Binance, the world's largest cryptocurrency exchange, launched a new security feature called “Withdrawal Protection” on May 4, 2026, giving users the ability to block all outgoing cryptocurrency transfers from their accounts for a period of one to seven days. The move comes as a direct response to a sharp global increase in physical violent attacks targeted at cryptocurrency holders, often referred to as “crypto wrench attacks.”
How the Feature Works
Withdrawal Protection is a user-activated lock that halts all on-chain withdrawals from a Binance account for a duration between one and seven days, with a default setting of 48 hours. During the lock period, account access and trading remain fully functional; only outgoing cryptocurrency transfers are blocked.
Users who wish to retain the option to cancel early can pre-enable a bypass configuration before activating the lock. Without this configuration, no one—including the account holder—can withdraw funds from the platform while the protection is active.
However, it is important to note that the lock does not protect accounts against court orders. Since it is enforced through Binance's centralized systems rather than through cryptography, users rely on the platform's infrastructure rather than a self-sovereign security mechanism.
Physical Threats on the Rise: 75% Increase in 2025
The launch of Withdrawal Protection coincides with an alarming increase in physical coercion attacks against crypto holders worldwide. According to blockchain security firm Certik, verified physical coercion incidents—including kidnappings, home invasions, and threats designed to force victims into signing transactions at gunpoint—surged 75% in 2025, reaching 72 confirmed cases. Assault-related incidents rose 250% during the same period.
Data from security researcher Jameson Lopp's public tracker shows 316 kidnapping and ransom incidents against cryptocurrency holders since 2014, with 79 attacks focusing on ransom alone in 2025 and at least 27 already reported in 2026.
France: The Epicenter of the Crisis
France has emerged as the global epicenter of the crypto-wrench epidemic. Local authorities have recorded 135 incidents since 2023, including 67 in 2025 and 47 already in 2026—an average of one attack every 2.5 days this year. The Paris Prosecutor's Office has charged 88 people, including minors, in a coordinated operation against organized crypto-theft networks.
The crisis reached a high-profile moment earlier in 2026 when armed assailants attempted to kidnap Binance France CEO David Prinçey at his home in Val-de-Marne. He was not home at the time.
Binance emphasized that Withdrawal Protection is not a panacea, but provides a valuable cooling-off period for users who may be under extreme physical duress. The company recommends combining this feature with hardware wallets, multi-signature setups, and other security best practices.