Not your key, not your BTC
If you save it in the cloud, exchange, or any service online, you don't own your key. It's the same as giving your neck to the executioner. Better to give your wealth to social institutions, war victims, and people who are undernourished than give your wealth to rich people who own the cloud and exchange.
Mine might not be crypto-related, but this is also to say to people using an e-wallet even if it does not hold crypto. Recently here in my country, there has been incidents of people getting locked into their e-wallet and having some unauthorized bank transfers/transactions. If anyone is curious or residing here in the Philippines, I am pretty sure ya'll know what GCash is.
You'll never know the inconvenience of not being able to access your wallet unless you encounter it as well. I did not really need the money, but I was like paranoid on how would my money be cashed out or how would I put my money to safety. Good thing in crypto, I almost never use an web wallet unless I tend to use their services such as paying bills or buying me a prepaid credits.
Centralized exchanges like Binance, Coinbase or Crypto.com can fail at any time, if you have your funds on them they will go down the drain with your money and the chances of getting your money back is very slim.
Most of us gotta be honest that it is quite a bit tedious sometimes to move your funds to a decentralized wallet. The waiting time or process to do it. Sometimes I even kind of thinking of writing a script to move my funds automatically to my preferred wallet depending on if I way buying or selling crypto coins.
Well I don't use Binance for now, so I guess I am far away from worries......for now.