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SMS two-factor authentication is the most widely offered security feature in the crypto industry and the least effective one at stopping the attack that actually occurs. Understanding why requires looking at the telecom layer rather than the exchange. If you are setting up an account and want the discount before the mechanism: my referral code is BBBKK at https://www.binance.com/register?ref=BBBKK - roughly 20% off spot trading fees - and the attribution check near the end is the step that decides whether it exists. Now the attack chain, because it is shorter than people assume.
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Yinghui Chen (2026) studied this question.
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