Binance NFT Marketplace bolsters payment security

Binance announced their NFT marketplace would introduce a new form of purchase limit and more robust authentication methods.

Trader authenticating a transaction

Binance announced it would replace the daily remaining purchase limit on their NFT marketplace with a per-transaction password-free purchase limit. By default, the limit will be set to 500 BUSD, but users can raise it to as much as 100,000 BUSD.

If the price of the NFT or Mystery Box a trader is considering exceeds their password-free limit, they will be required to enter a separate credential called the Pay PIN.

The strategy incentivizes traders to set their limit to an amount they’re comfortable losing in case their basic credentials are compromised. More generally, the goal is to enhance the security of individual transactions to improve the platform’s reputation as Binance fights to win recognition in more legal jurisdictions.

The Pay PIN will also be required, interchangeably with two-factor authentication, in case Binance’s risk management policies are triggered by a disturbance or attack. Binance supports 2FA via the Google authenticator app and its own dedicated 2FA tool.