Binance Introduces Withdrawal Lock to Counter Wrench Attacks

Binance has introduced a user-controlled withdrawal lock to address the growing concern of physical coercion, or 'wrench attacks', against crypto holders. The new feature, called 'Withdraw Protection', allows users to freeze their accounts against on-chain withdrawals for a period of one to seven days.

This measure is designed to provide an additional layer of protection for users who may be traveling to high-risk regions or face physical threats. In such cases, the user-controlled lock prevents forced withdrawals, giving them more time to recover in case of any adverse situation.