Binance is adding a new “withdrawal lock” setting that lets users pause withdrawals from their own accounts to reduce the risk of forced, in‑person “crypto wrench” attacks. The feature aims to give victims time to contact support or authorities if someone tries to make them move funds under threat.
What Binance’s Withdrawal Lock Does
Binance already lets users limit withdrawals to a whitelist of approved wallet addresses and block transfers to any other address. When a user adds a new address, Binance’s existing security lock can freeze withdrawals to that address for about 24 hours, which slows down attackers who manage to change settings.
The new withdrawal lock builds on those tools by allowing users to voluntarily freeze withdrawals on their own accounts for a chosen period. During that time, no one can move funds out, even if they know the password or pass two‑factor checks, because the account is in a locked state. This mirrors Binance’s broader risk controls, which already suspend withdrawals for 24 to 48 hours after major security changes such as password resets.
Why Wrench Attacks Pushed this Change
“Crypto wrench attacks” are cases where criminals threaten or kidnap people in real life to make them hand over digital assets, instead of hacking wallets remotely. A public dataset tracked at least 316 kidnap and ransom-style incidents against crypto holders since 2014, including 79 ransom‑focused attacks in 2025 and 27 more reported in 2026 so far.
Binance has warned that these crimes are rising and has started sharing safety advice, such as keeping holdings quiet, using multi‑signature wallets, and setting up duress plans with decoy accounts. By letting users lock withdrawals in advance, the exchange aims to reduce the risk that a robber can quickly drain an account on demand, even if they access the victim’s phone or laptop.
The withdrawal lock joins a stack of security tools that include two‑factor authentication, passkeys, address whitelists, and a risk engine that watches for unusual behavior. Binance’s system can also freeze withdrawals if it sees suspicious devices, repeated transfers to blacklisted addresses, or other high‑risk patterns, and then only restores withdrawals after checks with the account owner.
Binance recommends enabling withdrawal whitelisting, using its security lock for new addresses, and considering a withdrawal lock if they feel at higher risk.
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