Topic: CZ Sentenced, Your Bitcoin in their Custody - page 3. (Read 1308 times)

That's really depend on the users, I see some are lying and some are genuine.

Of course it's up to anyone choice whether they want to use DEX or CEX, but just remember CEX could froze your coins and your identity could be compromised if they got hacked.

IMO, what most people do is they trade in both CEX and DEX, they only show small amount holdings in CEX, while most of their coins only traded in DEX.

I see a lot of people always talking about privacy, protecting their assets from centralized exchanges, they only use DEX, non-custodial wallets and say no to CEX. But I really want to know if they really use DEX for all their trading, or are they just lying and secretly using centralized exchanges? DEXs gives us privacy, but it clearly has many shortcomings compared to CEXs and that is why it has not yet been able to become popular or compete fairly with CEXs. Using CEX is nothing to be ashamed of, but why are so many people denying it? As long as we use them sensibly and avoid storing too many assets on them, there is nothing to fear or be ashamed of when using CEXs.

For how long will the government want to control our privacy? It is really getting worst everyday like can't everyone just live their lives without the influence of the government? Four months sentence isn't that a joke? Should have been called four months detention rather than sentence but no matter how long they continue to fight crypto enthusiasts, someday they gonna get tired.

However, four months sentence is just like no sentence at all but I don't think this development should cause any panic among people that trust and performs operations using binance and another thing is to make sure your coin get the best security it can by not storing more of your coins on exchanges or rather not store at all. This is literally one of the many reasons why holdling is the sure way to go because more of the reasons why people keep using exchanges is to convert their Bitcoin to fiat which is not too good as we are looking forward for a crypto friendly atmosphere to make daily transactions instead of fiat. We can only achieve that when we have hold a lot of Bitcoin in our custody. Say no to the use of exchanges to store valuable assets like Bitcoin when you can literally hold them in a non custodial wallets be it cold or hard wallets depending on the size or amount of your holdings.

It’s more like a plight for the government to have an in on the affairs of exchanges out there where the centralized exchanges would be obligated to allow government agencies have absolute control of exchanges by some policy. Binance is centralized and would always be liable to certain attacks.
Everything just plays in line with, you get too big, you become a game for the government to concentrate their attacks on.

While it might be just 4months sentencing, it should rekindle in the minds of users the risk associated with having your asset left hanging on centralized exchanges. I swipe of the sickle and your cut off from your asset.

Just like not your pin/password, not your fiat in banks right? Whenever I read people make that assertion of just buy and immediately withdraw out I know those who aren't trading. It's that simple. By the way, what tells you you can't lose your coin even in your noncustodial wallet? This space is full of uncertainty or haven't you read about campaign managers here who got their wallets hacked?

If you think that we needed more decentralized exchanges then can you tell me the ones you are using? Many people especially investors do not bother about the decentralized exchanges because the time of transferring a coin from one wallet to another with fee trying to swap to another coin can be annoying and one can mistakenly use the wrong or fake project address which could end up in loses.
The decentralized exchanges are good to use but many newbie's and investors are not adopting the use because they could see it as a waste of time and money.

For the title, you still have the choice to move all your funds under your possession, if you're delaying which is your call and prepare to face the consequences.

Now coming to the subject of this discussion, money laundering is crime which should not be tolerated but these authorities doesn't seem to care about stopping the people who abuse it but just trying to get the services down completely. Let's say someone poisoned milk while packaging so instead of finding one who did they just cancel the milk supply entirely.

Doing business with the USA has always been a nightmare, gambling companies avoid this market for their  strict regulations , forex brokers are avoiding this market too and now seeing an indirect attack on one of the big names of the industry says it all.. these guys don't like things that they can not take control of and the Binance CEO taking the fall could mean our US friends would be sidelined from accessing services from one of the best centralized exchanges in the future and it's a big blow as far as I know. .. And besides with the nature of how cryptocurrencies work very few companies can actually escape this money laundering tag, but am certain we shall find a way around this and continue as if nothing ever happened.

There lies the problem. It was just in the early days that bitcoin was used the way it ought to be used, as bitcoin adoption enlarges, different unbitcoin ways of using Bitcoin will surface. And these recent ways seem more friendly because they employ the social media and sweet UX trend.

• It is not many bitcoin users want to know about bitcoin beyond just buying and selling.
• Someone who cannot sign contracts and use open non custodial wallets have no business with DEX.
• Many newbies are introduced to exchanges as the first place to create accounts
• During mempool congestion, exchanges become our friends, so we can't do without them.

This is why we still marry with the government and his privies. It's a long journey.

I hope this crusade continues to ring in everyones ears because people will always do what they want no matter you share the bad side of centralized exchanges to them. Centralized exchanges looks simple and easy to use but the simplicity comes with a cost and that cost is not been able to be the custody of your privates keys and in a situation where unforseen event happens, you will be locked in with the rest of the people that love custodial platforms than self custody.

Funny enough, if CZ finally comes out of prison, he will be celebrated and the trust will even increase more but what many people don't understand is that the fight against custodial platform isn't about the trust, is about what will happen later that will is going to beyond their power to handle. If you check Binance reserve today, the Bitcoin is still in billions of dollars like nothing really happen. Sigh!

Sometimes we cannot judge them since that's the only way for others to convert their bitcoins conveniently and easily for the sake of getting cash quickly but as we can see right now, is slowly being targetted by the governments and it seems like they don't stop until they fully have the control over crypto industry. I agree, if we only get to support some legit decentralized exchanges like how we used to be, we can subside drastically the number of threats created by SEC every day. The best thing to do right now is exert all effort to stay away from the things they prohibit us or else one day we get to be in the same situations as these guys arrested for the same reasons.

I am sure that your money on Binance will be safe for now. However, we don't know what Binance's condition will be like in the future, so just as a recommendation, it's best not to put all your assets on their services, only put a few percent there, the rest you can put your assets in a custodial wallet, because it's much more secure.

Do you know what's even worse? Besides the fact that CZ paid the fine and admitted his guilt, he may have done something else - and that something is complete control over all transactions on his CEX for those who are of course interested. CEXs are actually very desirable for the authorities, all they need is to gain control over them, and then they have control over most transactions.

We need more Decentralized exchange for us to easily change our crypto to fiat or vice versa, most of us are aware that not our Keys not our Coins.
Bitcoin or crypto was created for anonymity but it seems that most of us are throwing it away because of the restrictions and cex dominance.

Most threats in resulting to lost of bitcoin investors funds has mostly come from the centralized exchanges and the historical facts about how the exchange platform CEOs are being charged and pleading guilty onto the accuses is nomore becoming encouraging to have their assets saved in there.

Right in time if you're not I control of your funds then it's assumed not your funds untill it gets to you. This is just as your money in the bank which the government are at the topmost decision making of your you can get reach to your money all because you don't have a private key to keep it out of accessibility to the government.
So, this should really serve as warning for those who still have their funds in the CEX. Hence the DEX have you all the private security measures to have your funds safe and secured under your commands.

If dominance of Binance in CEX market place and cryptocurrency market becomes bigger, it will be worse. We need more decentralized, more choices to purchase, trade our bitcoins and cryptocurrencies. We don't want too much centralization in Binance or only some big exchanges.

Decentralized is future we aim at but it will be harder with more and stricter regulations from governments.

Reminders about risk of storing bitcoin on a website, a service are here for many years. People don't lack of warnings to be informed about this risk but they just ignore risk and store their coins on CEX.

Reminder: do not keep your money in online accounts

Do you believe in it or do you just really want it?

In fact, it is completely irrelevant whether that CEX will exist for another 40 years or will fail in 4 months, just as it is irrelevant that CZ paid for his freedom with over $4 billion, while he earned at least x10 that much all those years when he worked in a way that he bypassed laws not only in the US but in every country where he provided services. Usually, after such a fiasco, things go downhill in any serious business where the client thinks logically, but fortunately for CZ, the people who need his services do not (mostly) behave logically.

He's not the CEO anymore, he stepped down months ago when the issues in Binance were piling up and that jail time for him isn't a lot anyway, I like to think that this is just a show of power for the authorities that even CZ is not untouchable by the law. Pretty sure that it will be a breeze or a bad vacation for CZ there, it will eventually pass and things will chill down for Binance after the dust settles.

You forgot the part that CZ isn't any normal man, he's a billionaire and former CEO, he's got friends in high places so the influence that lead to the sentencing is definitely not something that a normal person would be able to afford, another thing about this is that those that are in prison for long for minor infractions are people that are waiting arraignment, basically they're all innocent people that are waiting trial but with such a bad justice system, it's taking forever. Definitely, that's what US does with companies after all, I wouldn't be surprised if FBI, NSA, Homeland Security, and CIA already has something to do with Binance already

I think it's normal for those who have specificity and other reasons maybe during the trial CZ had ethics and cooperativeness so that the judge changed his mind not to impose a sentence longer.


At least all the processes are already underway and there has been a decision for CZ as millions of people are following the case as well. The public also hopes that all will be more honest and good, especially their countless users today.

I agree with @EarnOnVictor here, rare but true

I hate defending CEX anyway, they are all profit-making companies, and I use Binance myself despite everything but even long before CZ pled guilty, it was public knowledge that Binance Support Staff knowingly helped people to launder money.

This is not about crypto this is about blatant violations of law. Your control on crypto never got better or worse, you wanna trust SAFU?

Did you know if you message support in some channels, they even teach you how to bypass KYC? On their own platform?

One of many things Binance staff were trained to do to bring new customers on. Including fake IDs etc.

Why you think CZ pled guilty? Because he knew he's wrong.