Bitcoin Forum

This is the Twitter link:

https://twitter.com/binance/status/1678871785020743680?t=3z-QITH1mxm3CjVE-NGOHA&s=19

Okay, Binance turned 6 this year, that is correct but why the lies:


Please do not report this post, I will move it to exchanges myself. I just want some newbies to see how centralized exchanges can be lying to them professionally.

If you do not have the private keys and seed phrase, you do not have the freedom. With centralized exchanges, no freedom.

But just that we traders do not have option than to still trade on the centralized exchanges. I have $500 to trade, I prefer to go 10x with $50 while having $450 on my noncustodial wallet as backup while transferring the profit out if there is profitable trade. ;D

To convince those who are not aware of the importance of privacy and the benefit of being your own bank (self-custodial) to bring their funds over to them in order to gain more freedom, what they are after is users deposits in order to make more profit from them.
 
Maybe the word "Freedom" means a total different thing for them than the kind of freedom all of us know about. Because if they are to be the freedom I know, then users should not be making complaints over frozen accounts and restricted withdrawals because such an action is totally far from freedom.

they are a company, they will say anything that will give their company a good image even if it contradicts them.

they probably think that being able to use and own cryptocurrency is already "freedom of money" and since they are an exchange site and allow people to buy cryptocurrency on their site, I am pretty sure they think they are contributing to the spreading of the "freedom of money".

Well if freedom is what binance aim to achieve all this while then for six years they have been successful at doing just the opposite of what they set out to achieve. The truth is that centralized exchange can achieve financial freedom for anyone, because they demand their customers to provide identification their by making centralized exchange a platform that doesn't support anonymity or privacy.

I mean they are the biggest exchange after some of the big names decided to run away with users funds, if we are laughing and pulling down the biggest Crypto exchange, you cannot see mass spread in the normal community. Binance literally paid billions to users when there was a hoax of it getting closed, no bank can do even 10 million in a day without getting multiple applications signed and stuff, so let's give them respect for that.

And sure, the text in the tweet is surely laughable but I just want the whole space to grow. Not sponsored by Binance or anything, I just don't like unnecessary negativity around the projects which are literally working for benefit of the Cryptoverse.

I don't see anywhere in the tweet Binance claimed themselves as a wallet or they ask anyone to use their exchange for storing.

They just mentioned #Binance was created to achieve freedom of money for everyone. but the literal meaning can be anything for example with that statement they can portray that they allows users to purchase crypto assets with ease so they can experience the freedom of money.

I am not supporting Binance or saying anything against you but no one should take the tags as fact especially when it posted by themselves.

It is like we are accepting 1xbit is the most reputed crypto Gambling site. ;D

When they say everyone, they mean everyone that it's them to have financial freedom.  ;D

Well, anyway we're all free to use them or not. It's just that they're a huge company already and everything they say is like a words of wisdom for their customers. Just as Jack Ma's words to the people that have been admiring him.

Congrats to them that they've reached this long because we've seen in the past that the old exchanges didn't maintain their position for being popular.

Marketing statement to attract new people in cryptocurrency who were attracted from the thought of freedom that they could have. Only newbies here in this forum will be able to see that this statement from Binance is deceitful, but for many others in the comment section, they have already been convinced that binance can give them freedom and have gone forward to trust binance to keep safe the cryptocurrency that they will buy. I will like to also leave a comment in the comment section of the post from binance about this being deceitful, so others very new people can see it too.

What did you expect? Binance are a business, their primary concern is making profits. What do they care about freedom of money. Binance is just trying to cut a promo, it’s ironic that a centralized exchange would regard itself as an advocate for “freedom of money”. I would like to know how this works when they force their customers to do a compulsory kyc, they don’t fool anyone. Centralized exchanges is as bad as the banks, there are those who may not agree and look at CZ as a important figure in the crypto space.

Very funny and laughable. Here you could think they are saying it with all forms of sincerity but a big-time lie. All these are just jamborees for the novice and newbies to get their attention. I will only advise them not to take Binance seriously because as long as they do not have the keys to their wallet address, they do not own the asset not until they own the key then could say that their assets belong to them.

You know Binance got a good marketing strategy and is always positioned to sell its product to the masses, especially the newbies that are new to the system.

Congratulations to Binance on its 6th anniversary!!

Binance isna company as we all know and every company aim and objectives is to have more customers by trying hard to convince the public to see there product as the best. Well some persons may not understand this because they may think that Binance really have us in mind because of there reputation and worth.

 This people are after our freedom indirectly which is something many are still convince about because if you don't have access to your private keys they you can be denied of your account anytime the company or the team decide to do so. We need to understand that Binance want more people to find them trustworthy that is why they always bring in different techniques to make them look more honest and plain to the public.

 Yes Binance is a good centralized exchange which we one that they are one of the firms that are promoting the adoption of cryptocurrency if not majorly on Bitcoin but that does not mean that we should follow there interest blindly since users do not have access to there private keys which show ownership. We ought to know all these things so that people are not going to blindly confuse us to do what is not ethical as an investor.

This is also some form of advert for Binance exchange. This kind of tweets might be done intentionally because Cz knows it'll be a topic of discussion been talked about and spread to many people just as you're doing. We have to stop taking anything CZ and binance says seriously. This isn't the first time something like this is happening. Cz had numerously told its customer that their funds are safe on Binance exchange and encourage the general public to store their coins using the exchange but we all know that's just lies by Cz to promote his exchange.

Centralized exchange had nothing to do with freedom because you never have freedom when using the exchange. They make you feel like you're in charge meanwhile you have no control over your coins whenever they're on exchanges especially centralized exchange like Binance. They determine when you can withdraw and you have to scarify your privacy to be able to use the functions of the exchange properly. Binance exchange and Cz are known for lying and this isn't going to be the last time they do such

That is what I am talking about. But not only that, after identity verification, you still do not have the keys to your coins, Binance has the keys and this make you not to have 100% control over you coins, but Binance has the 100% control. They can freeze or seize you coins. You account can be funded and Binance can freeze the account at anytime. There are times that deposit and withdrawal are disabled. Are those freedom of money? That is not freedom.

This is unnecessary negativity? For an exchange to be blatantly lying and you said you are supporting that. I use Binance for trading but I can not support lies.

Because they want to make money, that's why they're try to mislead many people to believe in them.

Not only newbie, but a lot mature or old people are still get tricked with centralized exchange. They think Bitcoin is really decentralized, completely don't have any barrier, and they have freedom. The thing is, most of people never get experience where Binance froze their coins and they need to follow a lot requirements to fill Binance's team satisfy. If every user had this experience, they will learn if there's no freedom by using Binance.

Making money is the sole and major goal of every organization and binance is not left behind. What binance did is nothing but a marketing strategy to position themselves selling their products to the Crypto community mostly newbies with no idea how the system works. What baffles most is the lies told by them that their funds are safe which in the real sense you and I know that's not true. As long as you don't have access to the keys holding the wallets in which you have your assets, you are not the owner of that assets and it is not under your custody which makes it very risky. Not until you have them Under your custody then you can fully claim you own your assets. So what binance is doing is just making people feel they are free to deal with them but that's not the real truth.

I would say this, anything that makes you to transfer your assets  from your wallet to any exchange just know that you are not in charge o it anymore.

If seen visually, An exchange has full rights to suspend both deposits and withdrawals and limit liquidity and availability of funds, and this ends up as you said which affects the financial freedom of users. this is something that not everyone wants if they know the basic principles of crypto,.

Seeing as what you are saying indirectly, this would raise a question mark and a bit of concern in terms of Complete Loss of Control/control of user assets. But, I think, they may have a goal to create a trusted and compliant environment for users. I personlay think, if there really are problems with this, the user can contact the Cs of the exchange for confirmation and settlement.

Isnt that a tagged line for a business? For sure they having their 6th yrs Anniversary and we cant literally pull off a deceiving on that. They said some people change their lives through Binance? Cant blame them cause there are really some who changed their live using that for the better or for worse. But it doesnt mean they are clean at all. Theres a lot of backdoor that SEC accusing them and we cant totally say that they have been followed it all. Its hard to make a business with a decentralized approach where there is someome who will monitor you and remind you of whatnots. Theres no choice for them to be decentralized at all but to follow the government scheme to exist at all.

If everyone wants a total isolation on crypto then use dex that are free from censorship. Its everyone choice to make anyway.

How about bitcoin? Cant really touch someone who is totally anon and have unknown or unspecified identity.

Their tweet is vague in meaning and you can interpret their tweet with some meanings.

One meaning is like your thinking which means they are liar with the tweet.

Another meaning is financial freedom that is like helping people to get richer and achieve financial freedom, a better life with prosperity. With the second meaning, they don't lie if you are a person who got richer with cryptocurrency. If you are loser in this market, got poorer, you will consider that tweet as a lie. However, richer or poorer, you are responsible for what you do, Binance is not responsible for your investment or trading decisions.

It's not entirely a lie as far as I know. Binance may be a centralized entity but they have provided a harmful of tools, products and resources (Binance Academy et al) that have helped users get on/off ramp of Bitcoin and Crypto plus a KnowledgeBase in their academy. I've read some articles there and they do state from time to time that if users want custody of their assets, they should do so with a user owned wallet.

Since the inception, Binance have had a net positive impact in the crypto industry. Until DeFi and other decentralized infrastructure of crypto is built and secure, the services of centralized entities like Binance would continue to prevail.

Notice how all these exchanges never promote self-custody, even though they make money from you buying and selling your coins, so whether you buy and withdraw, or buy and leave with them, should not impact their revenue... or should it? The deal is, they're using your coins for their internal operations. The more they hold the more options they have if things go wrong in any way. They want you to use them as a custodial, even though bitcoin wasn't made for that.


This little mistake of yours makes the whole sentence so much better :D

I have not read any articles on Binance academy and i can't really comment on this, but even if they said the above (which everyone already knows), CZ also said a couple of months ago that 99% of people will lose their crypto stored in non-custodial wallets, so it is more like them saying non-custodial wallets will give you custody of your assets, but you will lose it, so bring them to us.
They provide a service for people using cryptocurrencies so they might not be entirely bad, but binance is trying to be too powerful/influential in the crypto industry and that is not needed, their quest to achieve this has also made them do too many questionable and sketchy things to say they've had a net positive impact.

I think you should use et cetera, etc , et cet., &c. or &c. Et al is mostly used in academic study for referencing or bibliography.

Binance has helped, not one is disputing that, but that should not make them lie. You can not have financial freedom with centralized exchanges. And if you want to know the truth, they are mostly cared about their earnings and profiting from people. Yet this is off-topic to what we are discussing here.

This is off-topic to what we are talking about.

@nelson4lov, with all your support, let me put it straight to you. Does Binance makes freedom of money possible for people? Please answer that and support it with facts, not off-topic post. Please do not consider me to be harsh.

They will always say that they give freedom to people even though we know that it's nothing than a pure lie because they will always have the users keys to their wallet in their custody, so what freedom are they giving in this one, we should better learn to wise up and also take responsibility of teaching others to understand the implications of using online wallets or maybe i should put it this way excahnges accounts as wallet, they can turn our right for ownership to theirs or away to vanity within a short period of time before we get aware of what's going on, they are manipulators but an average person that knows about their implications and would never believe in anything they are saying.

Indeed, Binance has been dishonest about offering financial freedom through their centralized exchange. While they have provided a convenient platform for trading cryptocurrencies and even facilitating peer-to-peer transactions, it is crucial to understand that their services primarily cater to trading purposes rather than enabling true financial freedom. It is essential to prioritize the security of funds by utilizing non-custodial wallets.

Typical marketing gimmick similar to how they always say KYC/AML policies are protecting users ;D

The sad thing is, despite knowing the truth, this -freedom of money tweet- will most likely be one of the things people are willing to trade-off/turn a blind eye to specially if we think about binance's stronghold in the community. Ofc, I wouldn't blame them since I understand where they're coming from - the reality that people have to pick the lesser evil when it comes to CEx.

In any case, being informed about the catch behind these antics is always better.

I want to state firstly that I'm a firm believer or all things decentralization,  financial freedom and control.


I read that post and he did come under heavy scrutiny at the time. I feel like he was taken out of context? We all know that non-custodial means the user is 100% responsible for the security of their assets. Most people don't take it seriously and some even expose their seed phrase in online note taking apps etc.


- Firstly, Thanks for pointing that out. I've written some academic paper recently so it was honest mistake. Thanks once again.

- You misunderstood my post. I'm not in anyway saying Binance promotes freedom of money/financial freedom in anyway. We all know that true financial freedom is when you have full control of your assets. My argument was that Binance is not entirely bad. Most of the infrastructure available today to get on/off ramp of fiat is provided by centralized entities, even the one that claim to be decentralized require some KYC/AML. I apologize once again if you took it the wrong way.   :)


Binance is not a saint in the industry, I know that as a fact. Compared to other centralized services available that have rugged users, Binance has been upfront with their users most of the times. I'm not affiliated with Binance, I'm just a user who has enjoyed their services since their launch. I don't hold crypto on the exchange btw, when I have kept it there in the past, the service was good.

I'm aware of Binance becoming a monopoly in the industry but when I realize that they have provided a service second to none.

It's a pretty harsh judgement IMO, because Binance has no other choice than to keep confidential the private keys of their wallets, otherwise the safety of the customers' funds would no longer be guaranteed. But they've created and maintained a multi-cryptos wallet : Trust Wallet. And they seem to have try their best to be as fair and accommodating as they can towards their customers. So much so that they didn't respect regulations and get prosecuted by SEC and CFTC.

Words are cheap. In the crypto community, certain terms like freedom, decentralized or decentralization, security, P2P, and so forth are used as if they are of no weight. While Bitcoin is truly revolutionary, those companies that are centralized, custodial, and operating no different from traditional banks and other conventional financial institutions like Binance are not. As a matter of fact, they're the antitheses of what Bitcoin is promoting.

I feel sorry for those Binance users who is trapped in this lies and leave their funds in their exchange. This lies will be for the newbies that don't know the difference between an exchange and a noncustodial wallet and not for people like is who understands that Binance is only a centralized platform and will never be able to offer financial freedom to their users.

A friend of mine that is new into the crypto world argued with me that Binance is transparent and open when it comes to keeping customers funds in the exchange and I let him to know that,it is not true because they control his funds for him and they can decide to do whatever they like with his funds and he wasn't convinced because the lies that Binance do feed their users with that they are decentralized and that they use decentralized p2p.

They are running a business and what else do you expect from them to spit real facts that your funds are not yours exactly when you deposit it with them? This is not the first time as CZ has done it many times trying to be manipulative in his tweets to attract the audience which has certainly helped them.

Over the 6 years one thing has surely happened that is CZ becoming billionaire and being richest in the list just because of Binance and how many people have lost money due to hacks and data leaks? So they aim freedom with fully centralised control,KYC implications and then restrictions to withdraw funds? I think they have certain different meanings for what freedom of funds is actually but people are making them work better.