Binance has joined the FIDO Alliance. The world’s largest crypto exchange by trading volume made the announcement today via a blog post. As revealed, Binance said it made the move to develop passwordless authentication features for its trading platform.
More so, the cryptocurrency exchange revealed the move to join the FIDO alliance is important to its efforts to offer a good user experience. Binance added that it will leverage the alliance to provide its users with the most streamlined and secure login experience. Further, the exchange said its committed to providing it’s users with the highest level of security and convenience.
Binance registered confidence in the capacity of the FIDO Alliance to help achieve its aims. Also, the crypto exchange added that collaborative effort will birth the integration of passkeys to strengthen the security of its platform. Binance noted that passkeys are based on FIDO Standards. The firm illuminated how the introduction of passkeys will help against phishing attacks.
Accordingly, Binance said with the integration, users will be able to sign in across various applications and devices using local biometric authorization. As revealed, the passkeys will further establish users’ confidence in Binance as the crypto exchange will focus on enhancing trading experience.
Binance Focus on advancement despite recent struggles with regulators
Recall that on March 27, 2023, Binance received a complaint from the Commodity Futures Trading Commission (CFTC). The regulator alleged that the cryptocurrency exchange manipulated markets and failed to comply with its regulations. Also, the lawsuit contained an allegation that the exchange failed to cooperate with the CFTC’s investigating subpoenas. The regulator also alleged that Binance failed to reveal the location of its executive offices in the course of the investigation.
Meanwhile, the lawsuit has generated a lot of controversies regarding the unclear regulation of the crypto space in the U.S. The lawsuit regarded BTC, ETH, LTC, USDT, and BUSD as commodities. These claims are contradictory to the opinion of the Securities and Exchange Commission (SEC) boss, Gary Gensler who argued that all cryptocurrencies are securities.
Among other allegations, the regulator said it’s open to the crypto exchange paying penalties to resolve the issues. However, the allegations incurred a response from Binance’s CEO Changpeng Zhao. The CEO argued that Binance has always cooperated with the regulator in the last two years. Amidst the noise regarding the fate of the crypto exchange and the lawsuit, Binance is showing no signs of slowing down in regard to advancing its services. The latest move to join the FIDO alliance further strengthens this assertion.