Binance is accused of providing users data to Russia

[BlackHatCoiner]

That's one of the major downsides of using a DEX - sometimes they are even less secure/transparent/private than the centralized exchanges.

I can somewhat agree that it's less safe, in case you've drawn the attention of the bank/tax office, but I find this a fallacy.

It's far more private, which matters to your safety. The moment you hand out your selfies, phone number, email address, driver's license, home address, citizenship status etc., that very moment you will have lost every drain of privacy you could have ever had. Now you're on every analysis companies watchlist. You should take it for granted that they'll sell it to politicians, other CEX's, other data analysis companies etc.


Not using bitcoin, by the same reasoning, is more safe from a government's PoV.

[Anonylz]

Am just going to speak neutrally, it is good that people want to stay private and all that but when you look at it from another angle, are people really living a private life in this day and age where social media is the order of the day? exchange is not the only way people share personal info.
What about people who publicly share and talk about there experience with crypto! are they in danger of some sort? if binance share this info must be because of a reason, i mean there are millions of people using centralize exchange since perhaps close to a decade now and so far am sure %10 have not been arrested by the authority.
Anyways, this is just my own perception, i don't know how many decentralize exchange can provide the same service the centralize exchange provides.

[o_e_l_e_o]

And then how do you get the money to/from your bank?

Your choice. How do you want to get the money to/from your bank? Direct bank transfers with your trading partner are the most common. If you don't like that, then you can use a huge selection of payment processors - PayPal, Skrill, Advanced Cash, Zelle, Western Union, Cash App, Venmo, MoneyGram, TransferWise, etc. Pretty much any one you can name. Don't like that either? Then trade in cash - in person, via mail, cash deposit to a bank account, etc.

Now you're on every analysis companies watchlist. You should take it for granted that they'll sell it to politicians, other CEX's, other data analysis companies etc.

Don't forget darknet markets. A significant number of users who have completed KYC at a variety of centralized exchanges have ended up with their information and documents for sale on the darknet. I challenge anyone who says they don't care about their privacy to try having their identity stolen and $100,000 of debt racked up in their name and not change their mind.