Blockchain approvals are permissions you grant to another wallet address, app, or smart contract to spend or transfer your tokens on your behalf. They're a normal part of using decentralized apps (dApps), but they come with risks if left unmanaged.
How do approvals work?
When you interact with a decentralized exchange or lending protocol, you'll often need to approve a smart contract to handle your tokens during a transaction. Think of it like giving someone a key to a specific drawer, useful in the moment, but risky if you forget to take it back.
How to manage your approvals
Open the Binance.US app and go to the Wallet tab at the top.
Tap Assets, then Approvals.
You'll see a list of approvals flagged as risky. Tap Revoke on any you want to review.
Check the transaction details. If you recognize it and want to proceed, tap Confirm.
What makes an approval risky?
Not all approvals are created equal. Watch out for these:
Approvals granted to a wallet address (EOA): This gives another wallet direct control over your assets, now and in the future, until you revoke it or it expires.
Unlimited access: If you've approved unlimited access to your tokens, that authorization stays active even if the project shuts down or gets hacked.
Compromised or malicious dApps: If a dApp or smart contract you approved gets hacked or was malicious from the start, your assets could be at risk.
Gas fee scams: Some scammers create fake approvals designed to charge you a high network fee when you try to revoke them. Revoking an approval should cost very little. If the fee seems unusually high, stop and don't proceed.
Common ways risky approvals happen
Phishing sites: Fake websites trick you into approving fraudulent dApps, giving scammers access to your tokens.
Abandoned or hacked projects: A project you approved may no longer be maintained or may have been compromised.
Unverified contracts: If a project's code is hidden or unverified, there's no way to know what they'll do with your approval.
Why am I seeing a risky approval warning on withdrawal?
If you see a warning when withdrawing from Binance.US to a blockchain address, it means the receiving address has been flagged as potentially unsafe. Your deposited funds could be moved out of that address without your consent.
To protect your assets, revoke the approval and/or cancel the withdrawal before proceeding.
How to stay protected
Review before approving. Check a project's details before granting permissions. Never approve contracts with hidden or unverified code.
Avoid unlimited approvals. Set a specific amount or time limit whenever possible.
Revoke regularly. Make it a habit to review your approvals and revoke any that are no longer needed or look suspicious.
Stay informed. Keep an eye on alerts in the Binance.US app for updates on risky contracts and dApps.