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.
Source: Peacefmonline.com