The reason why you need to store your money in your hands!

[criket]

Yeap,its true(universal truth).without key coin is not yours.Exchanger always Risky to hold.if you don't own private key you don’t own the coin.I think exchangers and banks are same.Because exchanger and bank both can hold your money. So it’s Better to own key and hold coin others you can face horrible situation.               

but I still always hesitate with the exchange because I feel the risk of loss continues to haunt me. I am more comfortable with a personal wallet to store assets even though the risk is still there. but for daily trading, I always leave my money in exchange for buying money assets.

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[Eternad]

Yeap,its true(universal truth).without key coin is not yours.Exchanger always Risky to hold.if you don't own private key you don’t own the coin.I think exchangers and banks are same.Because exchanger and bank both can hold your money. So it’s Better to own key and hold coin others you can face horrible situation.               

Putting in exchanges is really risky, that's why I do is when I know I will not be active in trading I remove it in exchanges and put it my hardware wallet or transfer in my mobile wallet so I can monitor it. Exchanges are prone to attackers of hacking or scamming so we need to be careful but we also need to risk in them sometimes to grow our money. Banks are no opportunity there is now way to earn from them unlike in exchanges when you know how to trade.

[oktana]

The question now do we have traders in Binance that experienced all of these, this is not right, they cannot just freeze accounts just like that without strong valid proof that the Bitcoin they send are dirty Bitcoin, in the past, they have some accounts limited, because of some questionable deposit, but if these are legit traders who do not know about this, this is really bad, for traders.

if this case develops, there must be a lot of threads appearing now, especially on reddit, but I don't think so.

only a few accounts violate the rules in the singapore binance branch i guess, and even then related to the alleged use of money laundering services, it's a bit confusing but they forbid some services that aim for privacy of assets. so no account is frozen for no reason that violates certain conditions.

[davinchi]

Honestly, it is a very risky thing to do both, if you hold it online and in some exchanges wallet for example, you can lose it when exchange gets "hacked" or basically does an exit scam which they do pretty frequently in crypto world.

However, if you do not want to put your money into someone else hand then you are risking to lose all your money yourself as well. You can put it on your computer and your computer could broke down, you could put it on usb and you can lose it, you can have a hardware wallet and lose that as well, basically you can do whatever you want that keeps your money with you and I can find a way to get that money lost as well. So whatever you do, there is always a risk of your money being stolen or you just can't find where it is at all times.

[Endikadija]

Yeap,its true(universal truth).without key coin is not yours.Exchanger always Risky to hold.if you don't own private key you don’t own the coin.I think exchangers and banks are same.Because exchanger and bank both can hold your money. So it’s Better to own key and hold coin others you can face horrible situation.               

but I still always hesitate with the exchange because I feel the risk of loss continues to haunt me. I am more comfortable with a personal wallet to store assets even though the risk is still there. but for daily trading, I always leave my money in exchange for buying money assets.

Even with the personal wallet and if you are still visiting the suspicious sites and you will get very big risk to be affected by the malware. I personally try to create small hardware wallet from a new flashdisk and that's working to secure my money. Just try to use the paper wallet too as the best thing to backup our wallet.
Everything must be done to secure our money.

[FLHippy]

So you mean that you can buy BTCs that are not exchangeable? And if you use some mixer? Or all Bitcoins that come from mixers are tagged?
I do not understand why there are bad and good BTCs, BTC should be BTC. I understand that "bad" BTCs come from hacks, but still it is BTC and when you are an ordinary person, how would you recognize that it comes from illegal activity ? 

[Colt81]

It is reported that exchanges began to freeze accounts for having been on the accounts of a "dirty" Bitcoin. Moreover, we are talking about Binance and about the Bitcoin, which was there 5 months ago. Thus, exchanges can freeze any amount of funds in order to cover cash gaps simply by tinkering with their user's transaction history. If suddenly a user once bought from someone a “dirty” BTC on OTC, send it on the exchange and then conducted operations with other BTC there for a long time, then at one moment he can get a ban and the exchange can don't give him money as much time Exchange wants.  I think it can affect everyone. so I share this info with you guys because I recommend you hold your money ONLY in your own wallets! so be careful and Happy New Year!

It is one of the reason why i don't trust every wallet and i am so picky in using wallets because some exchange still controls you in using your funds like this kind of situation in binance, that is why it is better to only use a cold wallet in storing your funds to keep it safe to other people.

[stephanirain]

It is reported that exchanges began to freeze accounts for having been on the accounts of a "dirty" Bitcoin. Moreover, we are talking about Binance and about the Bitcoin, which was there 5 months ago. Thus, exchanges can freeze any amount of funds in order to cover cash gaps simply by tinkering with their user's transaction history. If suddenly a user once bought from someone a “dirty” BTC on OTC, send it on the exchange and then conducted operations with other BTC there for a long time, then at one moment he can get a ban and the exchange can don't give him money as much time Exchange wants.  I think it can affect everyone. so I share this info with you guys because I recommend you hold your money ONLY in your own wallets! so be careful and Happy New Year!

It's really the best to ensure that the source of the cryptocurrency is trustworthy and legit. And as the line between freedom of crypto and regulation are getting thinner, this sort of issues are becoming more common and prominent. Hopefully, this can still be resolved in the near future.

[Faxmate]

Our biggest mistake starts here: using centralized exchanges in the decentralized system.

Yeah me in personal never giving away or even tell anybody in my circle (friends, family, etc) about the cryptocurrency that i possesed because there are so many things will happen if it's all about money. So we better keep ourself and place our wallet in a safe area that we are the only one that can access it.

In terms of safety you may be right but think about the other side. If you die in an accident, will not there be someone to access your wallet. The funds you have collected for years will be buried with you. Think about it without wasting time and teach everything to the person you trust.

Yeah we must have some trust worthy person on our life that can have control over our wallets but if we will share about our wallet with others then they can cheat us. Having your money safe with you is the most important thing. If you want to share then tell only a person you trust the most that must be from your family.

[SaShiRaJaVu]

It is reported that exchanges began to freeze accounts for having been on the accounts of a "dirty" Bitcoin. Moreover, we are talking about Binance and about the Bitcoin, which was there 5 months ago. Thus, exchanges can freeze any amount of funds in order to cover cash gaps simply by tinkering with their user's transaction history. If suddenly a user once bought from someone a “dirty” BTC on OTC, send it on the exchange and then conducted operations with other BTC there for a long time, then at one moment he can get a ban and the exchange can don't give him money as much time Exchange wants.

I am not sure whether someone got their accounts frozen because the coins were tainted. If it is illegal then they have the authority if they have a subpoena from the authorities, other than that even these exchanges does not have the right to hold anyone's money. When the regulations are active and if you are holding bitcoin from tainted sources then you might get into trouble and it is a real possibility that these tainted coins will get you in trouble .

[bitcoin-shark]

Unfortunately, exchanges can use the excuse of dirty bitcoins to freeze the account of any user, obviously and only an excuse and I think they do it randomly with those who have large capital on the exchanges, in my opinion bitcoins are all the same as the money depends from the use that is made of it but the end user cannot be accused who is unaware of the previous uses, however the advice is valid, do not keep anything on the exchanges just do your transactions and then move everything on a personal wallet...

[Kersh768]

It is reported that exchanges began to freeze accounts for having been on the accounts of a "dirty" Bitcoin. Moreover, we are talking about Binance and about the Bitcoin, which was there 5 months ago. Thus, exchanges can freeze any amount of funds in order to cover cash gaps simply by tinkering with their user's transaction history. If suddenly a user once bought from someone a “dirty” BTC on OTC, send it on the exchange and then conducted operations with other BTC there for a long time, then at one moment he can get a ban and the exchange can don't give him money as much time Exchange wants.  I think it can affect everyone. so I share this info with you guys because I recommend you hold your money ONLY in your own wallets! so be careful and Happy New Year!

Good thing that I have not been storing my assets into any exchange since then because I am just storing it up into my online wallet or hardware wallet. I am just using any exchanges whenever I have decided to trade my assets to turn it into profit. But, is your statement have already been proven or is just a temporary malfunction on the system or just an allegation? Because if that was not true, the credibility of Binance which you have mentioned will be at stake. But you do really have a point that we must keep our assets in tack within our hands like storing it into your preferred online wallet or even into a hardware wallet on which is suitable or convenient for you to be used. Upon choosing an exchange, be sure to read the terms and conditions and secure that you have already know how to use it properly for convenient usage. Also secure that you choose your exchange wisely and that you are diving into a secure site to protect your assets.

[tsaroz]

There are different people that use bitcoin and other crypto for different use. If you are holding, keep it with you. If you are trading you need them on exchanges. DEX haven't reached the efficiency of centralized exchange. I did tried day trading on some dex but I had at least one issue on transaction everyday and needed to start a support ticket everyday. That just stops the flow of my trading script. That's why centralized exchange is necessary for traders.

[aioc]

It is reported that exchanges began to freeze accounts for having been on the accounts of a "dirty" Bitcoin. Moreover, we are talking about Binance and about the Bitcoin, which was there 5 months ago. Thus, exchanges can freeze any amount of funds in order to cover cash gaps simply by tinkering with their user's transaction history. If suddenly a user once bought from someone a “dirty” BTC on OTC, send it on the exchange and then conducted operations with other BTC there for a long time, then at one moment he can get a ban and the exchange can don't give him money as much time Exchange wants.  I think it can affect everyone. so I share this info with you guys because I recommend you hold your money ONLY in your own wallets! so be careful and Happy New Year!

Investors and traders should be aware of where they are getting their Bitcoin, this applies if you got your Bitcoin from a peer to peer transaction but if you got it from a trusted companies and you have a record of your transaction, there is no zero why they will limit your account, or you can defend yourself if they do limit your account.

[Novatech8]

Most money that binance exchange freeze are illegal or fraud money, this advice is only for those who aren't 100% clean or are involve in illegal activities like scams and money laundering, its really a good thing if they froze any bitcoin that looks suspicious

[Palider]

The best course of action is to buy from a trusted bitcoin seller like Coinbase and not engage in transactions especially P2P with the huge value of bitcoin. And if we have no plans to buy bitcoin or trade in the exchanges we better store our crypto currencies in hardware wallets or in wallets where we hold our private keys.

[nutriagrigia]

Most money that binance exchange freeze are illegal or fraud money, this advice is only for those who aren't 100% clean or are involve in illegal activities like scams and money laundering, its really a good thing if they froze any bitcoin that looks suspicious

the fact is that any person who deposits his money on the exchange can be suspected that he does not have a “clean” bitcoin on his balance. And they can investigate an infinite amount of time. The exchange will only do what is beneficial to them and they don’t really care what bitcoin you have on your balance is “dirty” or “clean”

[leowonderful]

Not your keys, not your wallet. This is something that's been said for about as long as I can remember, and it's something that will remain true as long as people are still actively using cryptocurrencies. There's almost zero advantages to storing your coins with a third-party service in most cases (and especially exchanges), and I guarantee that you can store your coins more securely and effectively with a bit of common sense and a hardware wallet or just your computer.

It's not even just with 'dirty coins' either; a lot of exchanges have been and still are being hacked to this day, and in many cases the impacted exchanges do not fully reimburse affected customers. Crypto gives you a whole lot of freedom with your money, and you're the bank, so always be watchful about your funds. Don't put all your funds in one wallet.

[hello_good_sir]

Absolutely.

And what is meant by 'in your hands' is that you need to hold the damn private keys. So many people think that withdrawing  your coin holdings from an exchange to a hosted wallet is enough. No. A hosted wallet service can do the exact same thing to you - freeze your account without any chance of recourse from your part.

Do you really want to have to deal with all the KYC/AML procedures that are completely over the top and draconian as a regular user, once your account gets frozen? And even if you do, there is a chance that you won't ever get your funds back.

[PrissMCclen]

It is never a good idea to keep money in any exchange no matter how good or legit the exchange is, I learned my bitter lesson last year when cryptopia did away with my huge Electronium