Binance Releases Web3 Wallet custodial crap

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Quote from: icalical on November 15, 2023, 03:34:35 AM

it is extremely ridiculous when they claimed that the wallet is self-custody but at the end of the terms and condition they said that they are co-sign the transaction and they are also able to prevent us to do transaction in our own wallet. Binance should never call their supposed Web3 wallet a self-custody in any way. It's a false marketing and they are definitely lying.

https://www.talkimg.com/images/2023/11/15/zWfRD.png

It is very confusing because the user is in control of two of three key-shares but from the description in their terms and conditions it doesn't seem like it is possible for users to recover their funds without Binance's cooperation. They can effectively hold your money hostage for whatever arbitrary reason they decide. That is not true self-custody and any user that is prevented from withdrawing their funds from their wallet has a right to sue them for making those false statements.

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Quote from: zasad@ on November 08, 2023, 07:02:56 AM

https://www.coindesk.com/business/2023/11/08/trustwallets-twt-falls-as-parent-company-binance-releases-web3-wallet/
Trust Wallet's TWT Falls as Parent Company Binance Releases Web3 Wallet

Binance Web3 Wallet Terms of Use
https://www.binance.com/en/defiwallet/term-of-use

Please read these terms and conditions carefully. This wallet is called a competitor to Metamask and TrustWallet, but in reality it is custodial crap and all your funds can be blocked.
Don't trust centralized exchanges and their products, you will lose your money.

In my opinion, this is not something extraordinary, because many exchange have also made Web3 Wallet, so the fall in the price of TWT in my opinion is not because of Web3 Wallet from Binance, because I think people who already use Trust Wallet will still use it even though Binance makes Web3 Wallet, but personally, I still believe and feel more comfortable using Trust Wallet or MetaMask than using Web3 Wallet from exchange, so I'm sure that the price of TWT fall because it was being corrected and that is a normal thing.

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Quote from: sheenshane on November 14, 2023, 06:50:48 PM

One thing that comes to mind which the reason why CZ created this web3 wallet just because of what happened in the kidnapped incident where the victim was forced to empty the crypto wallet, isn't it?

CZ is striving to bring a billion users to Binance by any means. I have also noticed that he has entered the realm of social media by launching the Binance Messenger application, which is now available on the Apple Store. The Binance Web3 wallet has been released to enter the Web3 market and embed the Binance brand in competition, hoping to expand and spread further, solidifying its stability in the cryptocurrency market as the first and largest exchange platform. Those using the Binance Web3 wallet must have a verified account on Binance, and those without an account cannot use this wallet.

Honestly, using this Web3 custodial wallet is foolish, as its usage terms are laughable, giving them control over the user's private key and recovery phrases and the approval and rejection of transactions or activities carried out by the user through his wallet. They even have the authority to freeze funds and suspend accounts and transactions. I find no single advantage in using this nonsense in the presence of more reliable and secure alternatives without centralization control.

batang_bitcoin

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I haven't taken a look at it but reading some meaningful thoughts about the wallet, as long as it's from Binance, there's really no privacy and decentralization from it. That's what we can conclude from any product that they release in the market whether it's another wallet or some price trackers. Expect that most of them are not going to be in favor of the users but only for them just as what we're seeing with their exchange. Despite that, you and me are still using the exchange itself but it's a different thing from this wallet they've just released. Grin

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Binance has really tried with the number of users they’ve acquired so far. They have earned to be the most popular exchange and a lot of people trust them, but I’ll like to say that many people are blinded by that “trust”, forgetting that Binance is a centralized exchange. And I’ve figured that it seems as though they want to have every feature possible; implementing as many features and service as possible. But again, all of this revolves around a centralized system.

goaldigger

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Quote from: jacafbiz on November 15, 2023, 04:02:44 PM

I think this is the first time that people are looking into terms and conditions of these wallet service provider, when I saw the Binance new, I knew immediately that it can't be 100% Decentralised, people can give Binance a stick for the transaction being blocked, but I believe this is not peculiar to Binance wallet alone Metamask and co will have a language within their terms and conditions around this, it is difficult to balance being a Developer and pleasing these government agencies

That’s the pressure they get from the regulatory body and yes, it can’t be fully decentralized.
We should not forget to read every terms and conditions before even it is created by the top exchange you can’t still fully trust it without reading the terms. Again, its centralized and you should not go all out there the best option is still have your own wallet, your keys and you can have your peace of mind.

jacafbiz

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I think this is the first time that people are looking into terms and conditions of these wallet service provider, when I saw the Binance new, I knew immediately that it can't be 100% Decentralised, people can give Binance a stick for the transaction being blocked, but I believe this is not peculiar to Binance wallet alone Metamask and co will have a language within their terms and conditions around this, it is difficult to balance being a Developer and pleasing these government agencies

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Quote from: devil-soul on November 13, 2023, 03:28:47 PM

Even if well made and by a highly respected company like binance, it is still a custodian wallet that can block or freeze your funds, I will never put my cryptocurrencies in a similar wallet, in my opinion the least risky solution is the ledger

Yes ledger and other hard wallets are recommended, even if it only stores bnb, busd or other binance products. no other interference.

Quote from: Lambaz on November 14, 2023, 06:41:01 PM

Will this be the end of Trustwallet? It may or may not have any adverse effect to Trustwallet existence. I might be wrong.

Trust wallet I myself still often use because of the ease of access, but with the existence of web3 binance I think trust wallet will continue to reach its users, as if the wallet is passive because it already has its own market share, the existence of web3 binance adds options to continue using binance's services, its limitations are united in trust wallet for people who like 3rd party authentication, binance is not the only one, users will feel binance's progress is the right effort. Able to compete with other exchanges that have integrated web3, so far binance is ahead of 10 exchanges with good ratings and the highest daily volume, if binance continues to maintain its quality and services with guaranteed assets, many will feel at home there including P2P sellers, people think binance is the right banking service no longer an anonymous means because everything asks for verification.

icalical

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it is extremely ridiculous when they claimed that the wallet is self-custody but at the end of the terms and condition they said that they are co-sign the transaction and they are also able to prevent us to do transaction in our own wallet. Binance should never call their supposed Web3 wallet a self-custody in any way. It's a false marketing and they are definitely lying.

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Quote from: Lambaz on November 14, 2023, 06:41:01 PM

Will this be the end of Trustwallet? It may or may not have any adverse effect to Trustwallet existence. I might be wrong.

The come of binance web3 wallet will not be killing the trust wallet. Im concerning about the userbase of trustwallet. Almost the majority of crypto users have ever used the trust wallet in their lives.
Web3 wallet that will be rolled out by binance may get instant hype but this doesn't mean it will be killing trust wallet. The total regular users may be decreasing a lot caused by mostly people will be using the new wallet release by binance but trust wallet will not be dead.

That will be affecting the traffic owned by the trust wallet and yeah the project developers will be going directly to the binance web3 wallet too. Trust wallet will still exist but you will see less people use it as their regular wallet service.
CZ may have a strong reason to roll out its own wallet instead of giving more support to the trust wallet. There have always been many complaints about the trust wallet.

Binance may see this as an opportunity to handle it by itself.

sheenshane

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Quote from: Lambaz on November 14, 2023, 06:41:01 PM

Will this be the end of Trustwallet? It may or may not have any adverse effect to Trustwallet existence. I might be wrong.

Possible.
We know CZ how business-minded is, so might he think why not he will create his own wallet rather than introducing this Trustwallet.
As I remember he recommended it to the users this Trustwallet before because as he said it is safe and secure.

I think for CZ, business is business but the wrong is isn't convincing to us of the wallet he created since still it's originated to centralized one.

One thing that comes to mind which the reason why CZ created this web3 wallet just because of what happened in the kidnapped incident where the victim was forced to empty the crypto wallet, isn't it?

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Will this be the end of Trustwallet? It may or may not have any adverse effect to Trustwallet existence. I might be wrong.

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Even if well made and by a highly respected company like binance, it is still a custodian wallet that can block or freeze your funds, I will never put my cryptocurrencies in a similar wallet, in my opinion the least risky solution is the ledger

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Quote from: zasad@ on November 09, 2023, 09:01:38 AM

Now CZ offer DEFI WEB 3 with a custodial wallet.
Cryptocurrencies are designed to give people freedom and not take it away.

Will the bnb ecosystem kingdom repeat itself? A few years ago, let's call it pencake swap with separate defi, it was quite praised, and the dex token was in demand for farming and staking purposes, if the effort to unify there is a plan to restart, the goal is to make it easy to coexist and light on the device, and not to be anonymous (open source) binance can draw statistics from each person's assets, maybe for future product research to target market share, for example, someone holding bsc, as a convenience means that tokens and coins that have been listed are stored in binance exchanges with competitive vault offers while airdrop tokens that are still under development can be stored in non-custodial, to create a daily habit of people using binance.

cryptoaddictchie

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Only another gimmick but it still the same. I think CZ wants to let users experience defi on their platform. Like those users who are using cex more than dex, like he make a way for them to experience using dapps and connecting an evm wallet to those, something like that. But since the TandC indicates something still scope of Binance then they really can hold the asset or something. Nothings new since CEX works like that but not for the purpose of holding it or stealing it. Isnt it?

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Binance is a huge company that keeps on doing something new, and I understand that they are trying to keep on "working", like keep on making something and I feel like we need to arrange a thought that should be like "to what end?" because just because you are working, doesn't mean that you are doing a good job. I mean I could be working towards something that would worth zero, and that would still be working? Surely that's not good enough, we need to arrange something that would be a lot better, and we need to do a lot better.

I get that it is not that simple, but we need to keep it going as much as possible, that should be the most important thing, and we need to make sure that Binance is spending all those manhours that they spend on these things, to be spent at something that is more valuable, that is more desired, that is more requested by the users. Otherwise they are simply just throwing workers at new things at all times constantly.

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Quote from: bluebit25 on November 08, 2023, 09:35:04 AM

Quote from: vv181 on November 08, 2023, 07:56:55 AM

(...)As OP said, surely it is not a self-custodial wallet. You did not own the keys, they can block and censor or freeze transactions. The term seems to strongly suggest they own the wallet, not the user. So it should not be categorized as a self-custodial wallet.

Although I'm not sure if it's necessary or not, I think it will be a product to make the Binance service more convenient. But if you think that competing with metamask, trustwallet,... or many other defi wallets, I agree that this is meaningless when your keys do not belong to you. And I'm not sure if it requires KYC to use, because Binance requires users to KYC, if this is true then it's definitely not necessary for me.

To do this, you need to have a verified account on the Binance exchange.
Now there is a big substitution of concepts everywhere. Even in my country there are many laws on digital assets, but this has nothing to do with cryptocurrencies and decentralization. These digital assets are traded on stock exchanges at the same rates as stocks.
Now CZ offer DEFI WEB 3 with a custodial wallet.
Cryptocurrencies are designed to give people freedom and not take it away.

Bureau

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They integrated the defi wallet with their exchange apps!

This has been the easiest or the simplest way to get a web3 wallet approved and become successful. Another example, how these centralized exchange guys hire someone and get what they want for their achievements. Grin

This is not new as Binance did the same to get hold of the trust wallet. That is why we should not believe on Binance as they are known to influence the market and promote what they want for their benefit.

johnsaributua

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Non custodial but still under someone else's supervision? My assumption is that if a binance account is enough to trade then web3 is just a label and to make it look more practical 1 bundling with binance to make transactions on dapps or dex as usual, it's interesting. In terms of development this is far enough, and so that users are increasingly spoiled with this binance feature.

But if for saving, I'm not sure about binance's web3, especially binance has had accusations and lawsuits, this is one of them, CEX could have happened instead of following regulations, metamask is open source (the word) is certainly not the same in plain sight.

Binance's high rating is not a certainty if it will increase interest to grow using binance products, some people only exchange and the rest are stored in private wallets, in terms of service, binance is quite good, cheap and fast and some people only care about easy transactions and many choices, including me, It's not a dependency for a long time, it depends on each person.

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Quote from: electronicash on November 09, 2023, 01:49:18 AM

Quote from: Sophokles on November 08, 2023, 11:32:05 PM

Isn't twt Binance's wallet or are they the ones who were supporting that wallet? What happens with that? If binance is going to launch another web3 wallet then i am expecting there will be a token sale for that wallet too. Also it can be custodial crap but they have the capability to take this wallet to the level of a metamask in terms of user growth. There is a reason why people call them the kings of the altcoin market. Thats why we have seen lots of altcoin markets on their exchange and from that a wide number of projects are their own or supported and backed by the lap team.

trustwallet is different from the newly rolled-out wallet which is purposely for Web3.
they reason because web3 wallets are prone to hacks and exploits, they need this wallet to have no private key or seed to which i guess you will need binance in order for you to recover the tokens you have in your wallet. so this is for everyone's protection, i think the goal is very noble. it's reasonable though unless we want the newbies to get hacked all the time and lose their hard-earned tokens.

the adoption is here and web3 wallets are pioneering this development by the likes of metamask, binance is to protect the newcomers of crypto. c*ugh c**gh

So binance will take custody of user funds! How will people believe binance itself is immune from hacks and exploits? People's trust in centralized exchanges has gone lower after the FTX incident. We have all seen what they have done with their customers funds. Now I understand it will be custodial wallet coinbase where users will be able to buy major crypto assets, and they can even transfer their assets from one user to another only by using their email address or username.

Topic: Binance Releases Web3 Wallet custodial crap (Read 289 times)