The whole network is using Binance Wallet to spread the Meme: How does this "private keyless" wallet work?

Binance's "private keyless" wallet is actually an MPC (multi-party secure computing) wallet, not a custodial wallet, splitting the private key between Binance and the user.
Users must back up their QR code and remember their password; losing either makes recovery nearly impossible, even with Binance's help.
Common misconceptions include thinking Binance hosts private keys, leading to issues if the QR code or password is lost.
The wallet's security advantage lies in requiring both the QR code and password—even if one is compromised, assets remain safe without the other.
Extreme recovery cases: brute-forcing a forgotten password is possible but difficult, while old wallets can be restored if the QR code and password are available via Binance support.
The article emphasizes treating the QR code + password as a private key, despite the "keyless" branding, to avoid asset loss.

BSC has been extremely popular recently, but in fact many people have major misunderstandings about Binance Web3's [no private key].

Some people thought that Binance hosted their private keys. As a result, once they accidentally uninstalled the software or lost their phone, they found that their wallets could not be restored.

※ Because Binance can only help you recover your wallet if: (1) you have the backup QR code; (2) you remember your wallet password.

Quick self-test:

If you don’t have a backup, do it now;
If you have saved the QR code, please save an extra copy on another phone immediately;
If you have backed up 2 or more QR codes, please recall the password immediately. If you don’t remember, please back it up again immediately.

Next, let’s talk about the principle of this private keyless wallet.

This wallet is essentially an MPC wallet, which means multi-party secure computing, not a custodial wallet.

Simply put, it splits the private key into two parts, Binance holds one part, and you keep the other part yourself. You can think of it as 2/2, not 1/2, and neither is indispensable.

If you forget your password or don’t have the QR code, Binance has no way to help you retrieve it, even if you find @heyibinance

or @cz_binance

, they can't help you either, because it is technically impossible.

Thanks to the industry's continuous popular science education, many people keep their traditional private keys and mnemonics very well, but after seeing [No Private Key], they inexplicably relax their vigilance.

Things to know:

If the QR code is not saved, the software is gone = it cannot be retrieved;
If you save the QR code and lose your phone, you can’t get it back;
Save the QR code, forget the password = extremely difficult to retrieve;

So even though the name is [No Private Key], for you, that QR code + password = your private key.

So, why do [private keyless] wallets still require users to save these things? Isn’t this the same as saving private keys?

The advantage is that you can safely store these QR codes on your phone or in a cloud storage. Even if you are infected with a Trojan or the cloud storage is leaked, and hackers get your QR code, without your password and your Binance account, your assets are still safe.

If you are searching for help and find this post, there are two extreme cases:

[I saved the QR code, but forgot the password]

The password can be cracked by brute force, but it is rather troublesome. I have succeeded once.

[I have deleted N wallets and cannot restore the first wallet]

If you still have the QR code + password of your old wallet, you can contact Binance customer service to help you, because they have their piece of private key.

These are some of my experiences, I hope they can help some people.