Binance adds 1-7 day withdrawal lockdown to block wrench attacks

Binance on Monday launched a withdrawal lockdown that prevents all on-chain withdrawals for a fixed period of one to seven days. The feature blocks outbound transfers from an account for the chosen window; no one, including the account holder, can move assets off the exchange during that time.

In a blog post, Binance wrote: ‘When activated, withdraw protection blocks all on-chain withdrawals from your Binance account for a preset lockdown window. During that window, no one, including yourself, can move your crypto off the platform.'

Customers who enable the feature can also activate an early-unlock option that ends the lockdown using a hardware security key and an authenticator app, or by receiving a confirmation at a secondary phone number or email address.

The exchange presented the feature as a response to threats of physical coercion that are not addressed by defenses against phishing, SIM swaps and compromised seed phrases.

Blockchain security firm CertiK reported a 75% increase in incidents involving physical coercion to steal crypto in 2025. French authorities are investigating 88 people in connection with kidnappings and extortion targeting crypto holders. In January 2025, Ledger co-founder David Balland and his wife were allegedly abducted in a case linked to a multi-million dollar ransom. In a separate incident, masked men reportedly extorted about $800,000 in digital assets from a family in France.

Exchanges and custody services have added account-level controls such as withdrawal delays and whitelists to complement technical safeguards against remote attacks. Binance's lockdown is voluntary and configurable, allowing customers to choose a lockdown length that matches their risk concerns.

The company added: ‘This is designed for users who want certainty that their wealth is immune to any form of pressure or coercion.'