We believe that passwords, as a standalone method of signing into a website, are not sufficiently secure for financial services companies such as Coinfloor. Two-factor authentication is designed to prevent any unauthorised access to your account.
Many people use the same passwords on multiple services, and so if a person's password is compromised by a malicious hacker, that person could be in danger of having other web services they use compromised. Coinfloor, as a financial institution, cannot allow this type of security vulnerability. 2FA is required at all times for your security and safety of your funds.