on user control and transparency, underscoring the importance of diverse strategies in protecting digital assets.