Binance survey highlights evolving crypto security practices in Asia

The largest cryptocurrency exchange in the world, Binance , released the results of its Asia Crypto Security Survey on May 6 , after collecting responses from 29,847 cryptocurrency users in Southeast Asia, South Asia, and East Asia. Binance’s questionnaire covered a wide variety of security topics — while the results of the survey point to both increased awareness of security issues in the Asian markets as well as a high degree of trust in existing security measures. Some 40.7% of survey participants reported having experienced some form of exposure to crypto-related scams . In terms of the channels used to propagate these malicious ploys, X, Telegram, and Facebook seem to be the most commonly used — with 57%, 51.2%, and 46.5% users identifying these platforms as being leveraged to spread scam information in their regions. Social media platforms most commonly used to disseminate scams. Source: Binance Binance survey reveals users want real-time monitoring, public databases to strengthen crypto security Over half of the traders who answered the survey — 53.4%, to be exact — stated that they would immediately contact the exchange in the event of a scam. Moreover, some 84% said that they trust protections such as Binance’s emergency fund, SAFU. At present, 80.5% of queried users have the exchange’s 2-factor authentication (2FA) feature enabled — while 34.9% maintain a separate trading password. In contrast, only 10.9% of users forgo any additional security features. Data regarding enabled security measures. Source: Binance When it comes to future improvements, active, real-time monitoring on the part of exchanges, as well as access to public databases, seem to be priorities for cryptocurrency investors in Asia. Some 62.5% of respondents highlighted real-time interception of high-risk transactions as a security feature they would like to see exchanges strengthen, while 49.4% called for the establishment of public databases that would contain suspicious addresses Data regarding security measures users would like to see improved. Source: Binance In addition, the survey highlights a disparity between experienced crypto users and novices — with a full third of users still storing their private keys on internet-connected devices, a figure that climbs to 42% in Southeast Asia. Education remains a critical pillar of security, but there is evidently a need for improvement — as 55.8% of users find existing materials “too technical and hard to understand”, while 39.7% have stated a preference for localized, real-life case studies. Featured image from Shutterstock The post Binance survey highlights evolving crypto security practices in Asia appeared first on Finbold .

Source: Finbold