Worried about your exchange account being hacked or stolen? Binance introduces a withdrawal protection feature, set up in 4 steps to secure the golden seven days.

To respond to physical violence threats known as “wrench attacks,” Binance has launched the “Withdrawal Protection” feature. Users can set a withdrawal lock period of one to seven days to gain critical response time to protect their crypto assets, but this feature cannot prevent intervention by public authorities.

Responding to wrench attacks, Binance introduces the “Withdrawal Protection” feature

As cryptocurrencies become more widespread, incidents of physical crimes against holders, known as wrench attacks, have been frequently reported.

The well-known cryptocurrency exchange Binance has launched a new “Withdrawal Protection” feature, aimed at protecting users from physical violence threats similar to wrench attacks, preventing forced asset transfers when personal safety is at risk.

Binance states that the industry has already established strong defenses against digital threats such as phishing, SIM card hijacking, and seed phrase leaks, but lacks effective solutions for physical threats.

According to data from blockchain security firm CertiK and crypto researcher Jameson Lopp, the number of physical threats against crypto holders increased by 75% in 2025, with confirmed cases reaching 72, and related attack incidents surging by 250%.

Binance’s Chief Security Officer Jimmy Su told foreign media that this feature is designed to address these risks in sudden geographic situations, giving users more time to respond and recover.

Image source: Binance responds to wrench attacks, Binance launches “Withdrawal Protection” feature

How to enable Withdrawal Protection? Four steps to secure the coveted seven days

According to Binance’s official explanation, once the “Withdrawal Protection” feature is activated, it will fully suspend all on-chain withdrawal requests for the account during the lock period set by the user, which can be from 1 to 7 days (default is 48 hours). During this period, even the user cannot transfer cryptocurrencies out of the platform, but other account functions such as trading and position management will operate normally.

Users can enable Withdrawal Protection via Binance’s web or app versions. If using the mobile app, the setup can be completed in four steps:

1. Open the Binance App, tap the profile icon on the top left of the main screen, then go to “Account Information”.
2. Select “Security”, then choose “Withdrawal Protection”.
3. Choose the desired lock period (settable from 1 to 7 days, with the system default at 2 days).
4. Decide whether to enable the “Allow Early Unlock” option, then click “Confirm” to activate.

If you are an iPhone user, Binance reminds you to update to iOS 16 or above, and the Binance App must be updated to version 3.14.0 or higher to use this feature.

Additionally, by default, the lock period does not allow anyone to unlock early. If users want more flexibility, they can manually enable the early unlock feature, which will then require verification via security keys and authenticator apps.

However, according to testing by “Crypto City,” Binance’s “Withdrawal Protection” feature does not seem to be available in Taiwan yet. The author has not seen this feature in account information, and Binance’s Chinese community has not yet introduced it.

Withdrawal Protection has no relation to blockchain technology and cannot block government authority

When using this new feature, users should be aware of its operational limitations.

Jimmy Su clearly stated that this feature is an internal policy of Binance, lacking cryptographic locking technology on the blockchain level. This policy is enforced by Binance, and even customer service has no authority to override or lift the lock.

It is important to note that Withdrawal Protection cannot prevent actions by national law enforcement agencies, meaning it does not hinder law enforcement from taking necessary legal measures against specific Binance accounts or using public authority intervention.

Finally, Binance reminds users that “Withdrawal Protection” is only one part of a layered security strategy and cannot fully replace existing security measures.

Users should maintain good cybersecurity habits, such as continuously using multi-factor authentication (MFA), setting withdrawal whitelists, and properly managing their online footprints, avoiding publicly displaying asset balances or trading profits on social media, to prevent becoming targets for malicious actors.

• Related report: Frequent cases of crypto wrench attacks! How to protect yourself? These 7 technological methods are worth considering