Binance CEO saying don't keep coins on exchanges

[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.

[1715657999]

1715657999

[1715657999]

1715657999

[1715657999]

1715657999

[1715657999]

1715657999

[1715657999]

1715657999

[1715657999]

1715657999

[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.