Binance's new withdrawal protection feature can be useful in certain situations. For example, if your phone gets lost, you can add some insurance, or if you're being extorted or robbed, it can increase the cost for the criminal since the money really can't be withdrawn. But there are still many scenarios it can't prevent, like when a friend was extorted by customs in South America. If they have legitimate reasons to forcibly detain you, even with withdrawal restrictions, you'd still have to find other ways to pay to get out of the situation.