Topic: We are not safe with centralize exchanges, know this and get peace (Read 382 times)

I don't believe it. However, it is true that if you keep your funds in a Centralized exchange, then it is under the control of someone else. If you have any such type of doubts then you can keep your assets in decentralized exchange or your convenient wallet address.

Stop using Binance, stop recommending Binance, point out just how shady and corrupt Binance are when other people recommend Binance.

It is entirely possible to buy, sell, and trade bitcoin without every touching any centralized exchange. If you do want to sacrifice all your privacy and security by using a centralized exchange, then there are literally hundreds to choose from, many of them far better, more secure, more ethical, more customer focused, and with better fees than Binance. There is no reason anyone ever needs to use an untrustworthy and profiteering exchange as Binance.

Proper decentralized exchanges such as Bisq or LocalCryptos are exponentially more secure than any centralized exchange. If you are being scammed, that has nothing to do with the fact the exchange calls itself decentralized (when it probably isn't) and is entirely to do with you not using reputable exchanges.

Right. "We are spying on you and censoring you because we care." What kind of gaslighting bullshit is this?

Those users are conscious about their coins don't like centralized exchanges. Because in every custodial wallet we have risks to lose our funds or to be hacked or stolen. But decentralized exchanges are fully decentralized and there you only have the access of your wallet. So it's safe to avoid using a centralized exchange.

It does not come at the cost of privacy of our users and we do care about them. That's exactly why we introduced blacklisting: so we can continue to operate and users can still have privacy using Bitcoin. If we wouldn't care about our users, then we would not have sacrificed our reputation, just shut down the service and nobody would have got any privacy.

Nowhere is safe online, decentralized or centralized we are still in for some real risks, decentralized projects that are scam still use the utility (dex) to rob people, do all kind of shot behind the cotton all in the name of a decentralised platform, I refer transparency over privacy.

If the concern is about Binance govern to sharing the personal details of their users with Russia, how are we supposed to stop people from using and promoting Binance? It was regretting but still seeing Binance as one of the top exchanges and continue to increase their users.

It has to see that many never mind their personal identity or they are not aware of the situation of what would happen to them after complying with the KYC that most exchanges are now requiring users. We've been trusting Binance so much, If this scenario really happens to Binance, obviously they are just playing us and these CEX exchanges do.

But if as a trader you don't keep some assets on an exchange like Binance, then there won't be a good trade. I have assets on Binance and I am actively trading them, I left some of my assets because some of them are still waiting for the price to go up.
It's actually not a problem to leave some assets on the Binance exchange, as long as they are not your primary asset or all of the assets you own. Binance is also getting more secure as the security system is constantly being improved.
most importantly take your capital from every profit and leave it in exchange for some trades.

But we know that Centralized exchanges have more features for trading and have higher liquidity than any decentralized exchanges.But when it's about security of funds we must avoid Centralized exchanges and should use Decentralized exchanges.

The top rule of using an exchanges is never leave any fund or assets on them, I use binance exchange most times as its the only exchange I can use to exchange crypto to fiat, trust me if you don't leave coins or tokens on exchanges you won't have any problem.

They will always comply with the regulation of the government because they know if they don't certain restrictions will be imposed on them and hurdles will be passed on with their system.But more importantly they also don't care about users as they have setup these CEX for primary motives of profit and it doesn't matter if comes at the cost of privacy of the users.

The things is there is no privacy at the first part due to all the kYc norms and then more and more documentation depending on the withdrawal so they acts same like central banks agencies who are sensoring you for each and every transaction.Recently we have seen Binance also restricting Russian users to trade/deposit above €10k under the EU sanction and they have clearly stated they will work in accordance with the government.

Now this selling of users data came as of no surprise to me seeing the past working of these centralised exchange.According to me having your funds over CEX is similar to like giving someone access to your lockers having your funds and they can anytime go rogue or be hacked.So be safe from them.

They are government puppets and can track any transaction and block the funds if they wish to do so as they already possess the keys for them so actually they own the funds on your behalf which is far more risky than you could imagine.

This over self belief on them could be dangerous and you sound like one of their team members defending them on security issues but have some research man.

Yes that's the case people ignore these things because they are running successfully and leading in the industry but that doesn't protect them from hacks and the funds gone will be of users not owners.

These exchange needs to be equipped with latest technology but the problem again lies with the centralised control and how can you blindly trust them?

See this is their security model architecture :


But do you think it's hard for hackers to crack these and have access of your funds.The only thing is they can track it but you know hackers are also smart.So why put yourself in such situations in the first end?
You have no idea how good or bad their security is. It has been breached many times in the past, resulting in both stolen coins and stolen data.
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Of course they will. Every centralized exchange does it and does it regularly. If a government comes along and says "Hand over the information of all the citizens from our country using your platform or we will ban you from operating here", then every exchange will comply immediately to safeguard their own profits. Coinbase do it. Binance do it. Kraken do it. They all do it.

You should assume that any and all information you give to a centralized exchange can and will end up in the hands of various governments and associated agencies.

if it's the aspect the of stolen of data or hacking of database, i will agree. Because i know that binance has been hacked before and also other exchanges, but the situation where by pressuring binance exchange to release their clients data to government or group of organisation, i think it's unethical and no platform that wants to stand firm will release their clients data.

I would hardly call censorship a "pro". Sure, they may use that power to seize some hacked coins, but they also use it to seize coins that governments tell them to, that trigger one of their arbitrary algorithms, that they deem to be too risky, sometimes entirely by mistake, and so on. If they can censor someone else, then they can censor you. If they can steal other people's coins, then they can steal your coins.

Incredibly naive.

I mean, they've already been hacked for thousands of their customers' KYC data and then lied about it. So that's just not true.

You have no idea how good or bad their security is. It has been breached many times in the past, resulting in both stolen coins and stolen data.

lol...which government will force binance to release data, binance is one of the most known and populated exchanges in cryptocurrency if I'm not mistaking, KYC is to identify who you are and if you are trustworthy to be merge with and it signify who you are because you can be recommend to someone with potential or qualify details and it will make away with your funds, so what I'm saying in essence is that binance have high security data like apple industry, it's hard before apple release their customers data for you, because it's very obvious that if they do, it will lead to elimination of their platform or degradation of their exchange.

Well don't surprised if you see a police knock your house and force you to follow them or even imprison you since they suspect you're crypto scammer. Binance already hurt many clients (Scam) Binance Block Users Withdrawals - You could be the next Victim.. I know Binance has suffered hack on 2019 and they can recover the funds with SAFU, but if the hacker can stole all the funds including hot wallet and SAFU, what does Binance do next? They will collapse like Mt.Gox.

I trust Binance and I don't care what they do with my KYC because I know they won't hurt their customers, Centralised exchanges have more disadvantages than a dex and the only thing dex claimed to do better is privacy, do you know how many hackers that binance dealt with? Do you know how many stolen fund that binance have recovered.

I am completely against Kyc because it is not safe, our personal details were not safe anywhere because, as many have said and according to the OP, the government can force Binance to give them data of many users related to there nation and if we all remember how we did kyc, we submitted our personal data correctly and everything we submitted can be used to get us within seconds.

Centralized exchanges have have one pro: https://www.bloomberg.com/news/articles/2022-04-22/binance-recovers-stolen-disguised-crypto-loot-from-mega-hack

This news gets to Binance attention very fast, people are already throwing words at the Binance team on twitter, now I know why people said that words travel faster than anything in this world, the funny part is Binance said all this is FALSE.

Soon as exchanges asked kyc, automatically exchanges was inforced by the authority where they're based/ what country they operates to do it for AML, obviously they will comply.

Idk how true the news is, but this is not only about binance but all the CEX.

If you're really against how this exchanges work then at least give us some recommendations where to exchange crypto to fiat with ease, with higher volume of crypto, higher volume of users, plenty of option/faster to exchange/trade, anything about user-friendliness, lower fees, and the list goes on. I doubt if you can. Coz most of these can only be experienced in CEX.