Login with Binance: It reduces security risks related to manual handling and sharing of API keys
KoinBasket has rolled out its cryptocurrency trading application, complete with the integration of “Login with Binance”. This action is anticipated to meet the crypto needs of nations like Turkey and others in a similar region.
According to an official statement, the “Login with Binance” function of Koinbasket reduces security risks related to manual handling and sharing of API keys. KoinBasket aims to provide access to the top 1% of cryptocurrencies for cryptocurrency investors by using the OAuth interface with Binance and Coinbase and prioritising user comfort, research, and security.
Security risks related to manual handling and sharing of API keys
API keys are used to authenticate requests made to an API. They are often used to control access to sensitive data, such as user data or payment information. When API keys are manually handled and shared, they can be exposed and misused, leading to unauthorized access to sensitive data. For example, if an API key is shared with someone who is not authorized to access the data, they could use the key to make requests to the API and access sensitive data.
In addition, if an API key is lost or stolen, it can be used to access data even after it has been revoked. This is because the person who has the key can continue to use it until it expires. This can be particularly problematic if the API key is used to access sensitive data, such as financial information or personal data.
To mitigate these risks, API keys should be generated and stored securely. This means that they should be encrypted and stored in a secure location. It is also important to limit access to API keys and to revoke them when they are no longer needed. For example, if an employee leaves the company or a third-party service is no longer being used, the API key should be revoked to prevent unauthorized access to data. By taking these steps, organizations can reduce the risk of data breaches and protect sensitive data.
“We look forward to rolling out the ‘Login with Binance’ integration. It aims to not only enhance the security and convenience of our platform but can also pave the way for our users to explore the potential of their crypto exchange accounts,” Khaleelulla Baig, CEO, KoinBasket, said.
