Binance has launched a user-controlled withdrawal lock, dubbed 'Withdraw Protection', to counter the growing threat of physical coercion of crypto holders, also known as 'wrench attacks'. This feature allows users to freeze their accounts against on-chain withdrawals for a period of one to seven days, with a stricter 'lockdown' mode that prevents early unlocking.
According to Binance's Chief Security Officer, Jimmy Su, the lock was created in response to observed patterns of risky or coerced withdrawals. Su noted that users traveling to high-risk areas can use this feature to restrict withdrawals, giving them more time to recover in case of an incident.
The lock is an internal policy, meaning it cannot be overridden by Binance's customer service agents, but it does not block law enforcement orders. This feature is part of a broader defense-in-depth approach, which includes context-aware authentication and educating users on managing their online footprint to protect themselves from coercion.