3 Key Steps to Protect Your Phone with Crypto Shared by Binance CEO

Richard Teng, the Binance CEO, has published an important tutorial on how to keep one’s smart phone with a crypto wallet in it secure in case a phone has been lost.

Teng gave a few pieces of advice himself and shared a link to Binance’s article that offers more details on this issue.

Three key steps to take if you lose your phone, per Teng

Teng stressed the importance of keeping one’s phone secure at all times since its loss can result in negative consequences: “it can expose sensitive data, compromise accounts, and lead to financial loss.”

The CEO also shared three steps that are important to take proactively to secure one’s smartphone and the precious and hard-earned crypto it holds: “Secure your phone with biometrics. Secure your phone with biometrics. Backup 2FA codes.”

Losing your phone isn’t just inconvenient—it can expose sensitive data, compromise accounts, and lead to financial loss.

· Secure your phone with biometrics
· Enable remote wipe
· Backup 2FA codes

To know more 👇https://t.co/ZIhkUkSUhz

— Richard Teng (@_RichardTeng) March 12, 2025

Teng’s article significantly expands that list of recommendations. It offers two types of steps to ensure one’s phone’s security: what to do if the phone has already been lost and what measures should be taken before a potential loss or theft.

What to do when your phone is lost/stolen

The first thing to do when you find out that your device has been stolen or lost is to track and lock your phone remotely – that should be done as soon as possible. That can be done using Find My Phone services both for iPhones and Android phones. These services can also allow you to erase their contents distantly.

Then, you must contact your mobile carrier and change your most critical account passwords, including those for email accounts, banking and financial apps, and cryptocurrency wallets. The final step is to change your phone’s 2FA codes on exchanges.

Proactive steps to protect your smartphone with crypto

As necessary proactive steps to secure one’s phone, the Binance team recommends using a strong passcode and biometric locks; disabling notifications and previews on the screen, especially those with 2FA codes.

The phone should be encrypted and have a full data backup which gets regular updates.

Other recommendations are to keep the software on the smartphone regularly updated and ensure that one’s SIM card is secured with a pin code. Sensitive data should be stored in an encrypted vault or it should be protected with a password.

Source