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Coinone Boosts Crypto Account Security with Naver Two-Factor Authentication

Web3 & Enterprise·August 23, 2023, 9:54 AM

Coinone, one of South Korea’s leading crypto exchanges, announced on Wednesday that it has added Naver as another channel for two-factor authentication (2FA) when signing up for an account. This move aims to enhance security and convenience for users by introducing another option for the second step of authentication in addition to KakaoTalk and one-time password (OTP) authentication.

Photo by Franck on Unsplash

 

Combatting social engineering attacks

“As the popularity of investing in virtual assets is on the rise, attempts to gain unauthorized access to accounts through smishing and phishing have also increased. We hope that users can use Coinone services in a safer, more convenient manner by using Naver as an easy authentication channel,” said Cha Myunghun, CEO of Coinone.

All users are required to go through 2FA when signing up for a Coinone account in order to simultaneously protect their credentials and conduct deposits, withdrawals, and transactions. Users must verify themselves with their phone number first, then once more through an additional channel like KakaoTalk, Naver, or OTP authentication.

Using KakaoTalk or Naver is easy and convenient since most Koreans already have both of these apps on their phones, and it takes a relatively short amount of time to complete.

 

Extra benefits

Users can register for Naver authentication on both the Coinone website and the app. Once they do, they can verify themselves through the Naver app without a separate login. These users can be granted more benefits such as increased withdrawal limits, the exchange said. Those who have verified their bank accounts for storing Korean won can have a withdrawal limit of up to 500 million won (approximately $373,000).

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Web3 & Enterprise·

Oct 25, 2023

Wemade’s NILE Launches NFT Tickets for Game Exhibition G-STAR 2023

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Web3 & Enterprise·

Nov 13, 2023

Over 3,700 participants flock to Upbit D Conference to explore insights in blockchain

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Web3 & Enterprise·

May 23, 2023

Real-World Asset Investment Platform Alterna Launches in Japan

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