Blockchain & Crypto

Binance Joins FIDO Alliance Preparing to Implement Passkeys

Binance has aligned with the FIDO Alliance dedicated to the development of passwordless authentication standards

Binance Joins FIDO Alliance Preparing to Implement Passkeys

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The crypto exchange Binance announced it has joined the FIDO Alliance association which develops passwordless authentication standards. The company now prepares to introduce passkey technology, enabling its customers to quickly and safely sign in across multiple sites, apps, and devices with local biometric authorisation.

To begin with, integrating FIDO passkey technology will make Binance login process faster and more secure. Passkeys based on FIDO standards act as strong, phishing-resistant replacements to standard passwords which are often prone to security vulnerabilities. Besides, such passkeys allow signing in across multiple web and mobile resources and devices. 

The FIDO Alliance is a large and influential open industry association dedicated to passwordless authentication that helps reduce the world’s over-reliance on insecure passwords. The organization promotes the development, use, and compliance with authentication standards and device attestation.

The Alliance is also working to change the nature of authentication with open standards that are more secure than both passwords and SMS OTPs. Therefore, FIDO develops technical specifications that define an open, scalable, interoperable set of authentication mechanisms.

The Alliance’s industry certification programs help ensure successful worldwide adoption of the passkey technology. As for Binance, sticking to the industry standards, provides its customers with the highest level of security and convenience.

The enhanced security measures will be a great addition to Binance’s existing security features, such as multi-factor authentication (MFA) and multi-signature technology.

As we have previously reported, Binance has converted the remaining $1 billion funds in its Industry Recovery Initiative from BUSD into “native crypto.”

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.