Binance is rolling out a new “Withdraw Protection” feature that lets users lock all on‑chain withdrawals for a set period to help deter “crypto wrench” attacks, where criminals use real‑world threats to force victims to move funds. The exchange describes this tool as an extra safety layer for people who fear physical coercion, especially when they travel or attend public events.
How Binance’s Withdraw Protection Works
Withdraw Protection allows users to set a “lockdown period” from one to seven days, during which all on‑chain withdrawals from their account are automatically blocked. During that window, no one can send crypto out, even if they know the password, pass two‑factor checks or have access to the device.
Users can enable the feature through the Security section of the Binance app or website and see the exact time their lockdown will end before they confirm. They can also choose whether to “allow unlock in advance”; if they switch that on, they must pass at least two strong verification methods, such as a security key and an authenticator app, to lift the lock early. Binance states that ordinary support staff cannot override a user’s active withdrawal lock, although court or law‑enforcement orders can still lead to restrictions.
Why Wrench Attacks are Driving New Protections
So‑called wrench attacks involve kidnappings, threats or violent home invasions that aim to force crypto holders to sign transactions on the spot instead of hacking them online. Binance points to data from Jameson Lopp’s public repository, which has recorded 316 kidnap and ransom style incidents against crypto holders since 2014, including 79 ransom‑focused attacks in 2025 and at least 27 more already reported in 2026.
Recent high‑profile cases have raised concern in Europe, where French authorities are investigating attempted home invasions linked to exposed user data and growing interest in crypto wealth. Security teams say attackers often target executives, known traders or people who share their holdings publicly, and they warn that leaks from tax tools, exchanges or social media can give criminals a starting list of victims.
Withdraw Protection joins several other Binance defenses, including withdrawal address whitelists, withdrawal cool‑down periods, anti‑scam prompts and behavioral risk checks on the withdrawal page. For Whitelists only allow transfers to pre‑approved addresses and enforce a 24‑hour wait before new addresses become usable, giving users time to spot suspicious changes if someone compromises their account.
READ MORE: Top Crypto Stocks to Watch: MSTR, GME, COIN, BitMine, PayPal
