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2FA is short for Two-Factor Authentication. This is a security measure that lowers the chance of your account being hacked and/or abused.

The first factor is typically your username and password combination. An additional “factor” could be a time-based number generator (like Google Authenticator or Authy), a code sent to your email address or a txt message (SMS) to your phone.

The latter is very insecure btw, as sim-swapping is one of the easiest ways to take over people’s accounts.

Normally, a CEX will only allow full access to their services if 2FA is set up for your account. Notably, these restricted services include withdrawals; they are always happy with deposits, no questions asked. See also Not your keys, not your coins.

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