Binance CEO saying don't keep coins on exchanges

[Samyalson]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

[1715251331]

1715251331

[1715251331]

1715251331

[TimtheYoutuber]

You shouldn't hold coins on an exchange. You should always withdraw it to a place where you control the private key.

[stompix]

All the articles from that website are crap. Seriously!

All they (you probably) did was copy some paragraphs from other news and even on this failed miserably!!!
Mistyping his name twice, naming him Changpeng Zha once and Chanpeng Zhao the other time, then wrote

Co-founder and CEO of cryptocurrency exchange, Jesse Powell

forgetting to add of which exchange he is CEO and founder, probably because it was lost when you copy pasted it from Twitter, adding another 3 mistypes and other punctuation mistakes...why even writing this garbage?
Just for the hits, milking the traffic from bitcointalk?  
Also you 1 merit...hmm...fishy at least.

your quoting a crap media
crap media quoting a panda
panda is quoting an image of a tweet
image of a tweet is quoting a tweet that says
~
OP says CEO is saying dont store on exchanges
but the quote of th quote (from panda) is saying th CEO is saying to store coins on exchanges..

Moral of the story...
Don't trust pandas with your finances 

[franky1]

OP
your quoting a crap media
crap media quoting a panda
panda is quoting an image of a tweet
image of a tweet is quoting a tweet that says

if you store coins yourself you control your security
if you store on an exchange use only a trusted exchange

OP says CEO is saying dont store on exchanges
but the quote of th quote (from panda) is saying th CEO is saying to store coins on exchanges..

but the actual tweet is unbiased either way. its just two if statements where the "if" is subtly implied

anyway best advice is dont use an exchange as a custodian wallet. they are not designed or insured as being custodial wallets. they are just a trading service. most exchanges have terms and conditions wrote towards exchange trading, which means expect losses and you cannot hold an exchange liable for losses [of trading] which if translating to fools using an exchange as a custodian. is also implying you cant hold the exchange liable for loses.. meaning if hacked, your screwed.

so only use an exchange to exchange. and yes expect loses. dont think your funds are insured

[bp124]

If we should not keep our coin on exchange  where  did he expect  crypto  traders to keep our coin  ..  they must solve the security issues rather than tell us not to keep  our coin on exchange . Some time  you can set  a bid and forget about it so i totally disagree with him ..

[kelz1]

The title should be to not keep all coins on the exchange. For trading some coins are needed otherwise you have to keep transferring them back and forth which takes time and money. Spread them out to different exchanges so you don't lose too much if one gets hacked

[randythered]

Well duh, it may not be great business sense for him to say that but everyone knows it to be true so it's for the best. In some ways it's even good for them. They're not a wallet and don't want to be held liable for more funds than actually need to be on the exchange for trading.

[Huskarls]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

This is what we call as suggestion, suitable or not, it would be better if it was followed, of course this would not harm us right ? Even though Binance's CEO suggested something like this, are they not afraid to lose trading volume? I dont think so.

This suggestion is indeed the best, never save your large assets in a wallet that you don't have its Private Key and just make sure only you know those key.

[Indrawan77]

Its a terrible idea to keep your coin on exchanges even the most reputable exchange can runaway with your money, just keep some of the coin that you need for trading, dont make exchanges as your wallet the security of the exchanges is not too good, all of us had witnessed a lot of hackers hacked the exchanges this is one of the good reason to never store your coin on exchanges

[emilanea56]

It is nonsense. If cryptocurrency is not traded, what make its price moves? Trading could lead for its price and demands.

[mich]

After reading of such topics like mt. gox and Cryptsy, I would never see myself storing many coins on exchanges
There are too many free and easy to use crypto wallets available, why you want to leave coins in vulnerable place like a exchange?
If a person claims there is advantage to doing so, they are either too lazy to figure it out or they dont mind getting stolen from.

[Callanta787]

Any thing can happen to any exchange no matter how strong you think they are ,don't leave large supply of coins on exchanges ,if you are a trader after a successful trade move your coins out

[boyptc]

Haha what an advice.

He's just very confident that his exchange is the best and has the highest and tighest security of all. I'll never listen even if its coming from him. Now he's inviting hackers to come and penetrate to binance, store your coins safely to an hardware wallet.

[plr]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Every crypto holders know and this has been taken up thousands of times before, never use wallet from an exchange, they are not 100% safe like what happen to Cryptopia recently it's negligence if you do not keep this advice, exchanges are always targetted  exchange.

[OgNasty]

I don’t think half the folks in this thread even read the tweet, including the OP.

[kaizerblitz]

I agree with that Exchanger today is not safe the only method is to store your coins in your private wallet that secured much more and everything will be fine as long you have the private key.

[Kakmakr]

After reading of such topics like mt. gox and Cryptsy, I would never see myself storing many coins on exchanges
There are too many free and easy to use crypto wallets available, why you want to leave coins in vulnerable place like a exchange?
If a person claims there is advantage to doing so, they are either too lazy to figure it out or they dont mind getting stolen from.

It depends on what exchanges you use to trade and how you trade. If day traders have to withdraw their bitcoins every day, they would not make any profit. The coins has to be on the exchange to fulfil the sell orders, so what other option do you have?

The advice should rather be, not to store large amounts of coins on the exchanges and not storing any coins on these exchanges. Some traders are lazy and they leave large amounts of coins on these exchanges and that is a magnet for corrupt exchange employees and for some hackers that targets individual whales. 

[Dewi Aries]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Actually save money in exchanger already get warned from a long time ago, because we can't control or don't have any control with our money. Anything that happen with exchanger is risk for us. But we don't have any choice because we trade on exchanger too, if keep move assets, it will need more money to pay fees.

[eiijee160613]

LoL this is absolutely true for me, I don't hold my coins in exchanges specially to those exchanges with history of breaching. The more safe is if it's with hardware wallet. I personally experienced this in Hi***C exchange so better not to stored coins in exchanges.

[entebah]

It is very regrettable for now there are many cases of exchange market hacking, so that it can harm users who store Bitcoin in the exchange market. So to save Bitcoin it must be in a safe place like in a personal wallet that has etxtra security.

[taguig]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

This is not new, this is old news for all of us, some people stock their coins in the sell order hoping that when it pump they are on the first line, it is ok if there are no exchange hackings, but with so many hacking incidents it's not worth a profit.

[emberbekas]

Storing our coins in the exchange becomes very vulnerable after we hear there are several exchanges sites that are the target of the hack. As a precautionary measure, we should withdraw our coins and store them in a place where no one else has access to it. Any exchange sites can be the next target. So, be careful!

[pltgksl]

If the necessary steps are not taken in terms of security, I'm afraid we are likely to see that this is justified.

[bit-freedom]

It is a good practice not to keep coins in exchanges. We should be using our own wallets (wallets whereby we control the private key), this has been repeated many times in this forum. The coins we keep in exchanges should be for trading purpose.

[shoreno]

Storing our coins in the exchange becomes very vulnerable after we hear there are several exchanges sites that are the target of the hack. As a precautionary measure, we should withdraw our coins and store them in a place where no one else has access to it. Any exchange sites can be the next target. So, be careful!

after we hear there are several exchanges sites that are the target of the hack.

even before this news came out , storing your coins in an online exchange is already risky because many possibilities can occur . like for example   the exchange can be hack  or  the exchage can turn into a big scam  .

we should withdraw our coins and store them in a place where no one else has access to it

you mean withdrawing them on an exchange and put them on an online/offline wallet ?  or do you mean withdrew the coins and trade them to fiats and keep them on your own safety ?  anyway ,  both practice are better and should be followed at all times , so that we wont have doubts that our coins will lost unexpectedly  .

[bitfocus]

your source is crap, but it's really wise not to keep your holdings on any online exchange.

[Red-Apple]

...But some say this is nonsense.

it is unclear what you mean by this. who says what is nonsense? keeping coins on exchanges or the fact that the owner of an exchange warned people about it?

in either case people should already know this and not trust then with their money in first place. not wait until a hack happens to start panicking.

[TaliahSantana220]

I agree with CZ, thats the reason I am bullish on DEX

[BigBrother]

I think that everyone understands this. And those who say that this is nonsense usually then they themselves get into an awkward situation. Even the top exchanges can be hacked. It is better not to tempt fate, but immediately take care of the security of your funds and keep them in your wallet, not on exchanges.

[kalstarzz]

it is true that we must be careful, and do not save our assets on the exchange. I did that since the first time I was cryptocurrency, I only used the exchange as a trading tool.

[MrPeriklis]

Clearly lol, why on earth would you keep your money in a location where all the hackers are targetting

[levyashin]

No, he says keep on exchanges but only the biggest ones, like binance

Still, so far binance did everything to protect its customers so maybe he is right.

[Muzika]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

I have a personal experience about holding coins on exchange, I have a coin in coinhub for almost a year of holdings and suddenly they delisted the coin that I am holding, so it is really not advisable to do it because exchange has the power on your coins.

[santiPOGI]

Never keep your tokens on exchange if you will not trade it or will do day trade.
ONce an exchange experience a problem your token will also be at risk.
Look what is happening now at cryptopia, many users are now hanging and at risk.

[maianh09]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

This is good advice when most brokers have to block a lot of hacker attacks every day. Also, user coin storage on devices such as tezos or Nano S ladger also helps to limit many risks. But also, the fact that you store on other platforms will support the exchanges to earn the fee from the withdrawal. This can be called one of the trading strategies.

[fudster]

...But some say this is nonsense.

it is unclear what you mean by this. who says what is nonsense? keeping coins on exchanges or the fact that the owner of an exchange warned people about it?

in either case people should already know this and not trust then with their money in first place. not wait until a hack happens to start panicking.

He must mean the website link of OP. The articles on the site is written by a 2nd grader.
But yes its true, its not recommended to put your coins in an exchange for a very long time. What made users store their coins on Binance though is that they knew they'd receive airdrops from holding tokens like EOS.

[winstonchurchillwar]

Logically, if you trade then of course you will store bitcoins only on the exchange, if you hold it is best to use a cold wallet. I think in any case you need to try your best to ensure the safety of their coins.

[izanagi narukami]

Sometimes people too lazy for moving it from the exchange. When something bad happen on the exchange, it's already too late.

But remember that crypto mostly being operated by internet so eventhough if you somewhere safe just make sure that your wallet have updated security and never loss it's PK

[mlsbd]

No, Binance CEO @CZ_Binance suggesting store your asset in the secure exchange https://twitter.com/cz_binance/status/1085115366508883968
Yes, i think every exchange is not secure to keep our coins. But i keep all coins in the wallet.

[South Park]

Its a terrible idea to keep your coin on exchanges even the most reputable exchange can runaway with your money, just keep some of the coin that you need for trading, dont make exchanges as your wallet the security of the exchanges is not too good, all of us had witnessed a lot of hackers hacked the exchanges this is one of the good reason to never store your coin on exchanges

After the significant number of hacks we had over the years I would have guessed it should be obvious that storing your coins in an exchange is a bad idea, to begin with you are giving up control of your coins which is bad enough since cryptocurrencies are all about taking control of your money and if that was not bad enough exchanges are big targets, so you can be sure there is a hacker trying to find a vulnerability and that is not the kind of environment in which you want your coins to be stored.

[laredo7mm]

This is what must be done. save  does not have to be a lot on the market to avoid the same things as cryptopia is hacking and the money the users are taken away

[Alisa014]

did you see that Binance has unexpectedly blocked residents of certain countries from using its services:  https://coinedtimes.com/binance-your-coins-now-belong-to-us/

[eternalgloom]

No-one going through the trouble of actually posting a screenshot here?
Here you go, otherwise people will just keep repeating the wrong info from the thread title...



OP, next time maybe review your post and use a better source for articles 

[eaLiTy]

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

The people who lost their coins in the past due to the incompatibility of exchanges to keep the coins safe and the people who lost the coins will tell you that that is not a nonsense thought process, but the fun fact is that the tweet is the opposite and he is asking people to store the coins in exchange, but i advice against it, you will be lucky enough if you get a small portion of the coins you lost and it is a common knowledge that it is not at all safe to keep your coins in any exchange even if they claim to have a better security, the safest option is to hold the coins where you have control over the private key, the rest is a big gamble.

[mlsbd]

Over 10 million worth of coins current balance in this address https://etherscan.io/address/0x9007a0421145b06a0345d55a8c0f0327f62a2224
account name is Cryptopia_Hack3 and every hours token out from hacker account to unknown wallet

[coin-investor]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Its common sense doesn't need a CEO to tell you that it is not safe to keep your funds in exchanges because it is not really safe and history have proved that, so don't be an asshole that you need to experienced it before you heed the advice that exchange is not a good place to store your coins.

[samuraijin]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

That's a very good proposal, but we also have to think again, if we don't save BTC on the market how we can trade there, if the BTC we have is transferred to a personal wallet.

It is possible that if we only add half the BTC to the trade, chances are we don't really lose so much BTC, if when we get profit from the profits we get from trading, maybe it's very good if I see like that ...

[Halmater]

If you are not a trader, keeping your cryptocurrencies does not seem reasonable. Also, he is right not wanting have inactive accounts. Personally, I think he may prefer to focus on to be traders' home.

[abojamal]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Whether the tweet is correct or false
I advise what came in it
Exchange is made for trading only and not for storage
The wallet is much safer than trading.

[Korkorjkk]

Of course,  keeping your tokens on exchanges are not very safe because it can be stolen at any time. It is better you keep these tokens in a wallet than an exchange.

[satriagedhe]

yeah , the main function exchanger is to do "exchange" , our coin just transit there and become other coin /fiat , if you'r really holding better do it on personal wallet like blockchain or MEW

[lornadane]

OP, your title is misleading! The Binance CEO did not tell what you mentioned, rather he said the opposite things! And his tweet made a short controversy! after then he explained why he suggested storing coins on exchanges! Mate, CH tweeted about to store coins on a trusted exchange like Binance, and that was just an ad as he explained! But the reality is, we shouldn't store our coins on an exchange for a long time, only hardware wallet with enough security is the solution!

[Nasonn]

He didn't actually say that, he only listed the two options; storing coins yourself and on exchanges with their cons and pros. So the choice is on the individual to ascertain his tech know-how and how secure the exchange is or to move funds to Dex.

[minhlee95]

This is one of the best tips that exist to store your coins. More than one bitcoin was stolen in this way. Keep the money on the exchange only as a last resort, if you are going to make any transactions with it.

[Initscri]

Couldn't agree more. Not only the risk of hacking but also along with the risk of company issues related to the price of Bitcoin, I wouldn't leave any measurable amount in an exchange as of this moment.

[WebTera]

It's really not the safest place to store your coins. With your account on the exchange, something bad can happen. I unfortunately have such a sad experience and it took me a very long time to recover my account on the exchange and get my coins back. Therefore, it is better to choose a reliable wallet and store your bitcoins there.

[youdacapt]

I think there is truth because all exchanges have a weakness point and of course the risk will be very large if we keep all our assets in the market because hacking often occurs in several large markets so that all our assets will be lost because the market loses data better than we are now more careful careful in maintaining our digital assets not because of our carelessness that will destroy our lives.

[Burogh]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

I think its true that we should store our own coin or token in our own wallet. Its on our own control. As long we keep the private key safe, i am believe hackers can not hack our wallet. If we plan to hold for long term, its not safe storing our coin in exchanger wallet because its very risky

[Pain to go mad]

Oh, garbage, you're wasting my time, okay? Please respect the original copy and do not copy so low.

[freedomgo]

Didn't he mean don't keep your coins on other exchanges except  Binance? kidding aside.
To be honest, I also keep my coins in some exchanges but I make sure I will never keep it on shitty exchanges as they are
more vulnerable to hacking. If I have to trust my coins in a certain exchange, I will put a bigger portion of my coins to Binance as they are more secured.

[Msworld83]

Truly the exchange is not that save to keep one token in for long but due to some reason and day trading habit many keep their token in exchange for easy and fast trade in case there is sharp turning and fees charge too which has be the major issue for every trader and DEX is all we need and from trust source as many of this dex now are also kind of shit.

[traderethereum]

I prefer to save the most coins I have in the multi wallet than in the exchanges because I am sure it will be safer. I don't have too many coins in the binance because I don't use binance as my main exchanges to trade. But if somehow, I feel that in the next day, there will be a big movement from the coins, I will send the coin to the exchange, so I don't miss the good time to sell. We need to be careful with the safety of our coins, and we need to aware of the hacker too.

[ellehcar]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

I don't think this is nonsense nor something we should take for granted. Truly, keeping our valued assets is our sole personal responsibility. Though we kept it in an exchange and the exchange got hacked, somehow we are still responsible for entrusting our assets in their safekeeping. We should be more vigilant, cautious and meticulous in choosing which exchange to trust. And yeah, we shouldn't keep our assets in exchanges for a long time. It's okay to put our coins there if we are trading daily, but to leave it there for a long time, I don't think that's a good idea. Personally, I only transfer my coins to exchanges if I'm about to market it, and I am completely aware and ready of the risks associated with it. That's being responsible trader/hodler.

[mitchr4]

That must be avoided, saving coins in an exchange is only for trading. Do not keep it for a long time. I think the CEO took the right action by saying this because they did not want to take the risk also.

[TradingIsBreath]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

If we start using non-custodial exchanges like CoinSwitch.co the problem is solved by itself. When we exchanges, the coins are directly sent to user wallet.

[Desscount]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

this is confusing, I think every exchange must provide a sense of security for the traders. the security system must be tightened so that we can trade safely without handing over hacking.

[Dr.Osh]

well, maybe that was said because the exchanger is vulnerable to be the target for the rights holders at this time. because it's quite dangerous to store large amounts of bitcoin, or other assets into an exchanger. maybe it's better to save it in a trusted wallet and activate all the security systems, I think it's better.

[qiman]

I thought they hold coins in some vault but definitely I am sure that Binance being such a large exchange would hold all the tokens and the coins offline am I correct? It would be totally risky and foolhardy to be having the coins on the exchange for people to hack and clear and wash out people's accounts. I do not hold much on any exchange anyway as I do not trust to put much on exchanges. I also do not hardly have anything anyway, so I would not be affected, but if a big hack happened on Binance and people lost their funds then it would be very bad for Binance and they would lose total trust and credibility. I doubt though that will happen somehow.

[tbossmitche]

I absolutely think this title could have been rephased to "Don't keep much coins on exchanges". This is because it is impossible for a cryptocurrency trader not to have coins on various exchange platforms at a particular point in time. Also, it is not rocket science, this advise is making the rounds because your funds are definitely more safe in your personal wallet. The laziness embedded in some traders definitely makes them leave large amount of coins on exchanges over a long period of time and this could attract the attention of corrupt officials or scammers.

[buwaytress]

Hard to really condemn these guys. They're respected and they have the wealth, so people listen to them. I mean, look back on old threads on this forum and you have mods and devs recommending Mt Gox as safe and trusted. Relative to conditions at the time, they were right and speaking from personal experience.

Others swear the safest is BitGo's custodial service. Does it get any more secure than a vault deep inside mountains? Probably not, if you're trying to resist deliberate attacks. I still believe in personal security and behaviour as the first measures we all need to take. But if someone tied me to a chair and tortured me for my seed, I probably would give it up. I'd give a fake one first and then they'd get mad, break every bone and get it out of me.

But since I don't own enough to make people go after me, it's a problem I'll think about later on.

I absolutely think this title could have been rephased to "Don't keep much coins on exchanges". This is because it is impossible for a cryptocurrency trader not to have coins on various exchange platforms at a particular point in time. Also, it is not rocket science, this advise is making the rounds because your funds are definitely more safe in your personal wallet. The laziness embedded in some traders definitely makes them leave large amount of coins on exchanges over a long period of time and this could attract the attention of corrupt officials or scammers.

Yeah we all use 3rd-party services so need to keep coins at some point. The idea here is, don't leave your coins somewhere if you don't need to. As soon as your business is done, withdraw.

[vinceB]

even in your eth add they can hack you but for me much better in exchanges why if my tokens got hack I can comply to them how and they are the one who's  fault

[Emilyp]

I don't think what he said is nonsense, once we start taking the security of our coins personally, most of these hacks will stop happening. Be conscious of where you keep your coins, where you keep your wallet keys and you will be safe.

[Indamuck]

No keys are truly ever safe, I'm sure 99 percent of us would give up our private keys if we were being tortured and force to give up our crypto.  If exchanges have good physical security they can still be overtaken by criminals, nothing is ever 100% safe.  Since these exchange operations are well known they are not very hard to track down either.

[South Park]

No keys are truly ever safe, I'm sure 99 percent of us would give up our private keys if we were being tortured and force to give up our crypto.  If exchanges have good physical security they can still be overtaken by criminals, nothing is ever 100% safe.  Since these exchange operations are well known they are not very hard to track down either.

Which is why you never tell anyone that you are holding significant amounts of bitcoin or other coins, sometimes I see users in the forum revealing how many coins they are holding and while some are probably exaggerating there are some that are telling the truth and are telling everyone that they are a target which is always a bad idea especially if you want to be the one in charge of the security of your coins.

[mutrang23]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

If you don't keep coins on exchanges, which platform will you save? Remember that current fees for transactions are not low compared to low volume transactions. Besides, specific platforms only accept ETH, BTC, BCH, ETC

[imstillthebest]

i thought cryptopia is the one that got hacked ? but why binance is giving a warning ? hmm are they scared because they security is not good enough in order for hackers to bypass  it?  but yeah thier ceo was correct . storing our funds online is risky because online world are verry vulnerable to attacks  like scamming , hacking , viruses and malwares   .   its always a good if we can buy hardware wallets or better withdrew some of your funds and keep them on hand  .

[Caladonian]

No keys are truly ever safe, I'm sure 99 percent of us would give up our private keys if we were being tortured and force to give up our crypto.  If exchanges have good physical security they can still be overtaken by criminals, nothing is ever 100% safe.  Since these exchange operations are well known they are not very hard to track down either.

Which is why you never tell anyone that you are holding significant amounts of bitcoin or other coins, sometimes I see users in the forum revealing how many coins they are holding and while some are probably exaggerating there are some that are telling the truth and are telling everyone that they are a target which is always a bad idea especially if you want to be the one in charge of the security of your coins.

Being anonymous and quietly holding your coins is far safer than letting others to know that you are holding such amount, either you are keeping it inside the exchange or you are keeping it from your wallets, you are prone to be targeted by hackers as they knew that in one wrong move you will be penetrated and everything that you keep will be empty, this warning should not let for granted it should be seriously handled.

[Aponkye1]

The blockchain offers security yet it is so sad that security has been one of the greatest issue on most exchanges. No need to sound any false alarm but can't this be some sort of consipiracy to abscond with the funds of users. So he wants us to withdraw our funds every night after trading and so imagine the number of users on Binance all withdrawing their funds and calculate the number of funds they would make as a result of fees being charged. They should rather ensure that their exchange platforms have the best of security features.

[andika2018]

I am agree with what binance CEO says. We should keep our own security by storing our coin in wallet we control. Hard for hackers to steal our coin if we keeping safe our private key. With cryptopia case, i am believe major exchanger increasing their security

[incomefromcoins]

what binance CEO said is advisable not to keep coins on exchange and keep coins in hardware wallets in secure place then only we gain control of ur digital assets

[digitalcryptocoin]

Well holding coins within exchanger wallets may cause loss of individual users. Many coins have forks and other distribution methods to offer new coins, but due to lack of control of your wallets private keys, it could bring a drastic loss.

So my advice is to use exchanger wallets just for trade coins to deposit and withdrawal, not to HODL coins.

[nydiacaskey01]

Nothing wrong the advice of Binance CEO CZ. What he claims is true, its just that its an inconvenience if there is an opportunity to earn but you don't have enough funds in you exchange wallet. Another thing is moving funds from one wallet to another will cost money as well and time consuming too. Keep only an amount of money in your exchange wallet that you can afford to loose.

[Canoppo99]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Since long time ago many people here warns to all new members to save their cryptocurrency on hardware wallet which not connected to the internet. Most of hacker's attention is in cryptocurrency because there is the money. I personally don't use exchange site to trading since this activity is like gambling so I just use it to convert token altcoin into btc or the opposite. Reduce trading activity and increasing buying and selling goods using cryptocurrency please.

[horse606]

If you keep your coins in Exchanges，you can trade them at any time. I guess someone will have the same thoughts.
But the truth is：most of time, you will be regret of your decision to trade crypto. the best idea is always to HODL.
so maybe don't keep coins on your own cold wallet would be a better idea. LOL

[NellaKharisma]

I have heard advice like this before but in some cases. Saving crypto assets on a centralized exchange does look bad, then if we save crypto assets in a decentralized exchange, is that safe?

[LogitechMouse]

This advice has been said by many people already and he is only saying it again. I agree with what they are saying that don't keep your coins in the exchanges. Just keep the coins that you will use in trading. There are some risks that you can encounter when you keep your coins in exchanges. The best place where to store your coins is in the hardware wallet.

[JRoa]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

The answer is simple, we should not store our coin in exchanges because we do not have control to it. What if the exchanges have been hacked? Then we will lose our coins because we do not have control to it. It is better if we will store it in a safe storage that have private keys for us to ensure that we are the only one who have control to it.

[- ESPERS -]

      I believe that if the investment is only a few hundred dollars, you are not so exposed to hacking, especially as the top exchanges are not so vulnerable. I do not think anybody who has left their investment on Binance, for example, was out of money because of hacking. But, however, it is good to choose the version of a private wallet, but you have to take care of it.

[mbluxs]

Indeed, storing our assets in an exchange is not recommended. because full control of our assets is in exchange. and is very vulnerable to hacking which is happening today. even now there are many exchange responsibilities that run away

[dodgrad]

In my opinion, his advice concerns only new users of cryptocurrencies. Everyone who deals with cryptocurrencies a year or more knows very well that keeping cryptocurrencies on exchanges is the worst thing that can be. Cryptocurrencies should be kept on a wallet secured with a very good password, preferably on external data storage.

[kucritt]

hmm, i think it will be good when you dont save your cryptocurrency in exchanger. because the purpose of exchanger is not saving bitcoin, but it is for exchange bitcoin to another cryptocurrency.

[oudekaas]

I'm absolutely agree with him. If you hold tokens and don't plan to trade in the nearest time, it would be better to transfer yor money to cold wallets where they are in safety. For example, Trezore or Ledger wallets.

[Eclipse2021]

Well if the ceo told us that. I am wondering what it will happen with binance in the next coming years ? What is good for us is the new incoming nano ledgers and we should all move to this new gadgets.

[Johnzky]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Only noob and newbies are trusting the exchangers overnight for their coins and tokens because for the old timers they know how risky leaving your coins on those platforms after you made tradings or buyings this must be an eye opener for many cryptonians that the vulnerability of exchangers to hackers are very often so to save our precious coins lets take them out and return to our wallets every after tradings

[mahibul49]

yes i am scared right now.i have hold my asset on cryptopia and may be i lost and it was my wrong decision.i think exchange like is safe but not fully safe.we can use paperwallet to hold our asset.

[BigBos]

yes i am scared right now.i have hold my asset on cryptopia and may be i lost and it was my wrong decision.i think exchange like is safe but not fully safe.we can use paperwallet to hold our asset.

well, that's a lesson for you. I have also saved assets that I had several times on exchangers, and I have never lost it. well, but we have to be careful, we don't know when your assets are lost in a market. maybe it's better to store it in a wallet like a blockchain, or hardwallet.

[adrianto1995]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

Is probably fine to store your coins on your trusted exchange. But don't keep it too long on the exchange, only keep the coins that you want to trade for a short time...
We don't know how long this exchange will be kept alive from hackers. Better keep your coin on your private wallet if you want to store your coins for a long time...

[Ava Duvall]

I am agree with what binance CEO says. We should keep our own security by storing our coin in wallet we control. Hard for hackers to steal our coin if we keeping safe our private key. With cryptopia case, i am believe major exchanger increasing their security

Paper wallets are key!! Maybe some would have even avoided the hack. But what's done is done and like you mentioned there security needs to be increased big time

[romero121]

What Binance CEO stating about keeping of coins on exchanges is true. Other than decentralized exchanges it is true that we are keeping our coins on a high risk platform. The exchange operators do the best to keep the users funds in a secure manner, but the hackers around were much focused on the growth happening with cryptocurrency network. This is the reason for increasing hacks on exchanges, as suggested lets try to keep our coins safe.

[hardcore_cryp_trader]

The question is what exchange you use. Most modern large exchanges have several degrees of protection. It is as safe to keep money on them as in a residential or bank account. There will always be a risk that someone can steal your money. But, as practice shows, this doesn't happen often.

[cryptorima]

You shouldn't hold coins on an exchange. You should always withdraw it to a place where you control the private key.

Yeah you are right. I also following this method. I always try to keep my all coins on my private wallet.

[KnightElite]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

It is a fact that we should always follow in order for us to not lose our money. Our cryptocurrencies are vulnerable to hackers if we will store it in exchanges because we do not have full control to our money. If our focus is holding our coins in a long time, it is better if we will store it in a cold wallet or hardware wallet.

[unusualfacts30]

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

If you read the article there is a quote in that from Changpeng which says “Some people seems to misread this tweet. It lists 3 options. It does not say which option is better than another, as that depends on each person’s security skill, preference, fund allocation, etc. Most importantly, it is an ad for the [Binance DEX]. My bad for not making it clear,”.

you have misinterpreted what was said just like many others but it is mentioned in the article that this is not what he meant.

[kolesozw]

It's a smart decision if you can afford it. For example, I can't because I'm trading on a daily basis and I need my coins on exchanges.

But it's stupid to hold coin on exchanges if you are got going to trade with. The best option is paper or hardware wallet.

[Daniel91]

It's good advice but personally, since alts drop so much, I don't care really.
I just keep it on exchanges, hoping to see price rise again.
If nothing happen, I will simple forget it.
Of course, Bitcoin is safe at the wallet

[freedomgo]

It's good advice but personally, since alts drop so much, I don't care really.
I just keep it on exchanges, hoping to see price rise again.
If nothing happen, I will simple forget it.
Of course, Bitcoin is safe at the wallet

What if those alts will pump and the exchange where you put your alts get hacked? I'm sure you'll regret your decision.
I really think I should valued everything I hold, I know altcoins have significantly drop but there is a chance that it will rise because I believe
on their potential to the market, it's just the time is not good for now, but over time it will recover and we will enjoy its real value.

[raidarksword]

CZ is absolutely correct because it's much safer you store your assets in your wallet with your private keys in you. Just make sure you are not giving away your private keys to anyone then you are safe. Exchanges have high security but it doesn't mean they are not vulnerable with attacks, hackers always find way to penetrate just like what happened to cryptopia recently.

[mike_the_notorious]

Why not? Recent events, when the exchange was hacked - this is an isolated case. Yes, it happens. Airplanes also fall from time to time, but we continue to fly them. I read that modern exchanges offer fairly high-quality services. Personally, I kept my cryptocurrency on my exchange, and will continue to do so.

[shesheboy]

It's good advice but personally, since alts drop so much, I don't care really.
I just keep it on exchanges, hoping to see price rise again.
If nothing happen, I will simple forget it.
Of course, Bitcoin is safe at the wallet

What if those alts will pump and the exchange where you put your alts get hacked? I'm sure you'll regret your decision.
I really think I should valued everything I hold, I know altcoins have significantly drop but there is a chance that it will rise because I believe
on their potential to the market, it's just the time is not good for now, but over time it will recover and we will enjoy its real value.

yeah you were right dude . all alts ( even the shittest one )  do always have the potential to skyrocket . thats why we must value them just like on how you value your bitcoins  . @daniel91  if you still didnt care about your alts  ,  maybe i can have it  ? ill keep them better  

the ceo of binance is also correct . we must not store our coins on an online exchange because hackers will firstly target them due to the numerous amounts of cash that they can potentially get  . not only on online exchange but also on all online wallets  as well  , better if we store our cryptos in an offline storage or leave only limited amounts that you can spend online ( if ever hardware wallets isnt available )

[cahbagus555]

The safest way to store our coin or token is on our wallet that we control the private key. Cryptocurrency getting more popular and hackers always want to steal and hacking exchanger wallet. Its not safe store our coin in exchanger, i think its more safe if we store our coin in cold wallet

[incomefromcoins]

nt to keep coins in exchange is good suggestion we should store coins in hardware wallets and offline wallets so that we can keep our coins safe

[bitbunnny]

So, he didn't say anything that we haven't already known. Keeping coins on exchange like in wallet brings many risks, like potential hacking attack where  you can lose your coins and who knows if you will ever get them back. Keep on exchange just the amount you want currently trade and divide your funds on multiple exchanges. There is no absolute security but still you have to do all that you can to protect yourself.

[Kahoy01]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

It is a reliable information that we should always remember. I do not keep my coins in an exchange because it is now proven that it is risky decision. There are now exchanges that goes down because of hackers. Your coins are not safe in exchanges so we should not keep it in exchanges.

[jabrix]

The safest way to store our coin or token is on our wallet that we control the private key. Cryptocurrency getting more popular and hackers always want to steal and hacking exchanger wallet. Its not safe store our coin in exchanger, i think its more safe if we store our coin in cold wallet

To save bitcoin to be safe by using a hardware wallet (such as Ledger or Trezor). Because the hardware wallet uses hardware to be able to access the stored bitcoin, making it safer.
In addition, there must be a physical agreement to be able to make transactions. This feature is safer because hackers cannot physically push buttons on the hardware we have.

[ancafe]

So, he didn't say anything that we haven't already known. Keeping coins on exchange like in wallet brings many risks, like potential hacking attack where  you can lose your coins and who knows if you will ever get them back. Keep on exchange just the amount you want currently trade and divide your funds on multiple exchanges. There is no absolute security but still you have to do all that you can to protect yourself.

you're right, there have been so many cases like that, and many people are stressed out because of that. we never know when an exchanger will concede by a hacker, but storing it in a wallet might be much safer. well, but some people still store their assets on some exchangers, because it's more practical.

[ToyotaFortuner]

actually this binary CEO gives a warning to many traders who give trust to binary exchange places that have the highest trading volume movements every day, binance CEOs are afraid of hacker attacks that will make the assets of users where binance exchanges disappear, so the binance CEO gives such warnings so that traders can always be careful.

[ExtractbotExtension]

If you are a full time trader, best place to store your coins is a well trusted exchange like Bonnie (most trusted exchange) , if you are an hodler,  an exchange is a bad option,  we have hardware wallets, for BTC, ETH,  BCH and XLM, BLOCKCHAIN is the best place to hodl your coins.
What CZ said is only applicable to traders.

[ExtractbotExtension]

If you are a full time trader, best place to store your coins is a well trusted exchange like Bonnie (most trusted exchange) , if you are an hodler,  an exchange is a bad option,  we have hardware wallets, for BTC, ETH,  BCH and XLM, Blockchain is the best place to hodl your coins.
What CZ said is only applicable to traders.

[South Park]

The question is what exchange you use. Most modern large exchanges have several degrees of protection. It is as safe to keep money on them as in a residential or bank account. There will always be a risk that someone can steal your money. But, as practice shows, this doesn't happen often.

It does not matter if hacks do not happen often the problem is the devastating blow that can mean to your finances, if you are investing in cryptocurrencies then it is likely the capital you are using to invest is significant for you and you only need to make one mistake for hackers to get your money and as we know exchanges are always a big target to hackers and I do not know about you but I do not want to lose my money just because I was too lazy to have my own wallet.

[Gary Levanevskii]

Perhaps he wants as few people as possible to trade on the exchanges right now. If people don’t keep their Bitcoins on the  exchanges, they won’t be able to buy or sell Bitcoins at the best price.

[qtronix]

He was right. It is not safe to hold funds on exchanges. I think you should not neglect it, because anything can happen to the exchange and you will lose your money forever.

[Dreamchaser21]

Perhaps he wants as few people as possible to trade on the exchanges right now. If people don’t keep their Bitcoins on the  exchanges, they won’t be able to buy or sell Bitcoins at the best price.

Well, it is still depend whether you keep buying bitcoin offline or you are ready for the risk to used exchanges. It is right not to put big money in exchanges even if its a big one since everyone is vulnerable to be scammed and hacked. This is just for your own safety, so decide for the best.

[HandsomePeople]

Well, exchanges make money from you when you withdraw as well, so it makes sense advising to not keep your coins on their platform as long as you are you going to deposit the next day then withdraw it again. Just like banks, they want you account to be active allowing them to make profit.

[Agapelove]

I can't imaganine up to now, how could these exchanges haven't been hacking-proof exchanges. Are these hackers really better than those who are developing exchanges? If this is the case, it is not really safe to put all your digital assets in an exchanges unless they are being used for trading.

[Marbelli]

it was a long time ago, because people lost a lot of money because they were denied security

[Cryptrx]

Depending on the exchange I will be more rest assured with the security of my coins than on a convectional wallet, let say Binance or Bittrex. But you're better of with your coins in a wallet than in most of the exchanges out there, we should all take the security of our coins very seriously.

[coinnumber]

https://cryptomenow.com/controversial-tweet-draws-fire-ceo-of-binance/

After some recent high profile hacks happening, Changpeng Zhao shares tips on keeping safe, mostly coming from a place of holding personal responsibility.  But some say this is nonsense.

The security of our digital assets or coins should be taken serious to avoid always losing our funds. Saving your funds on an exchange wallet never guarantee any safety as you are not fully in control of that wallet that's why it's always advisable not to store our funds on exchange.
Thanks for this, it's useful to all new crypto enthusiast.