CoinDesk
Binance is rolling out a withdrawal lock — a setting that lets users freeze outgoing transfers without disabling their account entirely. The feature is a direct response to the rise of so-called wrench attacks, where bad actors physically coerce victims into transferring funds on the spot.
By allowing a lock that can be set in advance, Binance gives users a credible way to stall a forced transfer: even under duress, a locked account buys time. It's a practical, low-friction layer of protection that other major exchanges may be pressured to match.
Frequently asked questions
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How does the withdrawal lock feature work in practice?
Users can set a withdrawal lock in advance, which prevents outgoing transfers even if they are coerced. This feature allows users to buy time during a forced transfer situation.
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What are wrench attacks and how does this feature help against them?
Wrench attacks involve physical coercion to force victims into transferring funds. The withdrawal lock provides a way to delay such transfers, offering users a chance to escape the situation.
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