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Topic: We are not safe with centralize exchanges, know this and get peace - page 2. (Read 382 times)

legendary
Activity: 2716
Merit: 1855
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It’s better to invest in a hardware wallet like Ledger Nano S, SafePal, Trezor, SecuX, etc. to store your crypto assets. Although that I feel much safer in Binance than Metamask or Trust Wallet (because they’re very vulnerable to malware that resulted me to almost lose everything), but we don’t have the full custody of our assets. It’s just that Binance can freeze our accounts and preventing us from withdrawing for certain reasons, that is if we don’t have at least one hardware wallet. The cheapest one is SafePal, so it’s better to grab at least one.
Safepal is also the hardware wallet device that I currently use. Apart from storing assets safely, safepal also has many features that will be very useful and there are several airdrops that can be followed specifically for hardware wallet holders and users of the safepal application.

Apart from using safepal as storage, Binance is the exchange I use only to trade, and I'm not worried about the KYC that Binance implements. Although some people don't agree with KYC, but it's optional, avoid it if you don't want to use it because of KYC.

About malware that had attacked your wallet in Truswallet and Metamask, indeed it is more vulnerable to attack, and it also depends on how you use it, if you download or get stuck in an application that is identified as malware you certainly need extra defense in the form of an antivirus on your device to be able to do it. safer. It all depends on the user.
hero member
Activity: 1106
Merit: 912
Not Your Keys, Not Your Bitcoin
It’s just that Binance can freeze our accounts and preventing us from withdrawing for certain reasons, that is if we don’t have at least one hardware wallet. The cheapest one is SafePal, so it’s better to grab at least one.

I will never feel safe with any centralized exchange, Binance is one of the giant companies that is widely known for trading but while Trust wallet is a closed source, I will choose them since I can have my recovery seed but there are plenty of open-source wallets to choose from, I wouldn't settle for less that is why you see others here always recommend a hardware wallet for maximum security of your coins.  if you can do crypto, you should be able to choose a better wallet as well, it isn't that difficult hun!.
legendary
Activity: 2492
Merit: 1232
Just watch this Youtube video "Why privacy matters" by Glenn Greenwald.
To know how important privacy is to us.

Any legal financial businesses that involve any cash flows are entitled to have KYC because this is how the government combats the possible money laundering or any criminal act that is against the law, they know their customer.
It seems there are cons and pros to using an exchange platform that required KYC and it might the only option to choose a reputable one but I can't point out which is better.  So KYC is necessary to us or are we safe on this?  The answer depends on our points of view.

If you're scared of KYC, DEXs are the best for you, but it doesn't mean you're safe in DEXs, there's still a report of scams from them.

legendary
Activity: 2702
Merit: 4002
Binance is one of the monopolistic companies, and just like the rest of the giant companies such as Alphabet and Meta, all they care about is profit and therefore expect that your data will be shared with third parties whether you know or not, agree or disagree.
Some countries give the user more privacy and it is possible by court order that your data will be deleted but the problem is that they share it with a third party and then they blame the third party regulations that may not delete that data.

Binance can deny that it has shared data and it would be difficult to verify this, but I wouldn't rule out that they did.
legendary
Activity: 1512
Merit: 4795
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The cheapest one is SafePal, so it’s better to grab at least one.
Safepal secure element is close source
Safepal software app is close source
Safepal software app only available on phone device (not available on computer)
You can not use it for multisig
Not supporting coin control
Can not be used with other software wallet like open source Electrum wallet.

Safepal price can be cheap but it is a hardware wallet not worth going for.
hero member
Activity: 2282
Merit: 659
Looking for gigs
It’s better to invest in a hardware wallet like Ledger Nano S, SafePal, Trezor, SecuX, etc. to store your crypto assets. Although that I feel much safer in Binance than Metamask or Trust Wallet (because they’re very vulnerable to malware that resulted me to almost lose everything), but we don’t have the full custody of our assets. It’s just that Binance can freeze our accounts and preventing us from withdrawing for certain reasons, that is if we don’t have at least one hardware wallet. The cheapest one is SafePal, so it’s better to grab at least one.
sr. member
Activity: 2520
Merit: 280
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Any company which is legally register may share your details to the government at anytime so either use the centralized exchange and compromise your privacy or use the decentralized exchange which is not really convenient compared to these centralized exchange. But we care about the data qe share with cryptocurrency exchanges but we also should care about the data we are sharing with Facebook, Google, Apple and KYC details in your bank, etc.
legendary
Activity: 3472
Merit: 10611
Anything you see centralization, there are pretty much the same risks involved. It doesn't matter if it is an exchange or any other service like that. They always comply with the governments and won't need that much pressure either, as long as the simplest request comes they jump to obey. As I said this is not just for CEX either, we saw how the privacy oriented tool called Wasabi wallet obeyed and started censoring transactions in their CoinJoin coordinator!

Even there's no proof whether the story above were true or not,
They share it with all governments of all countries that demanded it because they don't want to be shut down or lose any portion of the market.
hero member
Activity: 1064
Merit: 843
Not sure how true the shared story about binance handing users' data to the russian government is but one thing am sure about is that when you send your coins to a centralized exchange, they are no longer yours (not your keys, not your coins).
Even there's no proof whether the story above were true or not, I always consider when we already submit any KYC to any sites, everyone already know who I am since I don't know what does Binance or any sites do with my identity. I wouldn't surprised if I see my face appeared on a websites, project etc because I can't do much about this, complaint and making a report to Binance would cost a lot and wasting to much times.


Don't forget even you've used a centralized exchanges without giving up your KYC, they can still recognize your IP, email, password, phone number and your name. Perhaps when they saw you're Russian citizens, they will track your name, email, phone number, and your transactions. If they can combine various information and cooperate with other website/social media, they could find you.
legendary
Activity: 2702
Merit: 3045
Top Crypto Casino
Not sure how true the shared story about binance handing users' data to the russian government is but one thing am sure about is that when you send your coins to a centralized exchange, they are no longer yours (not your keys, not your coins).
If you want to exchange your couns then do it P2P or find a decentralized exchange which does not ask for kyc and does not hold you coins in its custody.
If you have no other choice but to use a centralized exchange then make sure to withdraw all your funds as soon as you complete the trade.
hero member
Activity: 1106
Merit: 912
Not Your Keys, Not Your Bitcoin
Yes, the subject is correct! Everything you see about centralized exchanges is bad for you. You may think they are cool because of the promotions and bonuses you get in exchange
 for ease KYC, documents you give them are all just easy routes to identify you and by the time you step into their foolish trap(they called it policy), sometimes you don't even have to do anything before they come for you.

I was going through theblockcrypto and I saw one interesting article that featured how Binance agreed to share user data with Russia Government. This is the snip and quoted below:

Quote
Binance reportedly agreed to share user information with a Russian agency that collects and analyzes information about financial transactions as the crypto exchange seeks to enjoy better relations with governments around the world.

According to messages obtained by Reuters, in April last year, Binance’s head of Eastern Europe and Russia Gleb Kostarev met with the agency, known as Rosfinmonitoring or Rosfin, in Moscow at the invitation of a Russian non-profit organization called the Digital Economy Development Fund.
Source: https://www.theblockcrypto.com/linked/143016/binance-agreed-to-share-data-with-russian-government-agency-report

There is more to what was been discussed, they claimed Binance will not share anyone's data unless when law enforcement directs them to do so just like the way banks do comply. Now imagine how many local regulators that will be disturbing Binance for who they suspect or feel to torment.

Everything about KYC is wrong in crypto and so you should avoid it, you don't have private keys meaning what you are viewing is just data on the server, not your real coins, your privacy is at risk, and the government has the ability to change and do anything at any moment.
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