Binance CEO saying don't keep coins on exchanges

[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