Binance CSO says crypto faces no immediate quantum threat

Binance Chief Security Officer Jimmy Su said current quantum computers cannot break the cryptography protecting Bitcoin, Ethereum and other major digital assets. In an Aug. 11 blog post, Su warned the industry must prepare before that changes.

Su addressed five common questions about quantum computing. He said "current quantum computers are nowhere near the scale and reliability needed to break the cryptography protecting digital assets." He described quantum computing as a long-term security concern, not an immediate threat to users.

The concern centers on Shor's algorithm. A sufficiently capable quantum computer could use it to solve the math behind elliptic curve cryptography, deriving a private key from an exposed public key. No quantum computer capable of that exists today.

Google Quantum AI sharpened the debate in March. Its research estimated that breaking a 256-bit elliptic curve could eventually require fewer than 500,000 physical qubits and take minutes under specified hardware assumptions. That is roughly 20 times fewer physical qubits than an earlier estimate, reflecting algorithmic improvements, not a leap in existing hardware.

Su said "we're talking about quantum now not because there's an emergency today, but because waiting until there could be much too late."

For users, Binance is not recommending an immediate change in custody practices. Su said more immediate threats include phishing, malware, social engineering and compromised credentials. He advised users to protect recovery phrases, use trusted software, keep applications updated and avoid unnecessary address reuse.

Su also cautioned against adopting untested products that advertise themselves as quantum-proof. "You could actually introduce more security risk today trying to protect yourself against a future threat," he said.

Binance is monitoring quantum developments and evaluating post-quantum security standards, the post said. The company is preparing its infrastructure for eventual blockchain migrations.

The cryptographic tools for that transition already exist. The U.S. National Institute of Standards and Technology finalized ML-KEM, ML-DSA and SLH-DSA in 2024 and says organizations should begin migrating now. Its current standards roadmap targets the eventual removal of vulnerable algorithms from NIST standards by 2035.

Crypto companies are also funding Bitcoin work. As previously reported, Strategy, BlackRock, Coinbase and six other firms pledged $15 million over three years to Bitcoin security research. Post-quantum cryptography is among the consortium's priorities. Galaxy separately committed up to $5 million for Bitcoin quantum readiness research and developer grants.

Ethereum is moving in the same direction. Its updated technical roadmap has moved quantum security higher among its development priorities. Researchers are testing account-level post-quantum protections.

Sui has gone further by announcing specific deployment targets. Its Aug. 6 roadmap plans quantum-safe vaults for mainnet in 2026 and native post-quantum account authentication on mainnet in the first quarter of 2027. The roadmap also targets ML-DSA-65 accounts on testnet by year-end. The dates remain subject to audits and testing.

The harder issue may be migration rather than designing algorithms. Bitcoin, Ethereum and other decentralized networks would need developers, wallets, exchanges, custodians and users to coordinate changes without stranding funds protected by older cryptography. Questions also remain over how networks should handle dormant or lost coins that cannot migrate voluntarily.

For now, Binance says no emergency action is required from ordinary holders. NIST targets the removal of vulnerable algorithms from its standards by 2035.