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Topic: Take your bitcoin out of binance (Read 371 times)

hero member
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January 14, 2023, 05:30:59 PM
#43
However, I consider Binance Exchange Wallet to be the most secure full wallet. But if this news is true then surely we should transfer our funds from exchange wallet. Because none of us want our accumulated wealth to be taken by someone else or our wealth to be lost from us.
What's a full wallet? If you consider binance wallet as the "most" secure wallet of them all, is that the definition of your "most" by having no private keys at all?
Yeah, as an enterprise, an exchange, they're secured with their wallets for their customers/users. But, you as a customer, you're unsure if your funds are secured on them in a manner that you don't even hold it. Yes, you see the numbers displaying on your account but, are we sure that they actually got it or it has already been invested somewhere just like the other exchanges did to their customers fund?
hero member
Activity: 756
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Only BTC
January 14, 2023, 05:24:07 PM
#42
However, I consider Binance Exchange Wallet to be the most secure full wallet.
What do you mean by a full wallet, is it running a full node or client, then that should be BTC core wallet and has nothing to do with Binance or any centralized service. The most secure type of wallet is one that is open source and gives the user self custody of the funds and keys in the wallet. Binance Exchange wallet is a custodial wallet, so when your money is there, Binance can gamble with it as they like, and if they are unsuccessful in their gambling, the coins you thought was yours is gone, that's surely not secure.
sr. member
Activity: 1078
Merit: 418
January 14, 2023, 03:30:02 PM
#41
If the news is true then there is reason for traders to be upset, as a large number of people believe that Binance is behind an exchange crash, but given their volume is still over thirty billion I don't think so that this fud will hit Binance much cause the Cryptocurrencies marker is greenish now and for that Binance bnb is also grow up. And if there was any chance of good impact then I think BNB would have gone down earlier.
However, for those who want to make a large investment with a little more funds, it is recommended to avoid centralized exchangers.
sr. member
Activity: 476
Merit: 231
January 14, 2023, 11:43:39 AM
#40
Many times it is seen that many exchanges get hacked. Or sometimes the access to the exchange is taken by someone else. Then we can't recover our collected money in any way However, I consider Binance Exchange Wallet to be the most secure full wallet. But if this news is true then surely we should transfer our funds from exchange wallet. Because none of us want our accumulated wealth to be taken by someone else or our wealth to be lost from us.
hero member
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Rollbit.com ⚔️Crypto Futures
December 28, 2022, 04:21:43 PM
#39
Quote
Take your bitcoin out of binance
Thanks for the timely advice , but I want to believe that most people that hold funds on an exchange do this for the sole purpose of trading and taking coins off the exchange isn't an option atm but anybody else using the exchange as a wallet then without hesitation you need to withdraw your coins to a wallet you have total control of... as you know the anthem around here, "not your private key, not your coins"
sr. member
Activity: 476
Merit: 283
December 28, 2022, 05:17:07 AM
#38
If you are worried about the news, you can move your funds out of Binance and find another safe place. But not for those who don't believe the news because they don't see it as any danger to them. We can only suggest to people but we can't force them to move their funds. But I hope nothing bad happens to Binance and everything will be fine. In the meantime, we can refocus on collecting bitcoins while the price is still below.

I hope nothing happens to binance too and I believe nothing will happen but it's better safe than sorry. I don't know why people don't learn. People always have the "it won't happen to me" attitude till it happens.
If anything happens to binance the whole industry will feel it and  will be worst than the FTX saga.
copper member
Activity: 2016
Merit: 590
🍓 BALIK Never DM First
December 25, 2022, 10:47:54 AM
#37
Please take you money off exchanges, not just binance.
If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.

I can assure you that getting rid of centralized exchanges is impossible, and without them, the market would not be able to thrive. It is true, but many people still stubbornly do not want to believe it is true. In addition to holding, our other activities all need the services that the exchange provides, from trading to P2P trading...I want to reiterate the FTX crash doesn't mean binance will crash, and I bet the OP urged everyone to leave Binance, but he's also quietly using it.
hero member
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Leading Crypto Sports Betting & Casino Platform
December 24, 2022, 04:43:08 PM
#36
Please take you money off exchanges, not just binance.
If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.

We all know that the money to be taken out is the profits or deposits being stored for long term. Its quite cool to reserve some funds for trading, which will keep exchanges running, for a longer period. Users storing huge amount of money on exchanges contributes to the close down of exchanges. If they had just a little amount of money under their control they'll be lesser cases of exchange scams, hacks and bankruptcy. How do you expect an exchange holding billions of dollars not to face one dispute at minimum if not more? Hackers often target them due to the coins sitting uncomfortably under the exchanges' control. With this new development of people taking out their funds from Binance, traders won't depend so much on the exchange's security, they'll have little to bother if it gets hacked. Definitely, it'll affect the economy of the binance exchange, but they'll benefit from so many other things like lesser attacks and staying long in the market.  
legendary
Activity: 2002
Merit: 1742
December 22, 2022, 12:29:42 PM
#35
Please take you money off exchanges, not just binance.
If everyone in this world withdraws all the money in the exchange, then what is the crypto exchange for, isn't the exchange made for trading such as Futures, Margin and so on, to be honest I've seen the news about the Binance $1.9 billion being pulled, but I'm currently still trading and all is well.

I think we can withdraw all our money on the exchange, that's for those who invest long term, exactly as said by @mk4/Ledger/Trezor the right choice.

However, for me trading Binance is currently an option, maybe I will withdraw some of my profits to be stored in Ledger/Trezor, because the current situation is the best choice.
newbie
Activity: 22
Merit: 1
December 22, 2022, 12:22:54 AM
#34
reuters is full of shit. they love to spread FUD and just like most other newspapers, most of it is often made up or very one sided
hero member
Activity: 2128
Merit: 524
December 20, 2022, 01:58:54 PM
#33
I'd like to ask why anybody would still hold money on exchanges. After so many hacks and flops there's really no profit in exchange custody. It just takes 10 minutes to get your bitcoin to an exchange if you need to sell it there. Holding large amounts of money with them is laziness that can cost you dearly.
If people are withdrawing billions like OP said it's a great way to check if the exchange is solvent. I hope they withdraw even more and test the limits.


Telling people to get out of binance isn't going to achieve anything because those who know that they should be their own bank are already out and traders aren't going to withdraw because it's their way of making money and they're ready to take the risk.
legendary
Activity: 1694
Merit: 5882
December 20, 2022, 11:54:01 AM
#32
Part of me is happy about Binance been in the "too big to fail" level and part of me is worried. Binance have become such a major player in the crypto space that if anything negative should happen to it, it would affect the whole industry.
If you think that Binance is at the "too big to fail" level (which I certainly don't think is the case for any crypto exchange, including them), why are you worried about them going down?


However, recently Binance CEO Changpeng Zhao, the owner of a large crypto exchange, gave a different message in which he does not consider the assets kept in their  personal wallets from the exchange to be safe. He thinks many of those keeping crypto in their wallets will lose money for security reasons. He thinks most people won't be able to back up their security keys. Users are at risk of losing their device and backups will not have proper encryption. They might write it down on a piece of paper and someone else will see it and they'll steal those funds.
While certain amount of crypto is definitely lost due negligence and not storing seed phrase properly, CZ is grossly exaggerating with his estimate on the amount of people that will lose their funds if kept in self custody, due obvious reasons. Centralized exchanges/platforms are still by far the biggest threat to an average crypto enthusiast and that's the place where majority lose their money.
legendary
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Fortis Fortuna Adiuvat⚔️
December 20, 2022, 11:31:02 AM
#31
Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe.

It doesn't surprise me at all that many naively believe that what you wrote is true, but haven't you learned anything all these years on the forum? There isn't your money there, or anyone's money - it's the money of a little communist who pretends to be the smartest in the world, until he gets caught in the trap of all the wrong things he's been doing for years.

In case things go south, what do you think CZ will do? I would say that he will flee to China or some other country that does not extradite its citizens and no one will be able to do anything to him.
hero member
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December 20, 2022, 06:00:48 AM
#30
If you are worried about the news, you can move your funds out of Binance and find another safe place. But not for those who don't believe the news because they don't see it as any danger to them. We can only suggest to people but we can't force them to move their funds. But I hope nothing bad happens to Binance and everything will be fine. In the meantime, we can refocus on collecting bitcoins while the price is still below.
hero member
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Leading Crypto Sports Betting & Casino Platform
December 19, 2022, 03:40:05 AM
#29
$1.9 billion have been reportedly withdrawn from binance in the past 24 hours. This may be just be FUD and nothing is actually going to happen but we all know no matter the times we're in it's never advisable to keep your money in exchanges. I've seen this warning so much you'll think everybody knows this by now.
Please take you money off exchanges, not just binance. 

https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/?utm_source=reddit.com

After the FTX crash a few days ago, a news is spreading that it is not safe to hold assets on any centralized exchange. I personally think so. It is certainly not safe, especially for those who hold large amounts of assets in any exchange platform. Those investors should keep their assets in a safe wallet of their choice.

However, recently Binance CEO Changpeng Zhao, the owner of a large crypto exchange, gave a different message in which he does not consider the assets kept in their  personal wallets from the exchange to be safe. He thinks many of those keeping crypto in their wallets will lose money for security reasons. He thinks most people won't be able to back up their security keys. Users are at risk of losing their device and backups will not have proper encryption. They might write it down on a piece of paper and someone else will see it and they'll steal those funds.

He also said that if a person dies, they have no way to give to their next of kin. Although we have a standard operating procedure. I realized that his thought in this regard is true. Everything related to  key or phrase or password depends on himself. If there is any deficiency, it is natural to lose his wealth.

https://decrypt.co/117214/99-people-will-lose-crypto-storing-self-custody-binance-ceo-changpeng-zhao
sr. member
Activity: 476
Merit: 283
December 18, 2022, 09:07:44 PM
#28

CZ should take care of business,  now that its closest competitor FTX is out of the business Binance is an industry giant and they have proven its role in the industry, every time the market is suffering especially during the pandemic but it's still the right decision not to store your coins to any exchange and that includes Binance, the market is highly volatile and there's uncertainty in the market even if CZ is preaching SAFU we can never be sure, the only thing sure is when you have your coins in your wallet and you secured your private keys.
[/quote]

Part of me is happy about Binance been in the "too big to fail" level and part of me is worried. Binance have become such a major player in the crypto space that if anything negative should happen to it, it would affect the whole industry. That thought scares me because even if majority of the people take their coins out and leave only what they use for trading, the industry would still be taken backward by at least 10 years if Binance should crash. I really, really hope that day never comes.
legendary
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December 18, 2022, 09:16:30 AM
#27
I agree with you! I hope nothing bad will happen to Binance. Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.

It's always a very good practice to withdraw your money from any exchanges and not only Binance. Unless you have the control on your own bitcoin through your own wallet, anything can happen!

CZ should take care of business,  now that its closest competitor FTX is out of the business Binance is an industry giant and they have proven its role in the industry, every time the market is suffering especially during the pandemic but it's still the right decision not to store your coins to any exchange and that includes Binance, the market is highly volatile and there's uncertainty in the market even if CZ is preaching SAFU we can never be sure, the only thing sure is when you have your coins in your wallet and you secured your private keys.
hero member
Activity: 2702
Merit: 572
December 18, 2022, 05:57:07 AM
#26
Holding funds in personnel hard wallets is the most secure method to store crypto currencies and we should only connect it with trading platform when we buy or sell any asset.
That is what we must do to secure our funds from anything that will happen, especially if we keep it from the exchange.
The FTX case has emerged, and it looks like people are rocking Binance, spreading bad news, and wanting to panic people.
But we can hope that Binance will not be hit by any problems and can survive any bad news that hits them.
You must try to calm down and look for other news so that the negative news does not provoke you.

Indeed, we should not pay much attention to the rumors being spread to create negativity about Binance which will die down after some time, because Binance management team is very responsible and follows the rules of the game.
The innovative skills of Binance team, their professionalism and providing quality customer service is the strength of Binance team, which no other exchange can match & it has contributed a lot for the promotion of crypto currencies all over the world and I hope it will continue playing this role.
We have to anticipate rumors spreading or negative news about cryptos or exchanges to avoid getting caught in an unwanted situation.
And if they are still too scared to face the rumors or news, they can move their assets to another non-custodial wallet so there won't be any worries about their assets.
But so far, Binance can still survive negative rumors or news and they are still trying hard not to be affected by it.
And we as Binance users, should also not be affected and already have a plan if that does happen.
legendary
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keep walking, Johnnie
December 16, 2022, 01:13:27 PM
#25
The start of another panic? This can create problems for binance and their users. The most reasonable thing in this situation is to withdraw all your money from this exchange (from others too) - to play it safe.

For some reason, the rule that you don't need to store bitcoin on the exchange is remembered only when problems begin. Everyone (in fact, not everyone, and beginners are not in the know) knows that this should not be done because of the high risks.
copper member
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Eloncoin.org - Mars, here we come!
December 16, 2022, 10:55:26 AM
#24
There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.
This is the problem with one company monopolizing the most important and largest part of the crypto markets combined. Any doubts about Binance that may be confirmed in one way or another by any official authority, even if only as a matter of raising fears, will lead to a disaster in the entire market. On this basis, I do not imagine that Binance has withdrawn this number as a problem in the system, but rather it is most likely just rumors targeting the platform.
In any case, it is never advisable to leave your money in the hands of centralized platforms, no matter how reliable they seem.

Indeed, Binance is dominating the business of crypto currencies all over the world  but it reached to this level through highly skilled management team, innovative work & adopting best marketing strategy , in a very competitive environment. This is the dilemma of free market economy that only fittest survives and monopolization is hard to avoid in such environment. We have seen the same situation in cell phone industry where only two companies are dominating the business worldwide.

Here comes the role of SEC, which is very important to stop any bad business practices going on in anyy exchange, to protect the interest of investors.
sr. member
Activity: 2002
Merit: 323
December 16, 2022, 08:16:05 AM
#23
I have noticed that, fortunately. Any exchange platform performs withdrawals as part of their normal operations, and Binance is just doing their job. As a result of the FTX collapse, rumors are constantly spreading. There were more deposits than withdrawals. These fools didn't tell you that. According to CZ, new deposits are returning, so things seem to be stabilizing. This isn't my concern, obviously. We've been watching long enough, now it's time to get the safest wallet to keep our money, not on exchanges.
hero member
Activity: 2394
Merit: 756
December 16, 2022, 08:03:57 AM
#22
Even if it's not for the Fuds that Binance faces, we shouldn't leave our money at all exchanges, not just finance. To be fair, it is not easy for us to completely stop or boycott all centralized exchanges, and in my opinion impossible, we still need them to some extent. Nevertheless, with what is happening, bad things can happen and that's why we should protect our assets first before we think about making profits. I will pause trading and focus on protecting my assets until things really pass.

We should generalize this and we need to avoid getting hype then trust them our funds for quite long time. That's why its really better to withdraw it regularly so that we can avoid any problem like what FTX give to its costumers. Its undeniable that Binance is top exchange and a reputable one but we cannot take the possibilities that what happen to other might also happen to them.
hero member
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Leading Crypto Sports Betting & Casino Platform
December 16, 2022, 06:21:33 AM
#21
Even if it's not for the Fuds that Binance faces, we shouldn't leave our money at all exchanges, not just binance. To be fair, it is not easy for us to completely stop or boycott all centralized exchanges, and in my opinion impossible, we still need them to some extent. Nevertheless, with what is happening, bad things can happen and that's why we should protect our assets first before we think about making profits. I will pause trading and focus on protecting my assets until things really pass.
hero member
Activity: 2296
Merit: 757
December 15, 2022, 04:18:53 PM
#20
There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.
This is the problem with one company monopolizing the most important and largest part of the crypto markets combined. Any doubts about Binance that may be confirmed in one way or another by any official authority, even if only as a matter of raising fears, will lead to a disaster in the entire market. On this basis, I do not imagine that Binance has withdrawn this number as a problem in the system, but rather it is most likely just rumors targeting the platform.
In any case, it is never advisable to leave your money in the hands of centralized platforms, no matter how reliable they seem.
copper member
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Eloncoin.org - Mars, here we come!
December 15, 2022, 05:52:18 AM
#19
Holding funds in personnel hard wallets is the most secure method to store crypto currencies and we should only connect it with trading platform when we buy or sell any asset.
That is what we must do to secure our funds from anything that will happen, especially if we keep it from the exchange.
The FTX case has emerged, and it looks like people are rocking Binance, spreading bad news, and wanting to panic people.
But we can hope that Binance will not be hit by any problems and can survive any bad news that hits them.
You must try to calm down and look for other news so that the negative news does not provoke you.

Indeed, we should not pay much attention to the rumors being spread to create negativity about Binance which will die down after some time, because Binance management team is very responsible and follows the rules of the game.
The innovative skills of Binance team, their professionalism and providing quality customer service is the strength of Binance team, which no other exchange can match & it has contributed a lot for the promotion of crypto currencies all over the world and I hope it will continue playing this role.

hero member
Activity: 2702
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December 15, 2022, 04:03:15 AM
#18
Holding funds in personnel hard wallets is the most secure method to store crypto currencies and we should only connect it with trading platform when we buy or sell any asset.
That is what we must do to secure our funds from anything that will happen, especially if we keep it from the exchange.
The FTX case has emerged, and it looks like people are rocking Binance, spreading bad news, and wanting to panic people.
But we can hope that Binance will not be hit by any problems and can survive any bad news that hits them.
You must try to calm down and look for other news so that the negative news does not provoke you.
sr. member
Activity: 476
Merit: 283
December 15, 2022, 03:48:30 AM
#17
There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.

This is what scares me the most. If the government really wants to attack crypto what better way to do it than attack Binance? They know the damage a collapsed Binance will do to the industry. This strategy won't end crypto quite alright but it would be so damaging that the level of trust people have about crypto will drop drastically and it would take the industry years to recover, giving them (the government) to work on more ways to regulate the industry.
copper member
Activity: 1232
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Eloncoin.org - Mars, here we come!
December 15, 2022, 02:45:45 AM
#16
There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.

Holding funds in personnel hard wallets is the most secure method to store crypto currencies and we should only connect it with trading platform when we buy or sell any asset.

The history of crypto industry vindicates that everyday comes with new surprise & anything can happen to any exchange but, thinking of collapse of Binance is a horrible dream, because it is the engine of crypto train, it has grown so big that its failure will give so huge damage to crypto which will take many many years to recover. I hope it won't happen &  Binance will continue attracting new investment by its innovative projects.
legendary
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December 14, 2022, 02:36:53 PM
#15
There is little skepticism surrounding Binance. Funds should not be hold to any exchange, including Binance. However, keep in mind that if Binance fails, the value of your funds will be significantly reduced due to the market crash. Whatever we're holding will be in serious trouble. The market will immediately fall, and as a result, the value of all coins will drop like a stone. I hope nothing bad happens and that this is all rumor. Binance has created a crypto ecosystem, and many things are associated with it. As a result, the collapse of Binance due to law enforcement will not bode well for the crypto industry.
legendary
Activity: 2464
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Buy/Sell crypto at BestChange
December 14, 2022, 12:42:11 PM
#14
Personally, I do not expect that the Binance administration will be in the same chaos as in the rest of the platforms, or at least FTX, but we are used to that anything can happen. Therefore, as a precaution, you are not supposed to leave your coins in any platform unless you need to trade, and you are supposed to keep the rest of your coins in cold storage.

In general, do not be the reason for spreading these rumors, withdraw your money, and always remember not to repeat it on the platform, whether it is a real rumor or not.
legendary
Activity: 1694
Merit: 5882
December 14, 2022, 11:34:43 AM
#13
I still don't get it. Exchange after exchange implode / do a cut and run / are just scams and people have to keep being told not to keep their coins on exchanges.
Worst of all, many of them that still use Binance for hodl are not newbs or uninformed, but they simply think that Binance is too big to fail. One of my good friends have (or had) mid 5 digit number in Celsius, and even after that failure he still has probably similar amount on Binance as well. We asked him few days ago why he doesn't move it all out considering the recent news, to which he replied that he is just too bored to unstake everything that he has there. And that guy is in crypto for like 10 years, and not some ignorant newb who doesn't even have hardware wallet or doesn't know how to store his coins safely.
hero member
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https://www.betcoin.ag
December 14, 2022, 10:44:39 AM
#12
If you don't buy and sell then just get it out and let the traders trade after all it's their space.

It would be interesting to see how CZ's overview of all these since it seems like an attack to them as retaliation to what he did to FTX. CZ is trying to become the leader of the crypto undermining US regulators which is more dangerous than SBF trying to rat out his backers on the congress committee.
legendary
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Crypto Swap Exchange
December 14, 2022, 10:33:42 AM
#11
I still don't get it. Exchange after exchange implode / do a cut and run / are just scams and people have to keep being told not to keep their coins on exchanges.
Not your keys not your coins. We keep saying it, while others keep telling people to just put your money someplace else, it's all safe don't worry CZ won't run with your coins.
Same as Big Vern would not, same as SBF knows what he is doing and so on.

Feel like I'm talking to a wall.

So yes, get your coins out of binance, and every other exchange.

-Dave
legendary
Activity: 3024
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December 14, 2022, 09:27:24 AM
#10
Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.
The BTC network is meant to be a trustless one, and while you are correct that CZ is a business tycoon, but he surely would not hesitate to use people's money to invest and make returns for himself, or engage in other shady businesses that can sometimes go out of his control and cause problems and losses for creditors.

It goes without saying that no crypto person should trust CZ (or any service or person at all) to keep their money safe for them, even if there was never a thing like this probe, only trust yourself to keep your money safe, and that is with your keys in your own self-custody, and with your recovery phrase written down on paper and backed up in more than one location.

People are meant to do a lot of other things but we need to look into the reality. Binance is the world's biggest crypto exchange and they have kept their position since a long time. So no matter what the ideal scenario looks like, people are still using centralized exchanges.

But the problem is that, people also keep their money into those exchanges. They don't usually pull out their funds. So whenever something bad happens for an exchange, people loose money. We have so many past incidents but it seems people have not learnt the correct way.
hero member
Activity: 756
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Only BTC
December 14, 2022, 08:28:32 AM
#9
FUD is a very strong force in the market right now and it seems to be contagious and in my opinion as a user I don't feel worried about my funds.
I will advise you to take every danger signs coming out of centralized exchanges seriously, do not dismiss them as fud, recent events should teach you the obvious reasons why. The latest event was ftx, and when the storm started slowly people called it fud, now their money is gone and Sam Bankman-Fried acts stupid during interviews of him being asked about what happened, while victims mourn losses of funds they can never recover from. You should feel worried about your funds if it is stored in a centralized exchange.
Quote
There are many reasons for someone to use Binance, but the most important is security. i see everything is fine only the situation is no different than before it's just that i hope it won't be shut down by any regulator
You have to get it straight that your funds are not secured when they are in your Binance wallet. If there is a sense of danger always act in advance and take your money out of the exchange before it is too late, everything may look fine until it is not, and hence it would be late then.
copper member
Activity: 1232
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Eloncoin.org - Mars, here we come!
December 14, 2022, 05:37:16 AM
#8
$1.9 billion have been reportedly withdrawn from binance in the past 24 hours. This may be just be FUD and nothing is actually going to happen but we all know no matter the times we're in it's never advisable to keep your money in exchanges. I've seen this warning so much you'll think everybody knows this by now.
Please take you money off exchanges, not just binance. 

https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/?utm_source=reddit.com

This news has created panic in the market and every account holder of Binance is worried and skeptical to continue holding his funds in  Binance account or withdraw them and close the account. its peroneal decision of everyone to continue with Binance or quit, but I think Binance will not collapse like FTX or LUNA because it is a cash rich company & too big to fail, however it may face some legal issues in USA but Binance representative told Reuters that they have not done anything wrong. DYOR
full member
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Vaccinized.. immunity level is full.
December 14, 2022, 05:36:55 AM
#7
I agree with you! I hope nothing bad will happen to Binance. Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.

It's always a very good practice to withdraw your money from any exchanges and not only Binance. Unless you have the control on your own bitcoin through your own wallet, anything can happen!

This isn't the first time Binance has had Fuds and to be honest, I'm not surprised those forces attacked them. Because the collapse of FTX for whatever reason, had a bit of an impact from CZ, it was inevitable that he would be hit with retaliation. I also follow this for the past few days, even though binance is facing massive withdrawals, they are still doing very well, and users have no problems. This will be a test with binance.
Should not leave money on centralized exchanges, this should have been done a long time ago, don't wait until now. Don't put money on centralized exchanges, including Binance.
member
Activity: 252
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Ultimate Launchpad on TON
December 14, 2022, 05:33:22 AM
#6
FUD is a very strong force in the market right now and it seems to be contagious and in my opinion as a user I don't feel worried about my funds. There are many reasons for someone to use Binance, but the most important is security. i see everything is fine only the situation is no different than before it's just that i hope it won't be shut down by any regulator.
mk4
legendary
Activity: 2716
Merit: 3816
🪸 NotYourKeys.org 🪸
December 14, 2022, 05:23:18 AM
#5
Withdraw your coins off exchanges if they aren't being traded in the first place regardless what the exchange is; and always use a Ledger/Trezor hardware wallet.

On the other hand if you're actively trading, probably take the funds out temporarily — just to be extra sure, even though I personally doubt that Binance is insolvent.
hero member
Activity: 756
Merit: 940
Only BTC
December 14, 2022, 05:21:12 AM
#4
Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.
The BTC network is meant to be a trustless one, and while you are correct that CZ is a business tycoon, but he surely would not hesitate to use people's money to invest and make returns for himself, or engage in other shady businesses that can sometimes go out of his control and cause problems and losses for creditors.

It goes without saying that no crypto person should trust CZ (or any service or person at all) to keep their money safe for them, even if there was never a thing like this probe, only trust yourself to keep your money safe, and that is with your keys in your own self-custody, and with your recovery phrase written down on paper and backed up in more than one location.
hero member
Activity: 728
Merit: 549
December 14, 2022, 05:16:30 AM
#3
It's really a thing? people just withdraw their coins from Binance which actually mean they're have a plan to hold the coins for long time and not sold the coins since it's not on exchange.

It's just funny how you can say it's FUD when whales withdraw their coins, it wouldn't affect anything. Actually it just affect to CZ, does CZ use customers money for risky investment or trading? we only know if everyone start to withdraw their money from Binance.
legendary
Activity: 3024
Merit: 1496
December 14, 2022, 05:04:37 AM
#2
I agree with you! I hope nothing bad will happen to Binance. Cz is a rock solid business tycoon so I am sure he will take necessary steps to ensure our money is safe. But there's no guarantee about US regulatory bodies who are launching probes against Binance.

It's always a very good practice to withdraw your money from any exchanges and not only Binance. Unless you have the control on your own bitcoin through your own wallet, anything can happen!
sr. member
Activity: 476
Merit: 283
December 14, 2022, 04:34:09 AM
#1
$1.9 billion have been reportedly withdrawn from binance in the past 24 hours. This may be just be FUD and nothing is actually going to happen but we all know no matter the times we're in it's never advisable to keep your money in exchanges. I've seen this warning so much you'll think everybody knows this by now.
Please take you money off exchanges, not just binance. 

https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/?utm_source=reddit.com
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