Binance has quickly become one of the more prominent exchanges in the cryptocurrency world. Its strong focus on altcoins and lower fees has made for an attractive platform. However, the site is also experimenting with a new authentication method from a company called Geetest. So far, user response has been pretty mixed, with multiple people experiencing issues. Now is a good time to see what Geetest is and how its products work.
GeeTest Offers Different Security Solutions
It is always good to see cryptocurrency exchanges come up with new ways to ensure customer funds are safe. Since most platform users do not bother with creating unique logins and passwords, it is up to the company itself to step up its game. Multi-factor authentication has become the new normal for a lot of platforms, yet Binance is looking to take this concept to a whole new level. Unfortunately, that may not necessarily be appreciated by most of its users.
Looking at what Geetest has to offer, it is not surprising to see why Binance took an interest in the company. Its security solutions range from man-machine verification to cross-linked interactive security and self-immune systems. All cryptocurrency exchanges want to implement security features that go beyond a traditional password or two-factor authentication code. Partnering with new companies makes a lot of sense in this regard.
It would appear that Geetest has quickly become incredibly popular in multiple Asian countries. Despite protecting over 200,000 websites around the world, it has not been involved with any major cryptocurrency-related businesses just yet. That has now come to change thanks to Binance, although the new authentication method is causing some confusion. Multiple users have reached out alerting us to problems or errors experienced when logging in. For others, this all seems to work just fine, regardless of what browser they use.
It seems this Geetest implementation may actually have locked people out of their Binance accounts. It is far from an ideal situation, but bugs are to be expected in the first few days of any new security implementation. There is no reason to think this issue will cause lasting problems whatsoever. It also appears some platform users have had success using a slightly different login page, though that isn’t working for everyone.
How all of this will play out in the next few hours and days remains to be seen. While we commend Binance for taking a big step in the right direction in terms of security and account authentication, the platform probably never expected issues to arise. It also shows how many people still rely on exchanges on a near-daily basis to buy, sell, and trade cryptocurrencies. It is unclear whether this new security method also affects API-based trading, but it is safe to assume that the latter still works just fine. We have seen more and more traders shift to using API-based solutions as of late.
All things considered, it will be interesting to see how things unfold for Binance. Most users haven’t reported any major issues just yet, but it remains to be seen if that will change over the next few days. Moreover, the big question is whether or not the platform will continue with this Geetest implementation or look for additional solutions in the future. Security is a major concern in the world of cryptocurrency, and new solutions will need to be implemented sooner rather than later.