A very important update | Bitcointalksearch.org

I_Anime

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Quote from: PX-Z on August 28, 2024, 09:50:43 AM

Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

Signs that most people don't go through replies or comments before replying. What the OP posted just FUD , that why is always good to go through any information thoroughly before dropping, especially in such community with thousands of users to avoid spreading any wrong information, Because most time such misinformation, may lead to negative effect to market.

This is the reason they keep saying go through post and the replies before creating or making any reply in a thread.

Wiwo

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Quote from: SamReomo on August 30, 2024, 08:52:48 PM

Quote from: uchegod-21 on August 29, 2024, 05:45:51 PM

Even without making efforts to research, can you read the title? Binance banned the accounts of Palestinians at the request of Binance. Think about it how a country will order binance to banned the accounts of another country. Even without reading the article, we should understand how things work and differentiate FUD from news.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

Just like what the Nigerian governmen requested for the accounts of all those using binance from Nigeria, but the company refused that doing so will be a violation of their customer privacy right, same thing apply to this situation and we shouldn't just believe any news that make it look as if binance banned and blocked accounts of their customers on the request of another country.

Although there may be possibilities that something similar may have happened to binance palastinian clients accounts.

Davidvictorson

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We don't need FUD or any those issues between the government and centralized exchanges to remember Not Your keys, Not your coins. I could remember when there was rumors that the government of my country where going to request the details of their citizens from Binance. That is, those who had an account with then, and at that time, it was speculated that Binance was going to comply with the government's directive so as to continue doing business in the country. Even though it didn't eventually happen, that was a reminder of how much power the government had over any exchange that decides to do their business in the country and another reminder that these exchanges didn't care about their customers privacy. They are ready to give it out in exchange for staying in business. Again, not your keys, not your coins.

Marykeller

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Quote from: Hatchy on August 28, 2024, 10:02:51 AM

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

They aren't stupid, to me they just lack good information. The truth is that about 50% of crypto user out there stores their coins on exchanges. These people have little knowledge on how to store or keep their funds safe and since it's even much easier to convert to their local currency directly without needing to pay any fee transferring from wallet back to the exchange, they just choose to leave their coins in the exchange account. It has been said times without number, exchanges should be avoided when it comes to storage of funds, but it seems that these good information we share here are just for those members on the forum. I wonder how we can actually educate others out there on how to properly keep their coins.

If the right information is passed to people we come in contact with, in and outside the forum, I believe there will be a huge decrease in how people have their crypto assets stored on crypto exchanges.

At times, we should endeavor to bring the right information we learn about here home of not to keys, not your coins, for our friends and family to be aware of the dangers of having their crypto assets stored on crypto exchanges, not only tell them about the top coins they should invest in and expect a huge profit in this upcoming bull run.

The majority of us are guilty of this, and that's why most people feel guilty about having their crypto assets stored on exchange up to date just because they lack the right information on ways to have absolute control of their coins.

I believe we can all do better to take it upon ourselves to tell our friends and family to deviate from storing their crypto assets on crypto exchanges if they have been doing that.

Zigabel

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Very often i have seen it on this forum that we shouldn't keep our coins in an exchange as a means of storage for many reasons one of which includes compromise of the platform at some point but then we are now seeing that maybe some persons may have to learnt his the hard way and so they still kept it on an exchange, if you must have your asset on an exchange as a trader then always make sure to keep only but a fraction and not to put a whole huge portfolio that you may end up not been able to handled the loss in situations as this, because most times actually you don't need big volumes to trade.

It doesn't necessarily have to be you saving in a cold wallet, another trusted wallet away from the exchange will be a very perfect idea too so you can easily make transfers when the needs be and you probably want to trade for traders, that funding process will really help a whole lot to if the asset isn't in a cold storage but in another wallet you can trust outside the exchange.

Danydee

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

Idk, but Binance provide a P2P exchange service, and for announcers/offers creators it is just not practicable to do, in addition to that crypto "sellers" need to have cryptos available on their account for the offers to be processed !

Same for traders, stakers ...

Quote from: Saint-loup on September 01, 2024, 01:23:31 PM

Quote from: translate.google.com

Wakate

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Quote from: Cryptohygenic on August 31, 2024, 06:00:37 AM

Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government, so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

I am not surprised by this news because I have already seen in on Twitter and many people keep complaining why Binance as the world largest exchange would take such a drastic step. We should not just assume or blame Binance for this because I think this could have been influenced by the United States which is the world power and have influence in all part of the world. I know that Israel do not have this kind of power to ask the Binance management to seize Palestinians assets which we all know without the influence of the United States. Maybe they have gotten information that most of the funds is being transact through cryptocurrency using centralized exchanges like Binance.

Saint-loup

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When Changpeng Zhao(aka CZ) was still CEO of Binance things like that would have never happened actually. Till the end he use to fight against coercion and regulations affecting property and privacy rights. And I'm sure he would prefer to get banned from Israel than to collaborate to this kind of theft. I don't speak Hebrew unfortunately so I can't understand if it concerns all palestinian people or only Hamas members. But if it applies to all palestinian that must be the first time we would see that in the crypto world. It should remind us that when it's not our key, it's not (anymore) our coins unfortunately.

xha-256

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Quote from: Cryptohygenic on August 31, 2024, 06:00:37 AM

Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government, so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

Read the replies of few members above that oppose the mentioned "subject" of this thread. This is only a fud, here's a statement of Richard Teng https://x.com/_RichardTeng/status/1828688000894787800

Cryptohygenic

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Something I don't understand here is if is Binance exchange owned by the Israelites? Because it is obvious that the occurrence is due to geopolitical charges because al Palestinians in victims to this is not afflicted to the their government, so why possibly could they be victims to this act?
Actually right before this day, storing of assets in the centralized exchanges has been a whoops where funds owners are not fully in charge of their funds. Why the should anyone be even able to store their funds on decentralized exchanges and ignores to adopt the system of their Privacies.
So weird and this seems to serve that it could happen to anybody as much.

avp2306

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Quote from: SamReomo on August 30, 2024, 08:52:48 PM

Quote from: uchegod-21 on August 29, 2024, 05:45:51 PM

Even without making efforts to research, can you read the title? Binance banned the accounts of Palestinians at the request of Binance. Think about it how a country will order binance to banned the accounts of another country. Even without reading the article, we should understand how things work and differentiate FUD from news.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

Provably those banning of accounts of several account they mentioned is related to terrorist groups just like has been mentioned in this article last year https://cointelegraph.com/news/binance-freezes-hamas-linked-accounts-israeli-request

There are people use this to fud lots of people and make them believe that they ban the accounts of Palestinian government. To bad as we see in this thread that there are several people really believe that it happens without even checking if the news is true. So with this case we can say that research is really important so that there's no one can fool us and install unnecessary fear. Imagine if Binance will do that for sure there will be a lot of troubles will occur in this company and this might the reason that they might close down their exchange. But as being said everything is just a fud so people need to relax with this news.

SamReomo

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Quote from: uchegod-21 on August 29, 2024, 05:45:51 PM

Even without making efforts to research, can you read the title? Binance banned the accounts of Palestinians at the request of Binance. Think about it how a country will order binance to banned the accounts of another country. Even without reading the article, we should understand how things work and differentiate FUD from news.

Yes, I read the title and most posts of the first page and after reading it out and also read the news I made my post. I know that Binance took a step to ban accounts of another country members because of another country's request.

I can't explain it depth because it's out of my understanding that why Binance did that but I believe Binance later stated in their official statement that they didn't banned all Palestinian accounts but only the suspicious ones.

CryptoHeadlineNews

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Quote from: albon on August 29, 2024, 04:31:42 PM

Quote from: CryptoHeadlineNews on August 29, 2024, 10:42:07 AM

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

Binance or any CEX can make any unfair decisions at any time towards any accounts or any country that conflicts with their interests or their position as the top exchange to avoid sanctions from regulatory authorities, and they can cooperate with governments and law enforcement agencies of any country against their customers, under the pretext of violating their terms of use,

That's true, because been a company that execute over $76billion daily volume worth of crypto transaction as shown below according to coinmarketcap, with a roughly profit of over 0.01% as fee (i.e $7.6million daily), I'm sure a company that generates such profit daily will literally go any length just to maintain it's smooth running of business across international community, which is exactly what Binance is doing by cooperating with government and law enforcement agencies, and as such, a more reason why we crypto enthusiast need to prioritize saving our Bitcoin in non-custodial wallet, than centralized exchanges.

Quote from: CryptopreneurBrainboss on August 29, 2024, 05:28:40 PM

One good update recently though is that more people have been talking their crypto off exchange but there are still a large number investors trusting cex more than themselves because they feel they can't keep them safe because of how clumsy they are.

And in addition to that, another reason why I think people always like to leave their Bitcoin in Cex is the ability it gives users to easily swap coins when it's price is falling (i.e BTC to USDT) and vice-versa when the it's price is rising, forgetting the fact that by doing so, they loses full control over their coins. Hence, I wished people could understand the importance of decentralized wallets and stick to it.

Mr.right85

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Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

The problem is seem to find in this is too much of generalization. In every lie, there is an atom of truth they say and from what I could read in that post, it’s not about the entire country or government of the country’s account that was Ben referred but, the accounts of Palestinians suspected of illicit or fraudulent activities.

Eventually, the word would always be let out and mostly, by the affected using means that would only justify there course and there you have it, FUD. Surely it gets promoted for a couple of days or weeks and then it dies out.

One truth though; Don’t save up your holdings on CEX.

uchegod-21

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Quote from: SamReomo on August 29, 2024, 05:42:09 PM

It's now clear that the news is more as FUD rather than fully truth but one should still be cautious because letting your funds at centralized exchanges isn't the best move you can take as a crypto investor. It's 100x better to have your own non-custodial wallet where you should save your funds because a non-custodial personal wallet won't be in possession of anyone else than you and no one can freeze your funds unless they find your private key.

Even without making efforts to research, can you read the title? Binance banned the accounts of Palestinians at the request of Binance. Think about it how a country will order binance to banned the accounts of another country. Even without reading the article, we should understand how things work and differentiate FUD from news.

SamReomo

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It's now clear that the news is more as FUD rather than fully truth but one should still be cautious because letting your funds at centralized exchanges isn't the best move you can take as a crypto investor. It's 100x better to have your own non-custodial wallet where you should save your funds because a non-custodial personal wallet won't be in possession of anyone else than you and no one can freeze your funds unless they find your private key.

CryptopreneurBrainboss

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This isn't a news, it might be to some newcomers into the crypto space but for the those that have witness atleast one bear market, we have seen this happen countless of times. Exchange can promise you everything to make you keep your crypto with them while they make use of it to make more money but you're putting yourself at risk like what is being reported here. There's no where safer than when you have your Bitcoin or any other crypto that you have invested in, in your non custodial wallet that you have full control of.

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

Don't go there because if stats are being brought, we'll have more people keeping their coins on exchange than those keeping it off exchange. One good update recently though is that more people have been talking their crypto off exchange but there are still a large number investors trusting cex more than themselves because they feel they can't keep them safe because of how clumsy they are.

yudi09

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Quote from: ndutndut on August 28, 2024, 01:45:37 PM

Quote from: yudi09 on August 28, 2024, 01:19:41 PM

-snip-

If binance really confiscates the Palestinian crypto assets, it will be very bad for binance itself, people will no longer trust binance. Because in essence storing crypto assets is free from intervention from outside parties and binance violates that essence. they say crypto is free from intervention, but binance actually submits to Israel and the US. Very strange.

Popular exchanges like Binance focus on services with large trading volumes apart from the features available.
Binance's case in many countries has always been about permits and if a confiscation like this happens, I would also say that this is a bad thing.
I say, exchanges are not places to store funds.

albon

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Quote from: CryptoHeadlineNews on August 29, 2024, 10:42:07 AM

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

Whether it is a few accounts or all of them, I see that using Binancein any country experiencing wars is highly risky. Binance or any CEX can make any unfair decisions at any time towards any accounts or any country that conflicts with their interests or their position as the top exchange to avoid sanctions from regulatory authorities, and they can cooperate with governments and law enforcement agencies of any country against their customers, under the pretext of violating their terms of use, which if read all the clauses of these terms carefully, we would discover that these exchanges are among the worst in the decentralized crypto industry that has restricted everyone's financial freedom and violated the privacy of their customers and handed them over to governments angry with Bitcoin and cryptocurrencies.

Those who have not yet moved their assets from CEX to available decentralized options will regret it if they find the following notice on their accounts.

Hyphen(-)

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Keeping them offline can be difficult for people who cannot afford offline wallets. The easiest way is to take your assets off centralized exchanges; you can be using the exchange for trading and others, but when it comes to trust with your assets, make sure you never reliy on any centarlize exchange no matter their reputation because Binance in this case is a reputable exchange that many exchanges are looking up to, but these things keeps happening day by day with several centralized exchanges.
Trust only your personal wallets you have their seed phrases with you, make sure you send your crypto assets to your personal wallets instead of leaving them in the exchange to avoid cases like this because since they have your details, they can do whatever they wish especially if government give them pressure to revel their citizen information.

CryptoHeadlineNews

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Quote

In response to the accusations, a Binance spokesperson told Anadolu that the claims were inaccurate. The spokesperson clarified that only a limited number of user accounts, which were linked to “illicit funds”, were impacted and prevented from transacting. However, Binance did not specify the extent or value of the “illicit funds” involved.

Source: https://www.google.com/amp/s/www.middleeastmonitor.com/20240828-binances-alleged-seizure-of-palestinian-crypto-funds-sparks-fury/amp/

Judging from the information given above, it's clear not all Palestine user using Binance whose account was blocked, as it was only a few whose accounts was likely to have been linked to either fraud, terrorism and sponsors of the recent war between Israel & Gaza. And as such, the lesson I was able to learn from this is that inasmuch as Bitcoin is a decentralized digital currency, if it's been used for illegal activities on centralized exchanges, it can be confiscated just the same way Binance just did to alleged sponsors of the war against Gaza.

Zaguru12

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Quote from: Hamza2424 on August 28, 2024, 01:51:19 PM

Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

All coins on a cold storage is definitely possible just that it comes at a cost of uneasiness, if you’re someone that actually do transaction’s everyday you can still have the funds on cold storage and just use a watch only wallet on hot storage to broadcast the transaction, although I get your point that it is less easy and more so the cost for them is another concern for someone storing a small amount. That’s why there is self custody hot wallets like you said but still for more easy people still go for exchanges which is the warning here. The risk is not the same with hot wallets.

I get that some people are day traders and need this exchanges most especially future or derivative exchanges, my advice to this set of people is have minimal funds on this exchanges or simply use more than one exchange because they can’t all be doing same thing at the same time.

mpoletiek

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Someone has supposedly been following this story since Oct 2023.

They're conclusion is this isn't happening: https://x.com/flamincrypto/status/1828832506306797926

Pmalek

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Quote from: Ojima-ojo on August 28, 2024, 03:22:34 PM

I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.

Perhaps they are a bit busy trying not to get shot or bombed. If you haven't noticed, it's hunting season on Palestinians since October, sponsored by the greatest and most democratic nation in the world. Having internet and electricity in Palestine right now is a luxury. Who knows how many accounts Binance has seized and whether or not the people they belonged to are still alive. The dead can't defend themselves or offer explanations.

Taskford

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Quote from: PX-Z on August 28, 2024, 09:50:43 AM

Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

That mean they didn't read the replies of other people and just post then easily believe on what they see from the post made by OP. Maybe they need to learn how to verify the information they read before posting so that they can help their selves not to get feed by fake information they read anywhere.

I also read that article before that they block those accounts due to illegal matters reason and that doesn't include the funds of their government. Again here's a good article to read about that https://www.thehindu.com/sci-tech/technology/binance-says-it-blocked-limited-number-of-palestinian-crypto-accounts-over-illicit-funds/article68576131.ece

Its easy to search and every information we want to get to verify will show up.

Dunamisx

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Am not against what you are saying either, but in some cases like this, we may have to provide a reference to the article that talked about it, though i understand it was gotten from a social media handle, but what needed in a kind of general issues like this is by seeing other crypto news and updates site taking it, but to my own surprise non, and i don't know how true the whole thing over here could be when there were no evidence, the more reason everyone of us should be learning on why we should take our asset aways from centralized exchanges because they are custodial accounts or platforms and not wallet.

Ojima-ojo

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I have read through all the comments made on this thread to see one Palestinian forum members who also use binance to clear us the air on this issue of binance freezing their accounts and with all the funds in it, but I haven't seen any one making such a comment, which means we are just speculating based on the evidence posted in the ops.

But also I know that if we have any Palestinian on this Forum, they won't be leaving they assets on an exchange, since that is what we have always preached against here in this forum and from such warning they won't make such a mistake of leaving they money on that exchange.

The Cryptovator

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No matter who you are, crypto is for everyone since it's decentralised. But the concern is about using centralised exchange. Seems nationality becomes harmful for Palestines. I will say this is a violation of human rights. Binance doesn't have the right to freeze all citizens accounts unless their own government asks for that. The fund doesn't belong to Binance; they are just securing users funds. It means they should allow users to withdraw funds.

However, I had encountered a Binance account freeze, but eventually were able to withdraw all the funds. But still, they don't allow me to trade on Binance. So it's very risky to keep funds on an exchange. Anytime they can freeze your funds for no reason actually.

Deenaxyz

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Can you give me more detailed context on what reason that Binance use to defend their company to seized Palestine crypto assets?

Is that something cliché like terrorism?

This detail might be not important to the your concern on our fund SAFU on Binance, but I'm just curious.

nakamura12

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Another new cases where people who store their crypto assets in an exchange platform and seized by the platform wouldn only means that they won't be able to get back their crypto assets. Because of this, I always give advice to people to never store their crypto in an exchange platform for too long unless you have something to do like buying crypto or selling. So posting this on this board would help someone asking if it's okay to store crypto in an exchange or not and then provide this thread to them.

dkbit98

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We always come back to one famous saying - not your keys, not your coins.
Seizing coins on Binance is just a tiny problem for people in Palestine, they are being mass killed every daily in a genocide, but this again shows who really owns and control most of the finances in the world.
Only a small percentage of people from Palestine is using Binance, but than you can only imagine what happens with bank accounts and everything else.
Bitcoin in self-custodial wallets and dex exchanges can be a lifesaver in situations like this, if you have internet connection.

Hamza2424

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Hmm, yup I do agree you should take all of your assets in your custody, but having all the funds offline which is cold storage is not possible for everyone, as you've mentioned small or big doesn't matter but it does, I've seen people with the portfolio which is not even able to afford a cold storage device, I'm not aware of latest pricing still it's expensive. In my view if you own a small assets portfolio, it's better to switch your funds in self-custody hot wallets like Metamask, Trust Wallet, Electrum, and many other names.

Make sure to check the reputation before choosing as well.

ndutndut

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Quote from: yudi09 on August 28, 2024, 01:19:41 PM

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.

True. From an incident like this we must learn and take wisdom so that it does not happen again to us in the future. Because there is indeed no guarantee or it will be safe if you store assets in an Exchanger even though it is a well-known Exchanger. Crypto assets will be safer if stored in a wallet that we can control ourselves.

If binance really confiscates the Palestinian crypto assets, it will be very bad for binance itself, people will no longer trust binance. Because in essence storing crypto assets is free from intervention from outside parties and binance violates that essence. they say crypto is free from intervention, but binance actually submits to Israel and the US. Very strange.

yudi09

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.

Mia Chloe

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I think the situation of people storing funds on exchanges has been so much of a discussed topic that majority should be aware already of the risks and this quit the act. However that doesn't seem to be the case. Funny how some people even upon seeing this news still would pay no attention and still leave their funds sitting in some exchange.

The fact is these persons literally have some reasons for still keeping their coins in exchanges some because they are crypto traders and their exchange offers crypto trading services, some because they are P2P vendors and transact constantly with different coins thus an exchange makes it easy for the to convert seamlessly between different crypto currencies with little fees. Some on the other hand are either to lazy to store their seeds and keys by themselves or they simply are not enlightened about the dangers.

Zlantann

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Quote from: SquirrelJulietGarden on August 28, 2024, 07:38:42 AM

I don't know why they do this, assume your news is true.

How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.

Binance is under strict scrutiny by the US government, you would expect them to do whatever the government says. The US government might have instructed Binance to block those accounts. Don't forget that the US is Israel's biggest war financier. Palestinians, Iranians, Lebanese, and Syrians who engage in crypto transactions should avoid any Western-backed exchanges because they can still suffer the same thing.

Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

No centralised platform can guarantee the safety of your coin regardless of how big or old they are. The best option remains to keep your coin off these centralized platforms. Your coin doesn't belong to you if they are on these platforms since a common letter from the government can make you lose all.

pawanjain

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Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

But even though we found out that all of this is FUD still we should never trust any exchange and store huge funds there. Since we know the consequences that might happen since there's huge chance that their site will get compromised even if they say that everything is safe and nothing will happen to their costumers funds.

That's what I was thinking. How come Binance being a global giant in crypto exchanges, follow Israel's request?
It doesn't make any sense and even if they do, they will be at risk of losing all of their customers.
Binance wouldn't honour this request and lose all of their userbase.

Rikafip

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Quote from: SquirrelJulietGarden on August 28, 2024, 07:38:42 AM

How do Israel have very powerful request on Binance like this?

You do know very little about the world of finance if you think that out of all countries, Israel managed to force Binance to seize certain accounts that belong to their Palestinian users. Wink

Quote from: Porfirii on August 28, 2024, 08:25:10 AM

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not?

According to Binance, only a "few".

Hatchy

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

They aren't stupid, to me they just lack good information. The truth is that about 50% of crypto user out there stores their coins on exchanges. These people have little knowledge on how to store or keep their funds safe and since it's even much easier to convert to their local currency directly without needing to pay any fee transferring from wallet back to the exchange, they just choose to leave their coins in the exchange account. It has been said times without number, exchanges should be avoided when it comes to storage of funds, but it seems that these good information we share here are just for those members on the forum. I wonder how we can actually educate others out there on how to properly keep their coins.

Findingnemo

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Quote from: PX-Z on August 28, 2024, 09:50:43 AM

Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

This is not limited to Palestine, almost every exchange do that for every user irrespective of their nation so this news is just a huge clickbait to get traction for the news without giving the complete picture of it.

I don't know what's written on the post shared by OP cause it's not in English but I am pretty much sure no exchange can do that, even if government orders them to do, the exchange has the responsibility to announce this to user and give ample time to withdraw so this is something that can't possibly happen overnight.

PX-Z

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Quote from: Taskford on August 28, 2024, 07:43:39 AM

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

Alpha Marine

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

This is exactly what I thought when I read your post's first part. I can't make sense of it. How would a country leave its assets in an exchange? It doesn't even matter if it's CEX or not, they should have no business with that. So out of everybody involved in handling those coins, nobody thought it was a bad idea to leave their coins in an exchange? That's some pretty solid leadership and management right there. Unbelievable.

The thing about people when you give them a warning is they always feel "it won't happen to me". They hear stories and somehow they feel they're different. I wonder what makes them think they're special when they're doing the exact same thing the other victim did.
You tell people not to have unprotected sex with various sexual partners and they will feel others who have diseases from that were just unlucky or something. Most people think "it cant be me", but it actually can be you if you don't take precaution.
I know people that have been trading in the crypo for ages still leave their coins in CEX, I'm talking large amount of coins. I can't explain it.

mpoletiek

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Awaklara

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Quote from: Porfirii on August 28, 2024, 08:25:10 AM

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not? Because if it is only a few addresses which were clearly linked to money laundering, I think that the alarm is not justified.

Of course, you all agree and I have not any different opinion: hodling your funds in CEX is risky (I'm still waiting after several years to recover some finds I hodled in Cryptopia, to my shame); but we must be honest and not invent news or share them if we are not sure about their validity, even if we like them.

Binance reportedly denied the allegations. all they did was freeze funds from a small number of accounts that were linked to illicit funds that were linked to Palestinian accounts. The Palestinian accounts were allegedly used to raise funds to help terrorist organizations. you can read more about it: https://cointelegraph.com/news/binance-seize-funds-palestine-israel

I don't know how much pressure is being put on Binance by Israel. but if it can happen to the Palestinians now, it's very possible that it will happen to us who have accounts there in the future when more conflicts between countries occur. but hopefully that doesn't happen.

Porfirii

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So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not? Because if it is only a few addresses which were clearly linked to money laundering, I think that the alarm is not justified.

Of course, you all agree and I have not any different opinion: hodling your funds in CEX is risky (I'm still waiting after several years to recover some finds I hodled in Cryptopia, to my shame); but we must be honest and not invent news or share them if we are not sure about their validity, even if we like them.

Lucius

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Quote from: SquirrelJulietGarden on August 28, 2024, 07:38:42 AM

I don't know why they do this, assume your news is true.
How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.
~snip~

Who is Israel's greatest ally? Well, of course, it is the US which, in addition, is holding a very important person in the whole story in prison - his name is CZ. Regardless of how pointless it is to use any CEX as some kind of crypto bank, this particular one in question here is apparently completely under the control of some very curious agencies...

Cookdata

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

The context of SAFU is not about your funds is safe from been seized, it's really means Binance is insuring customers that no matter what happened to Binance exchange, there is insurance money that covers your deposit incase of hack or any other unforeseen circumstances that happen to the exchange in the future.

On the issue of Palestinian accounts froze, I just check the announcement made by Binance and it seems they said and I quote that it was some accounts that were involved in money laundering and all that which may be false or may be truth. However, this is what you get when you don't listen and keep your coins on exchanges. Not your keys, it's not your coins to control.

Quote

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

You can't say for sure, this is just political hunt on some people and Binance is just doing a back door for government to do their thing. This is exactly what Telegram is against and their CEO is remanded in France prison. Binance chicken out and now doing their bidding. Imagine another government that will ask for other users funds to be sealed again, censorship recycling on our eyes.

tabas

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We can only guess why Palestinians have entrusted Binance to keep their funds. Well, who doesn't do this? Almost every person has confidence and trust in this exchange to keep their funds while us here, we've been warning people not to trust all of our funds to any exchange whether they're reputable or new. We'd always be back to the simple phrases about "not your keys, not your coins" quote. But on the part of Binance, they cannot do anything when a government dictates to them what they should do with all of the funds that are on them from specific people or citizens so that they can flee for a heavier punishment.

Oshio-man

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I don't think people in this community will fall victim to this kind of incident that happened to this people, because legendary, hero and other members keep alerting the beginners in this community never to leave their funds in the exchange, and they gave some reason why they advised beginners never to make sure mistakes in this community. One of the important thing is that, your funds are not safe in the exchange because you are not the only one controlling the funds in the exchange, and if you want to hold your funds for long term before you can release them to the market, you can make use of safe wallet when you can have confidence of leaving the funds for years before you can make use of them and you will not regret.

Taskford

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This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

But even though we found out that all of this is FUD still we should never trust any exchange and store huge funds there. Since we know the consequences that might happen since there's huge chance that their site will get compromised even if they say that everything is safe and nothing will happen to their costumers funds.

_act_

legendary

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This is no more new but no matter how you tell people, some of them will not just listen until they are affected.

Some peoole that are traders will likely be affected. Traders depend more on those exchanges for spot, margin and derivative trading like future and options trading.

But still not your key not your coins.

SquirrelJulietGarden

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Quote from: Crypt0Gore on August 28, 2024, 07:28:37 AM

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I don't know why they do this, assume your news is true.

How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.

Reminder: do not keep your money in online accounts
Recent events should make everyone withdraw all their coins to their own wallets
Recent events should make you withdraw all your coins to your own wallet: Part 2
Recent events should make you withdraw all your coins to your own wallet: Part 3
[Part IV] Get your coins out of custodial wallets now

Crypt0Gore

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It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

Topic: A very important update (Read 635 times)