Will there ever be any safe centralised exchange ?

[CryptSafe]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

[mk4]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

[joniboini]

Never. Treat exchange as a marketplace where your money can get stolen every time so you don't rely too much on them. Using an exchange to store your funds is a bad idea even if they claim to offer insurance etc. Even those lending platforms are facing trouble and change their ToS regularly so they don't have to pay back the user funds. Use them to trade with the money you are willing to lose, move your funds asap after you make a decent profit.

[buwaytress]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

I don't feel like I really want to agree, but yeah, Coinbase and Binance probably what you'd call the safest you can find. Coinbase because they've probably got the most robust licensing (and are a principal partner for the debit cards they issue, which is something you don't get unless you open your books to them). Binance because of their reserve fund (but I can't say I've ever verified for myself this proof of reserve).

I would say one day we'll see an exchange or at least a financial institution with a crypto exchange arm that'll get a true banking license along with the deposit guarantee schemes that all national banks get from their respective countries. Then I might say that's as safe as it gets (since with that guarantee it also means you open yr books to the central bank, though we all know that's not much in way of safety these days).

[NotATether]

No there won't.

Exchanges come and go, most of the ones from 2015 aren't even around anymore. So it's extremely risky to settle on a single exchange for many years because it might get illiquid meanwhile without you even knowing about it.

[qwertyup23]

Hmm it actually depends on the definition of "safe" when it comes to transactions. Generally, there are exchanges which have been existing for years now (e.g. binance, etc.) and they have proven their integrity and honesty all throughout. Despite this, they are still prone to hackers given the amount of transactions that happen on their exchange.

No matter how "safe" an exchange may be, always expect that they are still prone to hackers. That is why the golden rule is to never keep your coins inside an exchange as you will never know when or how they will be hacked (e.g. binance was hacked and ~$570 million worth of coins were stolen).

[Upgrade00]

Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?

You do not "vouch" for the reliability of a 3rd party platform. One common quote here is 'not to trust, but to verify", and this applies to not trusting an exchange (be it centralized or decentralized) with the safeguarding of your assets.
There are so many risks that exists besides that of a hack or a breach.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

These are not questions you can find answers to here. You can do your research on the different exchanges, but would only get information on what's publicly available.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

The solution is to keep your money out of centralized platforms.

[_BlackStar]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?

Coinbase and Binance are two safe exchanges right now, but no one would dare recommend you keep your investment assets there long term because the exchange is not a safe wallet to store your assets in. You are safe to trade there and buy anything there as long as you agree to KYC, but you have to withdraw all your assets from the exchange if you want to hold them long term.

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

It is not the responsibility of bitcointalk users, but every exchange owner has a way of ensuring that your funds will be safe with them whether you trust them or not. CZ said that many times on twitter, but you have to have principles and really accurate reasons why you should believe about that. In the end, don't keep your investment in centralized exchange whatever your reasons. Your security is your responsibility, and not your keys and not your coins, it's that simple.

[South Park]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

Exchanges will never be safe for two reasons, the first one is that since they concentrate so much wealth they will always be the target of hackers, and even if their security is the best they can always be hit by a zero-day exploit and be hacked anyway, the second reason is that they are a business and businesses disappear, I do not have the data but how many businesses do you think survive more than 100 years? Probably that number is less than 1%, so if there is a bad management the exchange can disappear just like what we saw with FTX.

[examplens]

I like to think optimistically, so I think that despite the big losses that caused the fiasco with FTX, Celsius and the like, this should have a positive effect on the future good practice of keeping coins outside of centralized exchanges.
I'm sure many people have read the phrase "not your keys, not your coins" but apparently many of them did not take it seriously. maybe all this could help in raising awareness for the safety of crypto assets.

[Piesel]

The question should be, can we trust an exchange with our money?
The answer is no.

Don't trust any exchange to the extent of leaving your money on them most especially the third party exchange, because they are exposed to so many verses that can hamper their safety, recent events have proven that exchanges are far from being secured and at the moment, it is better we play safe and avoid exchange unless we just want to trade some small amount on them and afterward transfer our balance into our personal wallet.

[stomachgrowls]

I like to think optimistically, so I think that despite the big losses that caused the fiasco with FTX, Celsius and the like, this should have a positive effect on the future good practice of keeping coins outside of centralized exchanges.
I'm sure many people have read the phrase "not your keys, not your coins" but apparently many of them did not take it seriously. maybe all this could help in raising awareness for the safety of crypto assets.

Doesnt mean that people doesnt really take it out seriously, it is really just that people do really get that confident with these things and this is why they do forgot when it comes to risk factor on storing up your coins

on platforms which you dont possess its keys.Some are pretty aware but still they do just ignore because of the convenience that they do able to experience on using up the service.

There's no such thing about safe exchange on where it does assure out total or full security of your assets been stored.Its not really a wallet in the first place
but people are really just too lazy on pulling their funds on platforms.

[Zlantann]

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

I am not conversant with the business operation of Coinbase and Binance but based on the happening around centralized exchanges currently, I cannot vouch for any of them. Their level of financial recklessness and unintelligence is very disappointing.

Yes it is possible to keep advancing in cybersecurity to minimize cyberattacks but as long as these exchanges are headed by individuals and are registered in a country they cannot be trusted. These CEOs can make certain financial blunders that might affect the company negatively. Unfavorable government policy also have the potential to destabilize or even cripple the operations of these centralized exchange firms.     

[BitDane]

There is always risk involved when we are using centralized platform.  Besides there is no absolute safety when dealing with online platform.  So we better exercise caution and always vigilant when dealing with centralized exchanges.  There are lots of exchanges hack recorded in the history of cryptocurrency.  So better not leave your fund on the exchange.

[LegendaryK]

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Once Exchanges are regulated to Insure an account up to a specified fiat amount , say $250000 like banks and credit unions are required,
then storing money on an exchange will be safe. Until then it is still the wild wild west of crypto.

[PrivacyG]

Could be an inside job.  Could be an exploit.  Could be a brute force or the theft of the right equipment.  There are many ways an Exchange can be hacked and most of them are a time ticking bomb.  Even websites of the largest corporations sometimes have exploits.  There never is a 'perfect code'.  Otherwise there were no security updates for phones and computers.

No, there will never be any 'safe' Centralized Exchange.  Only the false feeling and hope of one's existence.

-
Regards,
PrivacyG

[Rruchi man]

Generally everything is moving from centralized to decentralized. A safe centralized exchange? Anything exchange cannot be considered safe, we have been advised many times about it. It can appear safe at first and attract users, but it cannot remain safe forever. You cannot trust a centralized exchange because you never know the day they will be compromised or the choose to begin to act in a fraudulent manner.

[sulendra12]

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

Any stuff on the internet have a chance to get hacked, even you claimed that's one of the best exchange in this internet but once it gets hacked things are going downhill.
It's not about hacker to determine the fall of exchanges, bankruptcy, scam and many reasons to come up.

The way I tell people to whoever asks this question, I tell them about the examples of exchanges getting hacked and how people losing billion dollars worth of Bitcoin because of this and give them an alternative of which wallet to choose instead of storing it into exchanges like everyone does.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked

You can't, unless you are the owner of that exchange.
It's up to the team of that exchanges to secure the infrastructure with latest technology and stuff carefully, also it's about the hacker as well with their advanced technology to hack most of the sites.

We as the users just make sure we are ready once things going worse.

[Fivestar4everMVP]

If you are making this post in reference on what happened recently with FTX, First, I would want you to know that FTX was not hacked, rather the CEO mismanaged funds belonging to the investors and traders, the hack came much later after the exchange was already collapsing.

Now back to the general part of this discussion, the truth of the matter is that every centralized exchange out there is 100 percent safe(atleast, this is what they tell us) until they are hack or jam a rock, same way a criminal is a good citizen until he or she is caught red handed stealing.
Centralization is the same system the government uses, and it has never really favoured the ordinary citizens, centralization was not what Satoshi designed or desired for bitcoin or cryptocurrencies, but his absence in the space gave room for alot of changes and deviations from the plans he laid down on how get bitcoin and cryptocurrencies to mass adoption, the emergence of altcoins bright about the centralization in cryptocurrencies we experience today.

But then, it is good that everyone in the space is beginning to see the flaws in this system, and are beginning to realize that decentralization is the way, but another bothering question is How prepaid we are for decentralization?.

[cheezcarls]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

I don't think Binance is exempted from being "unhacked". They've got hacked years ago.

Source: https://www.wired.com/story/hack-binance-cryptocurrency-exchange/

And also Coinbase: https://www.pcmag.com/news/coinbase-discloses-that-6000-customers-got-hacked-this-spring

It's clear that no exchange is safe for us to store funds until now even if it's the best in the world. It's possible that Binance and Coinbase may get hacked again in the future, as these hackers are also improving their skills to create backdoors. Just saying.

[Rana590]

For centralized exchanges, you cannot guarantee that it will be providing services to you forever. I prefer Binance to store my valuable assets. But still I'm not saying that binance is the solution. We can face trouble any time in any cex but many cex are converting to dex now. Security system and potentially of Binance are so good and I think it is trustable.

[rby]

It all depends on your ideology of safety and exchange being safe. Practically speaking there is nothing safe in this world even the Bitcoin we all believe it's not safe, anything can happen anytime. What you're actually saying is there is some level of safeness in a given project or exchange for instance other exchanges might be 47% safe but Binance can have up to 65% safety, so it is the measure of the safety that makes one to be safer than the other but in the real sense exchanges are not hundred percent safe and there is nothing that is totally safe just be sure you are not staking more than you trust.

[barto123]

there is no safe exchange

they're all insolvent - they can all be compromised by bad actors

hold your keys (coldcard or foundation passport) / run a node

security, privacy & sovereignty are vital going forward

[lalabotax]

Maybe nothing is 100% safe. However, each exchange platform certainly has its own level of security and they will do their best to secure their assets and also their users. Because, however, if there is a hack, they are also the ones who bother and lose. Of course, their security system is sophisticated, but that doesn't mean they guarantee 100% that they are always safe. Maybe there are gaps that can still be used by hackers. That's why we are not recommended to keep old assets on exchanges. Unless we do trading.

[Vaskiy]

At some time interval we used to get notified with some hacks with Exchanges and losing millions of dollars in tokens as well as with the top listed cryptocurrencies. This is not about the trusted or the small exchanges. This shows in all means there is possible chances of exchanges getting hacked. Whether it is reputed or new to the market, hacking is possible.

In some events the exchange give compensation to keep its reputation. So, it is always good to have funds secured on non custodial wallets than on the centralized exchanges.

[kamvreto]

At some time interval we used to get notified with some hacks with Exchanges and losing millions of dollars in tokens as well as with the top listed cryptocurrencies. This is not about the trusted or the small exchanges. This shows in all means there is possible chances of exchanges getting hacked. Whether it is reputed or new to the market, hacking is possible.

In some events the exchange give compensation to keep its reputation. So, it is always good to have funds secured on non custodial wallets than on the centralized exchanges.

very possible, because no system is 100% secure. all have a risk to be hacked. A centralized exchange should strictly safeguard user assets and guarantee 100% returns when the exchange is hacked. Like Binance, which has a SAFU (Secure Asset Fund for User) fund, which is an emergency fund that is collected from 10% of trading fees to back up user funds in the event of a hack, etc.

[Yatsan]

There are considered safe exchangers but it will never be good to be so relaxed. That is your money in the first place so you have to take extra caution with where you are putting your money with. Much better to prevent it early than to regret it sooner. Even Binance, despite of having good reputation, has flaws, but ofcourse if we would compare it to what happened with the recent issue, it would be a better exchanger. But that won't save Binance to a better place because such thing could also happen if ever owners won't br also responsible and will be negligent with daily transactions and their reserves. But since it is still a good one, atleast save yourself from worrying that much.

[decodx]

It is better not to mess with BTC on an exchange, keep your coins safe in cold storage or hardware wallets. If you must trade with a centralized platform, make sure it is a reputable site with a good reputation and has an established track record, and be sure not to leave your coins there for an extended period of time.

The first thing to do is to become informed about the risks of custodial exchanges. That being said, there are quite a few steps one can take to mitigate these risks. First, only keep funds on an exchange that you're actively trading. Next, set a time limit for yourself for how long you'll let your funds sit there. Finally, make sure you enable 2-factor authentication on your account which will be required to withdraw any funds - a good way to ensure no one gains access to your account if your password is stolen.

[WeThePe0ple]

I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.

For citizens to get around government control, societies must price goods and services directly in BTC so no exchange is needed.

Imagine that 100% of Europe, the USA and China forbid goods to be priced in BTC by law. That it would only be allowed in impoverished states like Venezuela, El Salvador..

If this was the case, would BTC still have value?

[mk4]

I don't think Binance is exempted from being "unhacked". They've got hacked years ago.

Source: https://www.wired.com/story/hack-binance-cryptocurrency-exchange/

And also Coinbase: https://www.pcmag.com/news/coinbase-discloses-that-6000-customers-got-hacked-this-spring

It's clear that no exchange is safe for us to store funds until now even if it's the best in the world. It's possible that Binance and Coinbase may get hacked again in the future, as these hackers are also improving their skills to create backdoors. Just saying.

1. I clearly stated that no exchange is invulnerable to hacks/exploits

2. Both cases have been end user-targeted attacks through phishing and the like, rather than exchange-targeted attacks. Huge difference between the two.

[Xxmodded]

It is better not to mess with BTC on an exchange, keep your coins safe in cold storage or hardware wallets. If you must trade with a centralized platform, make sure it is a reputable site with a good reputation and has an established track record, and be sure not to leave your coins there for an extended period of time.

The first thing to do is to become informed about the risks of custodial exchanges. That being said, there are quite a few steps one can take to mitigate these risks. First, only keep funds on an exchange that you're actively trading. Next, set a time limit for yourself for how long you'll let your funds sit there. Finally, make sure you enable 2-factor authentication on your account which will be required to withdraw any funds - a good way to ensure no one gains access to your account if your password is stolen.

More safety when saving fund or Bitcoin assets in cold storage or hardware wallet based on long term investment, but if daily trader earn profit with scalping I think exchange is realistic place for saving assets. Not any guarantee yet with how long some exchange market securing without any issues hack like FTX have been collapse and all user fund gone, but when saving assets in hardware wallet little difficult for sending to exchange in short time, need sync awhile and sending Bitcoin when block confirmation busy and delay we need waiting several hours later for completed.

Keep securing exchange market when saving fund there by using 2fa, email authicator when confirming withdrawing need first confirmed on email, actually email account is first thing have to secure then with exchange data.

[BTCapsule]

You can usually trust exchanges to sell you Bitcoin, but never trust them to hold it. The exchanges have become the banks, and distrust of the banks is why Satoshi created Bitcoin.

"The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.

Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts." - Satoshi Nakamoto

[franky1]

if there was a truly guaranteed insurance plan to back any losses due to hack/insolvency(issues unrelated to bad trade decisions by customers themselves) where by customers know that in worse case  they wont have to file a court case and get pennies on the dollar after 5+ years wait, but instead get a full refund within a day-month, from an insurer for like for like investment.. in short refiling customer account or refunding customer within reasonable time.
 then an exchange can be trusted

however
here is where things get messy
firstly trading fee's would need to go up to cover the premium that the exchange holds as insurance

next
lets say a exchange has 500k coins of customers on reserve.

lets say a exchange does have some other reserves to "make users funds whole"
this reserves to make whole. is not unlimited. EG
if users funds are stolen. and exchange refills users reserves.. the exchange cant keep doing that 38 times. because the exchange doesnt hold all 19m coins.

most exchanges might only have enough "make whole" reserves for 10% of a single theft/insolvency.  thus not everyone gets it all back

some exchanges might have make everyone whole 100%. but its a one shot attempt. if there is a second hack, customers are not protected

[irhact]

I was wondering if there could still be any safe centralised exchange in the blockchain industry.

It's a very known fact that there can never be a safe centralization system. Even this forum that we're using isn't safe because it's centralized and so is the internet generally. Don't trust any centralized service provider as their server can be compromised at any moment and all the data you had on that system will be leaked or losts which is why you're not advised to keep sensitive information on centralized system and the forum also doesn't ask for your KYC or any verification information because if they do so, they'll have to store it which can be easily be access with a hack of the forum.
Whenever you used a centralized exchange do understand that you have put yourself out there as an easy target therefore if there's anyway you can add extra security to protect yourself, kindly do so like not storing your coins on the exchange or associating other sensitive information to your address from the exchange.

[CryptSafe]

I was wondering if there could still be any safe centralised exchange in the blockchain industry.

It's a very known fact that there can never be a safe centralization system. Even this forum that we're using isn't safe because it's centralized and so is the internet generally. Don't trust any centralized service provider as their server can be compromised at any moment and all the data you had on that system will be leaked or losts which is why you're not advised to keep sensitive information on centralized system and the forum also doesn't ask for your KYC or any verification information because if they do so, they'll have to store it which can be easily be access with a hack of the forum.
Whenever you used a centralized exchange do understand that you have put yourself out there as an easy target therefore if there's anyway you can add extra security to protect yourself, kindly do so like not storing your coins on the exchange or associating other sensitive information to your address from the exchange.

 Using centralised system is more of you putting your assets over to them for keeping. You know Centralised exchange demands for kyc before doing anything with them. It baffles a lot when people you put your assets and identity in line for without minding the risks involved could not be proactive in protecting your data and all that you have put in their custody. Most times these leaked informations are being exploited for other reasons by the perpetrators unknown to both the owners of the data and the third party.  Centralised exchange demands often for kyc and at the entire end they can not protect the data for which they demanded for. That shows the level of irresponsible and carelessness on the part of centralised exchanges. I suggest  better policies looking into the protection of funds and customers data identity be looked into so as to hold the centralised exchanges responsible and accountable for everyone member registered on their various platforms against any leak in data information as well. Policies on refund of stolen assets or money should not only be the focus as this particular data leak issues are also neglected whilst it is supposed to be given attention to. With this, I think customers identity will be always protected.

[Franctoshi]

I would say one day we'll see an exchange or at least a financial institution with a crypto exchange arm that'll get a true banking license along with the deposit guarantee schemes that all national banks get from their respective countries. Then I might say that's as safe as it gets (since with that guarantee it also means you open yr books to the central bank, though we all know that's not much in way of safety these days).

That would be so interesting to see , I guess this would be when regulation is in place. Therefore the only time I think this exchanges will will be total safe is when there is proper regulation, hence no one is gonna ever have faith in any centralized exchange even with the platforms that seems to be safe , like Binance and Coinbase. So with these happenings around centralized exchange safety will only come in if there's regulation in place.

[Tony116]

If to trust and use today's centralized exchange, we have binance and coinbase which are two names worth trusting but there is no guarantee of absolute safety. You need to remember that money is not in your wallet, not your money even if you save it in a bank, so never trust any third party completely.

We will continue to use centralized exchange it is definitely unavoidable but does our best to protect your assets, never put all your trust in a 3rd party, and always withdraw everything at the end of the day after the end of the trade.

[buwaytress]

I would say one day we'll see an exchange or at least a financial institution with a crypto exchange arm that'll get a true banking license along with the deposit guarantee schemes that all national banks get from their respective countries. Then I might say that's as safe as it gets (since with that guarantee it also means you open yr books to the central bank, though we all know that's not much in way of safety these days).

That would be so interesting to see , I guess this would be when regulation is in place. Therefore the only time I think this exchanges will will be total safe is when there is proper regulation, hence no one is gonna ever have faith in any centralized exchange even with the platforms that seems to be safe , like Binance and Coinbase. So with these happenings around centralized exchange safety will only come in if there's regulation in place.

And I think it will come close to such a time. There are already some banks that have more or less become crypto custodians. Bank Frick in Lichtenstein, an example I can think of but that is a small bank, old money, old family, high gdp country.

I believe there are other large entities going the route I mentioned, already crypto custodians either applying for banking license or just buying out a bank. Nexo at least is one such company but they bought a controlling stake in a fdic member so probably does not count.

Again, bears repeating that this only increases safety. Will never come to the level of assurance of owners keeping sole custody.

[franky1]

people need to think of a exchange as that.. an exchange. like when you go to a travel vacation money exchanger. you swap your currency and take the other currency out and keep it with you. within minutes of leaving the service.

leaving it on the exchanges counter thinking its safe there to leave and you can come back later and claim it .. is not something people usually do when they do currency conversion in the real world


those using it as a day-trader account. dont put your lifes worth in an exchange to put on a market order. only put in 5%-10% and day trade the hell out of the market wiggles of 1%+
those small 1% often add up. dont risk more then you can afford to lose on a gamble that the market will wiggle by 10% in a short/mid term length

for those used to the banking system of savings accounts
learn quickly that crypto-custodians dont have the same customer protections and assurances as banks.
read the TOS user agreement about when does the custodian accept liability for loss. or what policy they have about closing account.

if it reads as "company accepts no liability for loss, by using the service you agree to terms"

if it reads as "at company sole discretion, at any time, without notice, for any reason"

stay away

yes theres more "freedoms" about withdraw limits and such in crypto. but your funds security is more at risk.

[Minecache]

I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.

Why should governments ban centralized exchanges when it's a great tool for them to control us as banks control us? vice versa: the centralized exchanges here will be upgraded and will probably be legalized as banks dedicated to the cryptocurrency market.

For citizens to get around government control, societies must price goods and services directly in BTC so no exchange is needed.

Imagine that 100% of Europe, the USA and China forbid goods to be priced in BTC by law. That it would only be allowed in impoverished states like Venezuela, El Salvador..

If this was the case, would BTC still have value?

And again all of that is just your imagination and doesn't have any basis in your statement. China banned bitcoin but unfortunately it doesn't work with bitcoin and I will wait for US and Europe to see if they need bitcoin or will remove it like China. They are great powers but that doesn't mean that without their support we would die.

[coinerer]

If you want to know which exchange is fully trusted and which exchange will keep your money 100% safe then I would say there is no such exchange but there are many big exchanges in crypto industry like Binance kuCoin etc but we cannot fully trust them.  Because recently a major exchange like FTX has gone bankrupt which is bad news for crypto users and many have lost huge amounts of money through it.  So no centralized exchanger can be trusted 100%. So you must use a non custodial wallet or hardware wallet to hold your crypto which will keep your crypto very securely

[Antonas1]

Nothing is safe. Sending your coins/tokens to a centralized exchange (CEX) means you are putting your money in someone else's wallet. If that person was robbed, then your money is gone. Even worse if that person is the robber.

No matter how great the security they have, crackers are always good at finding access. And I don't believe that an "exchange hack" is actually hacked. But anyway, I don't really hate CEX. I still use it to convert my coins/tokens.

Use CEX for trading only. When you get a profit, just withdraw it to your personal wallet immediately.

[kryptqnick]

Hypothetically, it seems that it's not hard to make an exchange that will be safe for its users. You need very strong security to resist hacking attempts, but also you need to NOT MESS with the money of customers. No reinvesting the money, experimenting, funding some projects etc. with what people think it owned by them and is in their wallets. How to make profit and cover the running costs, then? Ads on the platform, trading fees, withdrawal fees.
In such scenario, an exchange cannot go bankrupt (or, rather, it can eventually, but there will be no victims among the customers because all of them can withdraw their money at any point.
In practice, there should always be room for doubt that a centralized service is not doing anything funny and is operating it a very honest way. After all, not your keys, not your coins. So I'd stick to using exchanges only when necessary, not hodling there, and using only the most trusted exchanges like Binance.

[Slow death]

I was wondering if there could still be any safe centralised exchange in the blockchain industry.

about this secure exchange question this is something we all know the answer to, and I will say my opinion, this is a market that is not yet regulated, with that exchanges do not have a company headquarters, they do not have a physical place in which the people can complain, exchanges have anonymous owners in most cases and even if the owners are not anonymous they can also be scammers, so in my opinion we don't have safe exchanges, what we have are some exchanges with a little more security compared to others exchanges and with that we cannot leave large amounts of money in the exchanges, it is better that each person when they know that they have already finished doing day trade, withdraw all the money from the exchange or just withdraw and leave a small part in the exchange, it is not confined to the exchanges

Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?

this is a market that is not yet regulated so there are no clear laws on how exchanges should work and proceed with customer funds, there is no insurance company that can cover all costs when an exchange is targeted by a hacker, these are issues that lack regulation, for example exchanges could be keeping people's funds in a very safe wallet or in several very safe wallets, so at the time of some theft by the hacker the exchange would not suffer large losses, this is not something difficult to do and for this reason, whenever they talk about a hacker attack, I always suspect it is an internal work of the exchange, and now we have other problems, such as the exchange owners using the customers' money and going bankrupt, something simply unacceptable

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

there is nothing to explain why from the beginning it is being said: "don't trust exchanges, don't leave too much money on exchanges" so people are aware of the danger of exchanges

[Broadanbig]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

From recent happenings around the centralised exchange and with the ways CEOs are being careless and reckless with investors and traders funds and assets,  I really do not think there are still safe exchanges anymore hence not your key, not your funds. As exchanges are beginning to get prone to hackers, it is advisable to put or keep your funds and assets in your private wallet as you alone have access to it. When you have your assets and funds in an exchange, they do not belong to you because you do not have the private keys so to be on the safe side, after trading,you withdraw your profit to your private wallet if you wish to keep any remaining in your wallet,it should be a little funds which would not affect you if stolen.

[livingfree]

Just think of any centralized exchange as a target to the hackers. They're closed source and who knows if they'll be attacked through the inside. You know that greed is everywhere especially if hundreds of millions will be involved.

Just don't trust them with all that you've got.

And always treat them with a grain of salt if it's about safety of your funds whether they're the most known and trusted, still, don't play too confident with them.

[kawetsriyanto]

The top exchanges like Binance are quite safe places to trade our coins, but they will be always not recommended places to keep our coins for a long time. There is no guarantee of safety from hacker attacks, no guarantee of safety from manipulation, and no guarantee they will survive for a long time. Since centralized exchanges fully control our crypto coins, it will be always very risky to leave coins there. I only assume they are safe for trading places, but not for holding places.

[goldkingcoiner]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

I don't think Binance is exempted from being "unhacked". They've got hacked years ago.

Source: https://www.wired.com/story/hack-binance-cryptocurrency-exchange/

And also Coinbase: https://www.pcmag.com/news/coinbase-discloses-that-6000-customers-got-hacked-this-spring

It's clear that no exchange is safe for us to store funds until now even if it's the best in the world. It's possible that Binance and Coinbase may get hacked again in the future, as these hackers are also improving their skills to create backdoors. Just saying.

The way I see it, this is going to steer us away from third party wallets. Which is a big plus.

The very nature of Blockchain is to get as far as you can away from centralization as you can and to be your own bank. Why anyone would trust a single, imperfect entity (like an exchange) to hold on to your money for you, I will never understand. I do not want my money to be compromised by some fat scammer dude and his goblina girlfriend just because they got too greedy and their scam came to light. Thats the opposite of what Blockchain stands for (decentralization).

[darkangel11]

There can be safe exchanges but you need to define "safe" first.

A safe exchange is one that isn't run by a scammer and one that was made to thrive as a business not make as much money in the shortest time possible and flee.
Safe doesn't mean safe from hacking or bugs. One should never hold money on exchanges. These are not places to store coins. They are exchanges, which as the name suggests means that you're supposed to exchange money and take them out of there.

[DaveF]

How about yes with a but or no with a however.

From the security and financial side yes they can be safe. But you have to put in a lot of time and effort and money to do it. Which then means that you have to make that money back, so your fees are going to have to be higher then the next place since they did a crap job, but it was cheap, so then can charge less.

The safe exchange has insurance and financial audits and a lot of other things. They cost money, so their fees go up.

And so on. At what point do you have a safe exchange, but your fees are so high to cover the costs you have no clients.

-Dave

[eddie.gouws]

I think it is rely hard. And if we had some safe centralized exchange wouldn't that mean that  a lot of bitcoins benefits would go extinct such as anonymity?

[so98nn]

Asking this question in the decentralised space is itself a crime. Lolz. 
Idk, may be we should keep safe distance from the centralised exchanges and kee trading our assets with at most care. If we still going to use centralised exchanges then we should be thinking twice before doing so for “long term” investment. If we have entry point then just buy at it and move the coins to wallet. Once market is green for it then get them back and sell. Could be troubling but worth it if we want to safeguard it. Or another best option is not to use the centralised exchange at all.

[jrrsparkles]

Most exchanges hold their funds in cold storage which is pretty much secured but they do keep their hot wallets filled so they can proceed withdrawals without much delay and access all incoming deposits, exchanges has to keep their security as higher priority so most of the funds will be safe but remember hackers getting smarter so at anytime the exchange can be hacked if someone found the vulnerability.

FYI, exchanges aren't based on blockchain technology only the crypto transactions are.

[CryptSafe]

If you want to know which exchange is fully trusted and which exchange will keep your money 100% safe then I would say there is no such exchange but there are many big exchanges in crypto industry like Binance kuCoin etc but we cannot fully trust them.  Because recently a major exchange like FTX has gone bankrupt which is bad news for crypto users and many have lost huge amounts of money through it.  So no centralized exchanger can be trusted 100%. So you must use a non custodial wallet or hardware wallet to hold your crypto which will keep your crypto very securely

Using a non custodial wallet is absolutely fine and the best for the current situation in the blockchain industry as at now. No such exchange should be trusted and entrusted with funds and assets. Investors and traders have had a lot of experience which should be able to teach others lessons but the only thing that can be guaranteed about these third party exchanges is the fact that they  do trading to enable traders and investors do business and transact, convert to fiat as the case maybe but it is no longer safe to hold your funds and assets in third party exchange anymore. Withdraw all funds after transacting for your safety.

[franky1]

whether fiat or crypto. banks/financial services are never "safe"
look at the many countries that done bank runs in the last decade alone

however a "safer" exchange than currently should at minimum have:

1. user agreement terms that dont suggest the exchange can just cut a customer off at its discretion without notice/reason

2. if a customer has infringed a policy. dont just ban them.. disallow them from the internal service of market orders but allow them access to atleast withdraw their funds and leave the service with what they put in

3. if an exchange charges say 0.3 trade fee, put say 0.1 into a separate wallet to build up an amount to use as a insurance. which within 1000 trades per user, then funds fully insure amounts.

4. while customer adoption is occurring seek a regulated insurer to underwrite losses as a insurer where exchange pays a small premium whilst it builds up its own crypto insurance away from the fiat insurer

5. have the insurance as a multisig where a single person cant just raid it.

6. dont sell user data or swap it with other businesses unless under court order

7. no exchange to hide behind proxies, "virtual-office" or "PO-Box" or "rent-a-desk" services.
allow users to know where to send lawsuit or locate the company should things go wrong

8. put customer funds into a cold wallet that has atleast 90% of funds secured and auditable . where only 10% is at risk of immediate threat, on the hotwallet. where even the hot wallets are visible to see there are enough funds to meet customers withdraw demands of that day

[Hyphen(-)]

Making refence to this thread"Newbie Reminder: Treat Exchanges as Marketplaces" I'm not sure any exchange will have my complete trust because I'm assuming they're all unsafe.
Although there are reputable exchanges such as Binance, Kucoin, and others that deserve to be trusted, in this day and age, trust no one when it comes to investment because anyone can betray you at any time. All I need to do with exchange is buy Bitcoin and send it to my wallet.

[CryptSafe]

whether fiat or crypto. banks/financial services are never "safe"
look at the many countries that done bank runs in the last decade alone

however a "safer" exchange than currently should at minimum have:

1. user agreement terms that dont suggest the exchange can just cut a customer off at its discretion without notice/reason

2. if a customer has infringed a policy. dont just ban them.. disallow them from the internal service of market orders but allow them access to atleast withdraw their funds and leave the service with what they put in

3. if an exchange charges say 0.3 trade fee, put say 0.1 into a separate wallet to build up an amount to use as a insurance. which within 1000 trades per user, then funds fully insure amounts.

4. while customer adoption is occurring seek a regulated insurer to underwrite losses as a insurer where exchange pays a small premium whilst it builds up its own crypto insurance away from the fiat insurer

5. have the insurance as a multisig where a single person cant just raid it.

6. dont sell user data or swap it with other businesses unless under court order

7. no exchange to hide behind proxies, "virtual-office" or "PO-Box" or "rent-a-desk" services.
allow users to know where to send lawsuit or locate the company should things go wrong

8. put customer funds into a cold wallet that has atleast 90% of funds secured and auditable . where only 10% is at risk of immediate threat, on the hotwallet. where even the hot wallets are visible to see there are enough funds to meet customers withdraw demands of that day

This policy looks quite interesting to adopt if given a proper vetting.

[Nrcewker]

Exchanges aren’t safe at all. Whether it’s centralised or decentralised, we need to avoid storing the funds in the exchanges. These are like a market where you just trade. The risk of getting your money or cryptos hacked are very high. So yes just use them when it’s required. Moreover as always advised keep your funds in hardware or offline wallets. Do follow these, else no one can stop you from losing your hard earned coins.

[Blawpaw]

The only downside of centralized exchanges is that if they decide to close and to keep our coins they will. But why the hell should they do that when they can maintain their business and still earn a lot of money. Moreover, they earn more from having the exchange working with no issues than to shut it and runaway with everyone's funds.

It is not like 10 years ago anymore. Centralized exchanges follow strict regulations which actually protect the user, on the other hand decentralized exchanges are pledged with hackers and bugs that can lead you to lose money. Now what centralized exchanges need to do is to apply decentralized storing options to users. that way they can still comply with regulation and still allow users to trade directly from their wallet.

[MoonOfLife]

Don't try to differentiate centralized or decentralized exchange too much, it's all risky, don't trust anyone in the market completely. Use them normally as you would but never leave your money on it at the end of the day, you will always be safe. DEXs are also not as secure as many claims, they can still steal your assets if they do so intentionally.

[Adbitco]

This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found.
Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored.
Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it.
In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase.

[RealMalatesta]

I believe it is only a matter of time before government will forbid exchanges to convert bitcoin to fiat currency.

Why should governments ban centralized exchanges when it's a great tool for them to control us as banks control us? vice versa: the centralized exchanges here will be upgraded and will probably be legalized as banks dedicated to the cryptocurrency market.

That is true, they are loving centralized exchanges because they could just ask the owners for KYC of people and check if there is anything wrong going on in there. I am sorry to say this but many people do not understand how much governments are involved, I had a friend who worked in a big local exchange for my nation, and they said there was basically a government person working with them at any point, because they keep on asking for data of the users and not just names and such, but also each trade too and scanned them for anything bigger than usual. That’s why it’s such a great thing for governments, they will always keep supporting them at all times.

[danadc]

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

[Ayers]

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

No one tells you to trust exchanges, you can still use them for your everyday purposes like buying, selling, exchanging...but always withdraw it all to your cold wallet when you're done, you'll be safe. Honestly, I don't think we will give up on centralized exchanges nor banks because they provide us with necessary services that are not available anywhere else. I will still use exchanges but of course will always be wary of them and never leave money when there is no need to use it.

[kawetsriyanto]

I will never again trust any exchange that is centralized,

It is your right to not trust centralized exchanges. But personally, I'm still eager to use them for trading (not for storing place) my coins as long as the centralized exchanges are reputable enough or never have bad issues. Binance is an example of a reputable centralized exchange and I think it is quite safe to use for trading any coins. However, if you totally can't trust centralized exchanges, you can use DEX (decentralized exchange).

what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world,

To be honest, I don't get the point of this comment. Please make it clear, your comment looks messy. 

the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

You don't trust banks, you don't trust exchanges. So what do you trust now?
You are going to trade your coins and exchange your money through P2P? 

[KennyR]

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

No one tells you to trust exchanges, you can still use them for your everyday purposes like buying, selling, exchanging...but always withdraw it all to your cold wallet when you're done, you'll be safe. Honestly, I don't think we will give up on centralized exchanges nor banks because they provide us with necessary services that are not available anywhere else. I will still use exchanges but of course will always be wary of them and never leave money when there is no need to use it.

Having your funds on Exchanges is same as that we have our funds on the Bank. We need to believe, it'll be secure. If something happens bad it is our fate. To avoid such situation, it is good to have our funds secured on cold wallets and deposit when required for trading needs. If not have a small amount on Exchanges and not the entire funds. Nowadays Binance have gained the trust, yet it isn't advised to hold funds on Exchanges.

[bitpotter]

I will never again trust any exchange that is centralized, what I do is make serious transactions using binance and that xcahnge gives me a bad feeling, if I happen that to the famous exchange FTX that I stole from half the world, I don't want to lose money in an exchange that is bigger than that to then be looking for the way to get my money back and if the founders of those exchanges leave they will not respond to anyone, it is safer to put our money in a cold wallet , that they only manipulate our data, the exchanges of now are the most dangerous than the banks, I do not trust any bank now I am not going to trust an excahnge.

Apart from the FTX case, now it is very risky to put our money in an exchange and a cold wallet is indeed the best place for now. Now many people are starting to distrust exchanges, even though they have uploaded proof of the funds that each exchange has. This kind of problem will continue to exist every year and the possibility for other exchanges must also be considered.

[GeorgeJohn]

There is always risk involved when we are using centralized platform.  Besides there is no absolute safety when dealing with online platform.  So we better exercise caution and always vigilant when dealing with centralized exchanges.  There are lots of exchanges hack recorded in the history of cryptocurrency.  So better not leave your fund on the exchange.

Majority of the exchange either centralized or decentralized exchange have experience hacked before now, except it's a situation whereby the exchange is a beginner for cryptocurrency or it's not influential per say. So i believe that no exchange we should rate hundred percent, because all of the exchange are risky dealing with them all.

[CryptSafe]

There is always risk involved when we are using centralized platform.  Besides there is no absolute safety when dealing with online platform.  So we better exercise caution and always vigilant when dealing with centralized exchanges.  There are lots of exchanges hack recorded in the history of cryptocurrency.  So better not leave your fund on the exchange.

Majority of the exchange either centralized or decentralized exchange have experience hacked before now, except it's a situation whereby the exchange is a beginner for cryptocurrency or it's not influential per say. So i believe that no exchange we should rate hundred percent, because all of the exchange are risky dealing with them all.

Very risky as you have said. I do not believe any third party exchanges are safe anymore because lots have unveiled itself for investors to learn lessons. You can not see a fire a put your hands in it otherwise it will get you roasted.  This is just the situation of Crypto exchanges now. Do not put your trust in any of them anymore or you will one day regret it. Had I known is the sayings of an ignorant one.  Remember " not your keys, not your wallet". How will you feel waking up to a news of your assets gone without any prior notice. Take actions to save you the stress of crying for your stolen funds and assets.

[Golfler]

If you are making this post in reference on what happened recently with FTX, First, I would want you to know that FTX was not hacked, rather the CEO mismanaged funds belonging to the investors and traders, the hack came much later after the exchange was already collapsing.

Now back to the general part of this discussion, the truth of the matter is that every centralized exchange out there is 100 percent safe(atleast, this is what they tell us) until they are hack or jam a rock, same way a criminal is a good citizen until he or she is caught red handed stealing.
Centralization is the same system the government uses, and it has never really favoured the ordinary citizens, centralization was not what Satoshi designed or desired for bitcoin or cryptocurrencies, but his absence in the space gave room for alot of changes and deviations from the plans he laid down on how get bitcoin and cryptocurrencies to mass adoption, the emergence of altcoins bright about the centralization in cryptocurrencies we experience today.

But then, it is good that everyone in the space is beginning to see the flaws in this system, and are beginning to realize that decentralization is the way, but another bothering question is How prepaid we are for decentralization?.

Only after centralization has experienced a catastrophe will people start to think and start to wake up. Centralization is only a transitional period now, and finally moving towards decentralization is the other side. There are still many twists and turns in the middle.At least one more centralization catastrophe is needed to make the process of decentralization more firm.

[CryptSafe]

This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found.
Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored.
Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it.
In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase.

This I can never forget, this same month year's back to 2018 when I had similar experience with one of the centralised exchanges. I had a little funds there though not as big as you think but to some extent reasonable. I remembered I did a little transaction via the exchange and I made a withdrawal after that leaving an amount of Bitcoin in my account with the exchange. I never knew that was the end of it all. The following day I had to do another transaction so as my usual routine of checking wallets before transfer of funds and tokens, needed to log in my account but to my greatest surprise, the exchange was no where to be found. It was just like a dream to me. I could still recall the event and how it happened. Since then, I never had trust on any centralised exchange anymore. I prefer saving my assets in my own wallet than sending it to the third party exchanges.

[Lanatsa]

This post made me remembered about one lovely exchange i do use then and made name around 2017 to 2020 after which i have never heard about them anymore maybe have been deleted from cmc and their website could be nowhere to be found.
Biki.com (A centralized exchange) was a very good exchanger but after a while i never visited them and when i tried to login i couldn't do anymore, and i don't know if anyone here had about them or update concerning their operation. This simply shows if your funds where left or stores over there meaning all would have got missing and may not be restored.
Lot has been happening and they can't be trusted anymore to keep funds over there rather just trade or swap you coin and withdraw all to a self custodian wallet where you could have full access to it.
In my conclusion no exchanger could be trusted anymore via DEX or CEX, to minimize the risk involved always use a wallet you have the key and phrase.

This I can never forget, this same month year's back to 2018 when I had similar experience with one of the centralised exchanges. I had a little funds there though not as big as you think but to some extent reasonable. I remembered I did a little transaction via the exchange and I made a withdrawal after that leaving an amount of Bitcoin in my account with the exchange. I never knew that was the end of it all. The following day I had to do another transaction so as my usual routine of checking wallets before transfer of funds and tokens, needed to log in my account but to my greatest surprise, the exchange was no where to be found. It was just like a dream to me. I could still recall the event and how it happened. Since then, I never had trust on any centralised exchange anymore. I prefer saving my assets in my own wallet than sending it to the third party exchanges.

Bad experiences could really make out those realizations and learning along the way.People couldnt really be able to learn until they would really be experiencing for themselves about those losing money because

they trusted up much with those centralized platforms.Most of the time people do really make this place as a main wallet which its never been recommended since you cant able to possess its keys.

Speaking of safe then its never been safe, if we do count on how many exchangers had been hacked back in the past then you would be able to picture out
that its never been safe or do make out assurance that those coins are really that secure.

[irhact]

Don't try to differentiate centralized or decentralized exchange too much, it's all risky, don't trust anyone in the market completely. Use them normally as you would but never leave your money on it at the end of the day, you will always be safe. DEXs are also not as secure as many claims, they can still steal your assets if they do so intentionally.

Your asset on decentralized exchange can only be stolen when you mistakenly used a  phishing site and not the main site. Decentralized exchange are more secure because your funds don't leave your wallet as with centralized exchange that for you to used them, you will have to send your coin from your exchange to that of the centralized exchange which lead to you losing ownership of your coins and now relying on the exchange to protect them for you which they're not usually good at.

Not all platforms that sell themselves as decentralized exchanges are truly decentralized which is why we are having issue with decentralized exchanges. Just as you said, we are not to trust anything in the industry but we can trust bitcoin as it was the first to come out with clean intentions.

[worle1bm]

When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.

[yazher]

Of course, people will still gonna be trust centralized exchanges but nowadays they are vigilant due to what happened with some of the biggest exchanges out there and everyone is considering having their own hard wallet when having huge amounts of cryptocurrencies or even not huge, just for safety and being private and have total control of your crypto assets. With these pasts scenarios, expect some major changes in the future, and to be safe, learn how to use a personal wallet that is totally safe for keeping BTC and other coins because "not your wallet, not your bitcoins".

[Cookdata]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

This is not the first time centralized exchanges have been a threat to the growth of bitcoin but so many people forgot Mt.Gox very quickly than it occur or perhaps new corners haven't been victim but people who have been there over past 8 years knows how it feel to leave coin on an exchange and becomes unable to have access to them, now that FTX has taught everyone a big lessons, it will be a history that we will all find hard to forget, I wasn't affect but the mistakes all made us to have unrelaise loss(if you have not sold).

Recently, I have seen so many exchanges all making a merklle tree by publishing their proof of reserves but the solutions remain the same, not your keys, not your coins. What is a proof of reserve without liabilities, what are the coins that belong to users and the ones they owed and their personal investments, buy whatever you want to buy if you must use centralise exchange to buy bitcoin but don't live your coin on any exchange. it is as simple as that.

[ice18]

As long as this exchanges are online there is always threats, hackers this days are smart enough to penetrate even the most secured websites like Binance, but the good thing in an exchange like Binance is they have reserve money to compensate users if something bad happened, but I still suggests not to store huge amount of money in most Cex, cant fully trust them. 

[South Park]

As long as this exchanges are online there is always threats, hackers this days are smart enough to penetrate even the most secured websites like Binance, but the good thing in an exchange like Binance is they have reserve money to compensate users if something bad happened, but I still suggests not to store huge amount of money in most Cex, cant fully trust them. 

What people need to understand is that there is not really a system that is completely secure, and this is because even if such a thing was possible hackers could always bribe a person inside the exchange or get hired themselves and then give complete access to their partners to try to hack the exchange, as such the best way to deal with an exchange is to only use it when you want to make a trade and then immediately withdraw your coins once you are done.

[lixer]

When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.

Why not? What about binance and kucoin? These two are the worlds leading centralized exchanges for cryptocurrency. For now, they are still safe because there are no major problems that occurred with them. Binance have also done an action to prove that what happened with ftx can be avoided and people can now monitor how much funds they have, only to give them a peace of mind.

I am not saying that being decentralized is not good anymore but we must also support it because this is the true concept of cryptos. Decentralize exchanges are still more convenient because they don't have KYC and other hassles that are usually felt on a cex. This is what I like about them.

[AmoreJaz]

When you are using the word centralised exchange then you can't use word safe with them because you are trusting them for your funds but they could be gone anytime so how do you think it can be solved in the future? At this time major exchanges like FTX have been crashed taking out billion of dollars from the market and remaining one also have the possibility in future which is why we have not your keys not your coins statement which you need to understand as soon as possible.

Why not? What about binance and kucoin? These two are the worlds leading centralized exchanges for cryptocurrency. For now, they are still safe because there are no major problems that occurred with them. Binance have also done an action to prove that what happened with ftx can be avoided and people can now monitor how much funds they have, only to give them a peace of mind.

I am not saying that being decentralized is not good anymore but we must also support it because this is the true concept of cryptos. Decentralize exchanges are still more convenient because they don't have KYC and other hassles that are usually felt on a cex. This is what I like about them.

we can't give full trust to top exchanges even with binance and kucoin, as we can't say what will happen next. what we can do is secure our funds on our own wallet that you can have your own keys. yes, we can always use these top exchanges but if you are not using their savings or staking services, much better to get out your funds once your done with them.

[Sanitough]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

There will be no safe exchanges as long as they are centralized. Yes, there might be unchacked and still reliable centralized exchanges for now but I don’t think they will always stay safe in the long run. Just think of those centralized exchanges that have been previously hacked, who would have thought that they would end just like that. So as much as we can still safekeep our funds, then never entrust it to centralized exchanges but keep it in our hardware wallet for high level of security.

[BitDane]

we can't give full trust to top exchanges even with binance and kucoin, as we can't say what will happen next.

That should be the way, we should not give full trust to any centralized exchanges because we don't have any direct access on the wallet but many people are blindly trusting these exchanges even keeping their whole cryptocurrency in it which often resulted in lost of funds

what we can do is secure our funds on our own wallet that you can have your own keys. yes, we can always use these top exchanges but if you are not using their savings or staking services, much better to get out your funds once your done with them.

I agree, we must keep our own coins only sending cryptocurrency to the exchanges that we intend to trade. Since I always believe that there is no absolute safe centralized exchange, they rather get hacked or steal our money if problem on exchanges arises.

[dezoel]

The idea of a centralized exchange already tells you that it can't be safe forever. I mean there will always be attacks towards them so even if they are legit and not scamming website, they may get hacked eventually and that would be the problem for them.

I personally believe that DEX will grow bigger in the future because of this, because people can't really deal with this kind of behaviour forever, they need to realize that they can't make any problems with how it is and need to be a lot better in the long run and DEX is the way to go if you want to be more safe. That way, there is no funds in a centralized location to be hacked, and that's a better than right now.

[Davidvictorson]

No. The involvement of people, companies, organizations etc third parties only goes to show that it can never be safe. Remember the terms of service you agreed to when you first signed up on Binance, Coinbase. These guys can just decide to hold your assets and ain't nothing you can do about it. Since the whole FTX saga, I wouldn't trust any exchange one bit. Always put a CAVEAT at the back of your mind when you used a centralized exchange. 

[serjent05]

No. The involvement of people, companies, organizations etc third parties only goes to show that it can never be safe. Remember the terms of service you agreed to when you first signed up on Binance, Coinbase.

Aside from other people holding out funds, most centralized exchanges have a high risk of being hacked.  We have seen lots of exchanges before, some recovered but some succumb to the hack and filed for bankruptcy.  No matter how high security they claim, hackers are getting wiser every day so it won't be a surprise that one day the most secured exchanges will announce hacking of their exchanges.

These guys can just decide to hold your assets and ain't nothing you can do about it. Since the whole FTX saga, I wouldn't trust any exchange one bit. Always put a CAVEAT at the back of your mind when you used a centralized exchange. 

Just don't make exchanges our bank.  Make sure that never keep any funds on exchanges.  Use it as it was intended, and trade and exchange cryptocurrencies.  Beyond that usage will put our fund at risk.

[milewilda]

No. The involvement of people, companies, organizations etc third parties only goes to show that it can never be safe. Remember the terms of service you agreed to when you first signed up on Binance, Coinbase. These guys can just decide to hold your assets and ain't nothing you can do about it. Since the whole FTX saga, I wouldn't trust any exchange one bit. Always put a CAVEAT at the back of your mind when you used a centralized exchange. 

As long you do entrust your money or make deposits on a centralized exchange then you should really make yourself aware nor prepared about the risk.We've been through lots of exchange hacks back in the past.
People do keep saying that they wont be trusting these platforms but years passed then people do confidently make out deposits and trust up these platforms which on the time comes where hacking
and big issues happens with these platforms ending up on losing huge amount of money on their stashes where there's no way for such recovery.And since you dont have the keys
for said exchange wallet then there's no choice but to end up on whining and regretting on putting your money into these places.

[DeathAngel]

No such thing as a safe centralized exchange. Why would anybody willingly leave large amounts of their wealth on a centralized exchange? We all saw the warning signs with MtGox, there has been countless other copycat situations since, even as recently as multiple this year. Seemingly trustworthy platforms going bust, it just shows nobody can be trusted to custody your funds except you. Seriously unless you have buy or sell orders in that you expect to get triggered soon then take it all off & into your own control.

[2double0]

If your major intention is to only keep your funds at exchange that you're going to sell, then cex is fine because you are not risking your everything on the exchange. But if you are getting everything on a credit's game, then you will be keen to rescue such a place and settle your money somewhere else.
And it is not good to trust cex with our money after what we saw happening in crypto.

[Finestream]

Never. Treat exchange as a marketplace where your money can get stolen every time so you don't rely too much on them. Using an exchange to store your funds is a bad idea even if they claim to offer insurance etc. Even those lending platforms are facing trouble and change their ToS regularly so they don't have to pay back the user funds. Use them to trade with the money you are willing to lose, move your funds asap after you make a decent profit.

Centralized exchanges are no good for nothing since every transactions are not recorded on the blockchain which make all your store funds or private keys not safe and secured. Although some exchanges offer higher levels of comfort when it comes to trading, but after that, it would be best to withdraw all your funds and transfer it to your own private wallet or hardware wallet to make it more secured.

[Russlenat]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

For me, there will be no safe centralized exchanges anymore even before the scandalous event of FTX. Note that once we chose to store our funds in centralized exchanges, everything is at risk because anytime of the day, we will lose our funds in an instant. So as much as it’s not happening yet, then we should not be comfortable anymore placing our hard earned money in those type of exchanges. Don’t wait for another big event that will hit centralized exchanges, the previous dramas are more than enough.

[Ryker1]

^[snip]

For me, there will be no safe centralized exchanges anymore even before the scandalous event of FTX.
^[snip]

For me, all trusted centralized exchanges are safe for trading --yes because they are trusted. But the thing that is not safe is when we store our funds for a long period of time. The FTX drama is not the worst here, because they are not running away from the user's funds, they refunded users and I think still a good example even though behind the company's bankruptcy they returned people's money. So as I see it, picking trusted centralized exchanges are safe but don't trust to put your fund there as treated your own wallet --that is a wrong practice.

[Vlad1977]

Centralized cryptocurrency exchanges are like banks. There is no absolutely safe bank and no absolutely safe exchange. Because there are a large number of hackers attacking exchanges or banks all the time.
Several centralized exchanges have been hacked (equivalent to billions of dollars in cryptocurrency stolen) in the past.

[Plaguedeath]

Just use centralized exchange to buy and sell your coins, then immediately withdraw it to your non custodial wallet. If your intention to find a safe centralized exchange to hold your coins on the exchange, you're stupid since exchange isn't for holding your coins for long term period. I mean, why you're want to risk all your coins to save $5 fees? just think it as a donation, don't mind about it.

[Golfler]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

There will be no safe exchanges as long as they are centralized. Yes, there might be unchacked and still reliable centralized exchanges for now but I don’t think they will always stay safe in the long run. Just think of those centralized exchanges that have been previously hacked, who would have thought that they would end just like that. So as much as we can still safekeep our funds, then never entrust it to centralized exchanges but keep it in our hardware wallet for high level of security.

But now decentralization cannot completely solve the problem of OTC, and the handling fee of Ethereum is too expensive, and other public chains have various problems, and the usage habits are not so easy to change.

[CryptSafe]

^[snip]

For me, there will be no safe centralized exchanges anymore even before the scandalous event of FTX.
^[snip]

For me, all trusted centralized exchanges are safe for trading --yes because they are trusted. But the thing that is not safe is when we store our funds for a long period of time. The FTX drama is not the worst here, because they are not running away from the user's funds, they refunded users and I think still a good example even though behind the company's bankruptcy they returned people's money. So as I see it, picking trusted centralized exchanges are safe but don't trust to put your fund there as treated your own wallet --that is a wrong practice.

It is good as you have said so and it will be nice trading with some listed centralised exchanges as you have said but it would not be safe leaving funds any more under the custody of centralised exchange. Centralised exchange are more like the fiat banks as dey are almost running similar system. The only difference between the Fiat banks and the Crypto exchanges is that one deals on fiat while the other deals on Crypto currencies. So therefore trade and deal with caution on third party exchanges. Do not leave your profits or huge percentage of your assets with them any more. The happenings of lately should be a lesson to you. Centralised exchange these days are not what we think they used to be. It is funny how things unveil as regards the centralised exchanges.

[Maidak]

The idea of a centralized exchange already tells you that it can't be safe forever. I mean there will always be attacks towards them so even if they are legit and not scamming website, they may get hacked eventually and that would be the problem for them.

I personally believe that DEX will grow bigger in the future because of this, because people can't really deal with this kind of behaviour forever, they need to realize that they can't make any problems with how it is and need to be a lot better in the long run and DEX is the way to go if you want to be more safe. That way, there is no funds in a centralized location to be hacked, and that's a better than right now.

Always be careful with everything, it should be noted that there is no concept of absolute safety in the market both CEX and DEX. DEX is also less secure than you think, once using a DEX, you also have to accept for your wallet to connect to the exchange and give permission to them. What if they intentionally want to take our property? Everything can happen. DEX or CEX will both have their own pros and cons, protect yourself by not trusting any exchange too much. Always withdraw everything to your personal wallet after completing the transaction.

[ilovealtcoins]

Centralized cryptocurrency exchanges are like banks. There is no absolutely safe bank and no absolutely safe exchange. Because there are a large number of hackers attacking exchanges or banks all the time.
Several centralized exchanges have been hacked (equivalent to billions of dollars in cryptocurrency stolen) in the past.

I wonder if they really got hacked or did they makeup everything to steal investors' money and then blame the hackers. I believe it was not a hacker attack but the project developers themselves did it. Cryptocurrency is a market full of scams and we should accept the risk before deciding to participate. Don't blame someone if we lose our money, because you just need to invest in bitcoins and store them on a non-custodial wallet, no one can scam you.

[irhact]

Just use centralized exchange to buy and sell your coins, then immediately withdraw it to your non custodial wallet. If your intention to find a safe centralized exchange to hold your coins on the exchange, you're stupid since exchange isn't for holding your coins for long term period.

Exchange were never meant to be used as platform for storing of coin be you as a trader or an investors. Even when you want to buy coins don't put all your money in any exchange as they can go bankrupt in any minute without warning their usees. We see exchanges shutting down withdrawal whenever they have any issue so they'll do when they don't have any liquidity for withdrawals as well so we should be warned on how we use centralized exchanges.

The industry was never meant to be centralized which is why we can never have a safe centralized exchange. They can be good for sometime but when the issue start coming they'll just give up and run away since there's no law available to punish this exchange owner yet.

[Vaculin]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

Yes, those exchanges still remained safe until none of them got hacked. But thinking that even how reputable or reliable they are to me, being dependent on centralized exchanges is definitely not a good practice. There will always be chances that they’ll end up the same future with FTX, so we should not wait for it to happen and get lost everything we store on that exchange.

[Viscore]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Centralized exchanges are not safe anymore so people should not be placing their funds on it. Not just because of the FTX event, but because centralized exchanges have low level of security and privacy which means our money will be in high danger if they will remained in them in the long run.

[Distinctin]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.

[Oilacris]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.

Its never been safe since in the first place yet you arent the owner of those coins once you had deposited them into the platform or exchange which it would really be just considered to be risky on any

angle. As long you dont possess its keys then its never been considered as safe but we cant just avoid not to make use of these centralized platforms considering into their usage and relevance

in making up trades in between stablecoins or fiat directly with those cryptocoins that you do have.This is why its always been recommended
that you should pull off your coins once you had done trading and never let it side nor park for a very long time.We do know the probabilities and
consider out on trying to avoid as much as you can.

[BitDane]

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.

I think we can trust some reputable centralized exchanges of their service.  Reason why despite the risk we still conduct trading on their platform.  But trusting and being safe is different.  Centralized exchanges can be a safe trading platform but not a safe platform to keep our coins due to possible hacks and exploits that can cause the fund of exchanges drained.  So it is best to just use the service as it intended to be than using it beyond its service description.

[CryptSafe]

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.

I think we can trust some reputable centralized exchanges of their service.  Reason why despite the risk we still conduct trading on their platform.  But trusting and being safe is different.  Centralized exchanges can be a safe trading platform but not a safe platform to keep our coins due to possible hacks and exploits that can cause the fund of exchanges drained.  So it is best to just use the service as it intended to be than using it beyond its service description.

You can do trust some exchanges but not all will do so anymore. Fine we can trade on those exchanges which is for sure a guided one but certainly not. We can not trust them anymore with our assets and funds. We have learnt enough lessons to open our eyes this time. Third party exchanges will find it difficult this time to gather assets and funds from investors to hold. I do not know about others but for sure I know about myself that I am no more comfortable with the happenings with them. The hacks, the carelessness and misappropriation of funds and assets it is not worth the risk holding with them anymore. I strongly believe most of the incidents going on with these exchanges are likely stage managed so as to cover up lapses on their path. Come to talk of it, they are likely the arm of government on blockchain that checkmate activities via regulation proxy. They steal our identity in the name of kyc only God knows why and what they use it for all in the disguise of international laws and so on.

[Altryist]

Centralized exchanges are not safe anymore so people should not be placing their funds on it. Not just because of the FTX event, but because centralized exchanges have low level of security and privacy which means our money will be in high danger if they will remained in them in the long run.

Centralized exchanges have never been secure, not before, not now. The reason is very simple, if you store your coins on the CEC, then these coins are not actually yours, you just can see the balance that the exchange displays for you, but in fact you have no guarantees that you will be able to withdraw your coins at any time when you will need it. In addition, you may be required to pass verification, which is also not very good.

[2stout]

Will there ever be any safe centralized exchange?  The short answer is no.  Can they potentially become safer?  Yes.  Still, the best approach is not your keys, not your coins.  If you must do business on a CEX, limit it to immediate transactions, and don't store your coins there.

[uchegod-21]

There will never be a completely safe exchange. Your money that is in the bank can be said to be safe but not completely safe. Your coins in the exchange is the worse because when you need it they may not give it to you. Even things we handle by ourselves and keep well, we also have the feelings that they are not safe. Nothing is completely safe, even the life we are living is not  safe. Treat exchange like and exchange and allow it to do exchange work. Don't treat exchange like a personal wallet where you will leave your coins for years and expect it to still remain.

[Diuyen Kim]

A centralized exchange is equivalent to a bank. There have been many news reports of exchanges taking money away. There are also reports of a bank closing down and fleeing. The difference between exchanges and banks is that exchanges cannot fully guarantee the safety of our money. The country will help you if the bank runs away. But today’s exchanges are hacked all the time, and they are trying their best to protect our money.

[Broadanbig]

This looks like a joke. How on Earth do you think there would ever be a safe third party decentralized exchange. With all these happenings around the decentralized exchange you still have interest in them? Oh man! I think you just live risking your assets and funds to hackers. The exchange cannot guarantee you the safety of your funds not to talk of assets. I will advise you just withdraw all your funds or assets if you have any with them and keep safe in your private custodial wallet. u think I have just said the best I can.

[Inwestour]

There will never be a completely safe exchange. Your money that is in the bank can be said to be safe but not completely safe. Your coins in the exchange is the worse because when you need it they may not give it to you. Even things we handle by ourselves and keep well, we also have the feelings that they are not safe. Nothing is completely safe, even the life we are living is not  safe. Treat exchange like and exchange and allow it to do exchange work. Don't treat exchange like a personal wallet where you will leave your coins for years and expect it to still remain.

Safe exchanges can be interesting for traders who make a lot of transactions on a daily basis and therefore it is important for them to store their coins on the exchange. For the majority, there is no such need, but either due to lack of knowledge, gullibility, or banal laziness, many keep coins on exchanges and think that these coins belong to them. Exchanges have never been safe, and even more so now.

[virasog]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Centralized exchanges are not safe anymore so people should not be placing their funds on it. Not just because of the FTX event, but because centralized exchanges have low level of security and privacy which means our money will be in high danger if they will remained in them in the long run.

Centralized Exchanges can only be safe to some extent if they are regulated by the government or any governing body. Only then the exchange will have the fear of a court of law and they won't scam or play with people's money. If, for example, ftx was under any regulating body they would have sufficient funds with them to repay the clients. Also, such exchanges should be audited by the 3rd party auditors to keep the transparency of the exchange.

[Doan Ha]

Personally none of them anymore. It’s an obvious reason that centralized exchanges are not meant to be trusted by us since they will only take advantage of our funds and use them for their own progress just like what centralized banks did to our deposits and let others borrow it so they can grow their own business while leaving our money with just a very little interest. So sad that a lot of people have been blind on that and until today, people are still trusting centralized exchanges even after the scandalous event of FTX.

I think we can trust some reputable centralized exchanges of their service.  Reason why despite the risk we still conduct trading on their platform.  But trusting and being safe is different.  Centralized exchanges can be a safe trading platform but not a safe platform to keep our coins due to possible hacks and exploits that can cause the fund of exchanges drained.  So it is best to just use the service as it intended to be than using it beyond its service description.

Several centralized exchanges in the head are still available, but they are not trustworthy. SBF has been denied bail and the felony could get him life in prison. So there is no trust in centralized exchanges, but it is indeed a paradise for many speculators and gamblers, especially investors who make contracts and use leverage.

[ancafe]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?

There is no hope for a completely secure exchange, because the concept of exchange is not ours in control, moreover a centralized exchange does not have the security keys in our possession, thus creating the possibility of hacking and fraud. Exchanges have security standards, protecting the assets and funds they develop, but often crimes occur because of opportunity, so the bad guys will continue to take advantage of this if they have the chance.

Binance and Coinbase can still be trusted as exchanges that have good security standards, but that doesn't mean they are safe depositories of assets.

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

The solution that can be done is to store the funds and assets that they entrust to your personal wallet, so that you can fully control these assets and have standard security. In addition, you only need to trade under certain conditions, as I believe you have a standard of identifying the market before trading, so that their assets and funds are not left on any exchange, should any exchange run into trouble.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

Exchanges that have a good reputation will always carry out maintenance or repairs when there are problems in the travel process, because there will be an evaluation of every problem that arises so that the exchange still has a trust value, Binance and Coinbase do that when they experience problems and have quick options to fix, so the level of confidence in the two exchanges remains credible.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

The most important thing is to have qualifications in maintaining the funds and assets that we have, there is nothing wrong with trusting the exchange because we need it. But in terms of security no single exchange can guarantee, because we never know how they will handle problems when they arise, whether they come from workers or from outsiders trying to destroy the exchange.

It is better to store assets and funds only in a personal wallet, because we can fully control security matters.

[Asuspawer09]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

For sure if you are familiar with cryptocurrency you know the deal of these cryptocurrency exchanges, investing in these cryptocurrency exchanges always has its risk since you don't have control over your investments or your funds/cryptocurrency. The same as the risk of investing in cryptocurrency when the market is down the company or the exchanges are holding as well so they also lose funds when the market is low. Most of the exchanges end up in bankruptcy since they can't pay the users when the market is down, and their liquidity or cash flow was risky because they depend on their investors or users. So there was no safe centralized exchange, but maybe there is less risk if you invest in big exchanges or top exchanges since they have a bigger pot of funds compared to others.

[wastagnn]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Exchanges are not perfectly safe. It’s not just the issue of vulnerabilities that are vulnerable to hackers, there may also be problems of its own, such as FTX’s collapse due to financial problems, mismanagement of funds. Anything can happen at any time, and nothing is completely safe.

[SOKO-DEKE]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all. 

I don't think that they are is any centralized exchange which is 100% secure, but if I had to choose one that I had some degree of confidence in, I would choose Binance because the company has been around for a while and is still going strong despite attempts by hackers to steal millions of dollars; as a result, Binance has a 70% level of security. But since no exchange can guarantee that your funds will be 100% safe, a decentralized exchange is a preferable option.leave huge amount in exchange is so risk because nobody knows what future will bring, so let always try and move our funds to decentralized exchange.

[DanWalker]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all. 

I don't think that they are is any centralized exchange which is 100% secure, but if I had to choose one that I had some degree of confidence in, I would choose Binance because the company has been around for a while and is still going strong despite attempts by hackers to steal millions of dollars; as a result, Binance has a 70% level of security. But since no exchange can guarantee that your funds will be 100% safe, a decentralized exchange is a preferable option.leave huge amount in exchange is so risk because nobody knows what future will bring, so let always try and move our funds to decentralized exchange.

Decentralized exchange is only safer than a centralized exchange, nothing is 100% safe for you, do not trust any service in this market. But you are right, Binance is the safest option we have right now because it is the largest volume exchange on the market. It can be said that Binance's trading volume is equal to the top 10 exchanges combined, showing the power that Binance has in the market. Besides binance, I will mention that coinbase is also a long standing exchange in the market, and coinbase token is also listed on stock exchanges in the US.

[coupable]

The existence of one reliable central platform is not an actual need because no platform can provide guarantees that secure it without limits. I think there should be a push towards having more than one reliable platform, contrary to what a few platforms at the top of the list of 200 or a little more are looking for. A platform like Binance literally seeks to capture the market by buying platforms in different parts of the world and even distorting other competing platforms. It is inevitable to deal with central platforms, but we must have alternatives so that one platform does not deceive us.

[CryptSafe]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all. 

I don't think that they are is any centralized exchange which is 100% secure, but if I had to choose one that I had some degree of confidence in, I would choose Binance because the company has been around for a while and is still going strong despite attempts by hackers to steal millions of dollars; as a result, Binance has a 70% level of security. But since no exchange can guarantee that your funds will be 100% safe, a decentralized exchange is a preferable option.leave huge amount in exchange is so risk because nobody knows what future will bring, so let always try and move our funds to decentralized exchange.

Decentralized exchange is only safer than a centralized exchange, nothing is 100% safe for you, do not trust any service in this market. But you are right, Binance is the safest option we have right now because it is the largest volume exchange on the market. It can be said that Binance's trading volume is equal to the top 10 exchanges combined, showing the power that Binance has in the market. Besides binance, I will mention that coinbase is also a long standing exchange in the market, and coinbase token is also listed on stock exchanges in the US.

Volume or no volume a centralised exchange remains a centralised exchange as long as you have no possession of your keys to your assets, it is not your funds and not your assets not until you have possession of the keys to the wallet holding your funds and assets that's when you can call it safe. Be it a reputable exchange or not they are all prone to hackers at anytime. Have a look at ftx did anyone predict or believed that could happen to them?  All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

[capedbaldy]

All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

[Abiky]

Centralized exchanges have never been secure, not before, not now. The reason is very simple, if you store your coins on the CEC, then these coins are not actually yours, you just can see the balance that the exchange displays for you, but in fact you have no guarantees that you will be able to withdraw your coins at any time when you will need it. In addition, you may be required to pass verification, which is also not very good.

Exactly. But most people are blind enough to see this, since they're only thinking about what's more convenient for them. It's a lot easier to leave custody of your coins to a third party, than just doing it yourself. Using a centralized exchange is as simple as online banking. I'm afraid we're going to see additional disasters down the road, due to the inherent failures of centralized exchanges. This could only change if people began using decentralized exchanges more thoroughly (although they're still susceptible to hacks).

If you really want to be "safe", then just trade a small amount of coins on a centralized exchange and leave the rest in your wallet. If the CEX gets hacked or runs away with the money, your losses would be at the minimum. Regulators are paying close attention to what's happening on the crypto industry, so it's likely there will be further scrutiny against CEXs to help keep investors' and/or traders' funds safe no matter what. At least, we have a choice. As long as decentralization wins, nothing else matters. Just my opinion

[laurenB7742]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Centralized exchanges are not safe anymore so people should not be placing their funds on it. Not just because of the FTX event, but because centralized exchanges have low level of security and privacy which means our money will be in high danger if they will remained in them in the long run.

There has never been a time when centralized exchanges were called absolutely safe both before and after the FTX crash, nothing is essentially 100% absolute, including decentralized exchanges. I agree with you when using centralized exchanges, we lose privacy, but in terms of security, not really, not all of them have a low level of security. They are a place to store a large number of assets, so they are always the target of hackers, so there are frequent attacks. Unlike you storing your assets in a personal wallet, hackers will pay less attention.

[btc78]

All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

this is why we keep thinking that are those hacking are planned ? I mean there is a Inside Job since there is tons of money involved and it will be harder to prove their crimes?

so why aim for centralized exchange when the truth is? we are not trusting any of them for their long time operation.
I would rather use a owned wallet in which more secure than letting my funds stay in these scam excgange .

[MarjorieZimmermanGinger]

Every exchange has a security system developed and has a control system running, but sometimes this also does not provide full security reasons for people to keep their funds and assets on the exchange.

The nature of the Exchange is completely controlled by the developers, which means technical issues are their responsibility, whereas the people using do not have access to their security system, therefore it is not completely safe to deposit funds and place assets on any exchange. To make transactions I think Binance is worth trusting because this exchange still has a good reputation, but it is not recommended to keep funds and assets, because it is better to use them when we trade.

[passwordnow]

this is why we keep thinking that are those hacking are planned ? I mean there is a Inside Job since there is tons of money involved and it will be harder to prove their crimes?

It can be helped, whether you're a victim and your funds are lost there or you're just speculating and looking at the situation. The idea and thought that those hacks are the inside job will always be one of the opinions of many. But as long as there's no proof, it cannot be done.

so why aim for centralized exchange when the truth is? we are not trusting any of them for their long time operation.
I would rather use a owned wallet in which more secure than letting my funds stay in these scam excgange .

If you have to sell, you have to use exchanges. Decentralized or centralized but it's up to you if you like to use them and get your targeted coin for that sale.
But the most important matter there is you don't keep all of your funds in any exchange mostly in centralized platforms because they hold the keys for you and you don't.

[gabbie2010]

All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

The best bet and the safest means of securing our assets is hardware wallet, the alarming rate of hackers hacking centralized exchanges is becoming worrisome and that is why to always secure your assest by having access to your keys, the recent hacking of FXT where coins worth $477 million were stolen is another cogent reason of untrustworthy of centralized exchanges irrespective of how reputable they are in crypto world, we had read similar stories of hacked exchanges were millions of assets were also stolen therefore as a trader and investor always keep small funds in a centralized exchange.

[suzanne5223]

All exchange are not 100% safe be it centralised or decentralized. Do not forget that exchanges are always targets for hackers as they are always looking for ways to steal funds and assets from them. Do not be deceived take possession of your assets and funds in your own custody with hardware wallet sophisticated to resist hacks. Be on the safe side now to avoid a life time full of regrets. Be wise and act smart.

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

The best bet and the safest means of securing our assets is hardware wallet, the alarming rate of hackers hacking centralized exchanges is becoming worrisome and that is why to always secure your assest by having access to your keys, the recent hacking of FXT where coins worth $477 million were stolen is another cogent reason of untrustworthy of centralized exchanges irrespective of how reputable they are in crypto world, we had read similar stories of hacked exchanges were millions of assets were also stolen therefore as a trader and investor always keep small funds in a centralized exchange.

Firstly, to answer the OP question. No centralized exchange will ever be safe and no hardware wallet either will ever be safe. We don't need to deceive ourselves with the belief that using hardware wallets is totally safe. Please don't get me wrong, I don't support the idea of keeping crypto on CEX but the truth is that nothing is ever safe.

The best safest bet is every cryptocurrency investor and holder knows the cons and pros that will make their crypto holding safe while also avoiding human error and making use of hardware or paper wallet.

[tjtonmoy]

Everyone everywhere is saying the same thing all over the internet.

Not your key, not your coin

Yet, why people are still talking about centralized exchanges? There are many decentralized exchanges. Buy a hardware private wallet and trade on them.
Everything on the internet is hackable if the right person chooses to.
In centralized exchanges, they have every info they need about you. If the hackers have access to that, not only your funds are in danger, also your privacy.
Ever imagine those hackers selling your info to others? Try to interact as little as possible with centralized exchanges.

[BlackRexuz]

Doesn't every exchange have its own security system and has even been tested very strongly to secure user accounts, but it's also difficult to find exchanges that are truly safe, indeed in the last few years there have been several exchanges that have experienced hacking, whatever the cause, at least we can find solution in choosing a safe exchange, and sometimes there are some users who are careless or careless and in the end get hacked from their carelessness, actually a centralized exchange will be safe and no hardware wallet will be safe in the Crypto world, no matter how sophisticated the exchange is , so it's up to each of us to secure our account, but it's different if the hack is done by an insider, then it's also very difficult to recover, the solution is to let our money be stolen by the exchange.

[Oneandpure]

We have reviewed every exchange hacking case never explain hacking details instead they post news twitter has been hacked causing millions of dollars loss but hacker wallet not published never because hacker wallet will be blacklisted every deposit to other centralized exchange. Even though the Binance exchange case has replaced user funds from the reserve fund due to the hack exploiting the bridge network, there is no reason to guarantee and trust 100% the exchange. So anyone with assets on a centralized exchange is advised to switch to a personal wallet or more securely keeping a hardware wallet.

All exchange with hacking cases never transparent about wallet receiving from hacker, I don't sure with all hacked is true from hacker or have possibility with exchange market internal team its self. I think easy for several bigger exchange how to blacklist with address used by hacker, when depositing to exchange market account suspend or freeze and refund to exchange have been exploit.

Can't 100% trust with exchange market, third largest exchange around the world FTX market become scam and how come with small exchange market trust? I believe personal wallet more secure for saving our fund than keep it in exchange market.

[Tanvi50_]

As long as anything that exists on the internet, that is not safe. And you are giving your funds to someone and also exposing your private information. I don't know how safe are they. They manually verify your identity in order to approve the KYC application. So they do have access to your information. Your info is not encrypted and stored in their system, they are open and available.
there are a lot of things that could be said here. But for now, I will stick to this. And the answer is this, No there will never be any safe centralized exchange.

[isaac_clarke22]

~

Well there are different mindsets anyway. For starters, it would not really hurt to start first in relying your coins to a trusted third party. There would be factors such as KYC that would make people just stop using these centralized exchange and I gotta be honest that sometimes I just want to say "fuck it I'll hold it for now in a custodial wallet for its service offered as well".

There is no perfect security nor perfect safety, but we could help risking our money to strangers that would not think twice stealing our money. Back when I was day trading, I did not trade small amount but in the end I still withdrew it all.

[Alpha Marine]

At the moment I can't vouch for any exchange to be safe even if there are any. It's too risky leaving your funds in exchanges but I do believe in future exchanges would be trusted and they would keep people's coins safe. I do not know when, I do not know if it would even be in this life time but I believe it will happen.
Take the banks for example, they first started like this. Going insolvent and losing people's money. As time went on they evolved and things change. In today's world I've never heard of somebody that lost his money because the bank crashed or was hacked. Regulations have been made to prevent things like this from happen and the customer interest have also been protected should anything happening.

I believe this is the beginning stage of crypto exchanges. These are the baby steps. These are the things that happen that make them learn and evolve and become better. It's how the history and evolution of man works. So I really believe if crypto doesn't die in future (which I know it won't) exchanges would play a big part in it.

[Abiky]

Well there are different mindsets anyway. For starters, it would not really hurt to start first in relying your coins to a trusted third party. There would be factors such as KYC that would make people just stop using these centralized exchange and I gotta be honest that sometimes I just want to say "fuck it I'll hold it for now in a custodial wallet for its service offered as well".

There is no perfect security nor perfect safety, but we could help risking our money to strangers that would not think twice stealing our money. Back when I was day trading, I did not trade small amount but in the end I still withdrew it all.

It's so much easier to use a centralized exchange simply because someone else holds custody of your coins. You don't need to worry about securing your coins against hacks, theft, or many other undesired situations. Also, fees per trade are pretty cheap compared to those charged by a decentralized exchange. That's why I think people won't abandon CEXs altogether, even if the FTX collapse caused some distrust among traders and investors alike. These unfortunate series of events will force CEXs to provide some proof of reserves audited by a reputable entity or face serious consequences from the government.

Of course, that doesn't mean CEXs will become hack-proof or anything at all. We should always be careful when depositing coins in a CEX due to their highly-risky nature. As long as you don't put large amounts of money on them, you'll have nothing to worry about. Just my thoughts

[btc78]

this is why we keep thinking that are those hacking are planned ? I mean there is a Inside Job since there is tons of money involved and it will be harder to prove their crimes?

It can be helped, whether you're a victim and your funds are lost there or you're just speculating and looking at the situation. The idea and thought that those hacks are the inside job will always be one of the opinions of many. But as long as there's no proof, it cannot be done.

so why aim for centralized exchange when the truth is? we are not trusting any of them for their long time operation.
I would rather use a owned wallet in which more secure than letting my funds stay in these scam excgange .

If you have to sell, you have to use exchanges. Decentralized or centralized but it's up to you if you like to use them and get your targeted coin for that sale.
But the most important matter there is you don't keep all of your funds in any exchange mostly in centralized platforms because they hold the keys for you and you don't.

there are other ways to sell and that is p2p , and like in our group  , we are buying and selling with each other but of course will small amount because of the risk and there is no escrow involvement .
but yes let us admit it that Exchange is the true medium to buy and to sell for safer but never keep your coins inside for more than an hour , just take it out after the buy/sell.

[LogitechMouse]

Centralized exchanges have never been secure, not before, not now. The reason is very simple, if you store your coins on the CEC, then these coins are not actually yours, you just can see the balance that the exchange displays for you, but in fact you have no guarantees that you will be able to withdraw your coins at any time when you will need it. In addition, you may be required to pass verification, which is also not very good.

Too simple yet too hard to swallow.

If you are a trader, then maybe this doesn't affect you at all but if you are a mid to long term investor, putting and storing it on a centralized exchange isn't the best option for you. I'm not a trader at all (although I tried to be one, but I failed) that's why I'm not putting any coins into any centralized exchanges.
Just think about this OP, once you put your coins into any centralized exchange already, it isn't yours already therefore it isn't safe. Not your keys, not your coins. Just use exchanges whenever you will buy or sell your coins, but never store it there for a long time.

[Thuy Anh]

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

[redsun114]

Yes, there are. How about; Binance, Kucoin, Houbi and there are exchanges that are much older than them but are still trusted up to this date. Exchanges like Bittrex, Poloniex, Coinbase, and many more. People shouldn't be paranoid and think that every other known and trusted exchange can turn out to be a scam because that can only make them crazy. What if those exchanges don't have that intention?

But, those exchanges are only trying their best to improve their security and deliver a great service to their customer, in order to become the best in this field. Okay for their confidence, they can also store funds which they can afford to lose easily.

[Minor Miner]

Yes, there are. How about; Binance, Kucoin, Houbi and there are exchanges that are much older than them but are still trusted up to this date. Exchanges like Bittrex, Poloniex, Coinbase, and many more. People shouldn't be paranoid and think that every other known and trusted exchange can turn out to be a scam because that can only make them crazy. What if those exchanges don't have that intention?

But, those exchanges are only trying their best to improve their security and deliver a great service to their customer, in order to become the best in this field. Okay for their confidence, they can also store funds which they can afford to lose easily.

The exchanges you listed are all those that have been around for many years, and they also have a certain reputation in the market, I love coinbase and binance, the top 2 exchanges right now. But in this market, anything can happen, they were safe in the past and so far, they are safe but that doesn't mean they won't crash in the future. Mtgox was the biggest exchange in 2014, no one thought it would crash until it did.

Everything has risks, especially centralized projects, so it's better to be careful, we still use them but don't rely on them too much or trust them completely.

[Victorik]

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

[Kryptowerk]

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Exactly. And even though it's nice to *maybe* see some improvements in exchange security and transparenty because the spotlight is currently shining on them - after FTX happening this year - I wish people wouldn't worry too much about this topic.
Instead just take your coins into your own custody.
You can start by creating your own cold-storage paper-wallets for cheap (maybe use some more duarable materials than real paper and normal laser-jet ink - but you get the point) or go with a Trezor, Keepkey or some budget version like the Ballet-wallet.

And don't worry too much about trading: Unless you are into -EV gambling or belong to the less-than-5% of top-tier traders you would lose money longterm anyway. So really no reason to keep your corn on an exchange.

[hZti]

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Still it could be safe if the bitcoins would be insured by a trusted institution. But that would be one more step away from the goal of bitcoin which is why I would not support it.

[Cantsay]

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

[Lanatsa]

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

Totally non-sense,right?

Its been recommended on not to make use of these centralized exchange or platforms to be served as their main wallet which is something that very risky to do so.
They would really be just ending up on regretting when things do already happen.

Safe is not guaranteed on the time that you do touch up with any centralized things specially on platforms.It cant really be avoided on some circumstances
but as much as possible its better to pull out those funds anytime you are finish on doing trades.

[nullama]

~snip~
With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Given that a centralized exchange has full power over the coins you send to them, there's always the possibility that they choose not to give them back to you. They can lose your coins, or they can simply decide to keep them for whatever reason, maybe the government wants to freeze your account, or whatever.

Bitcoin allows you to have full control of your own money. There's no need to give it to 3rd parties, as it defeats the purpose.

So, to answer the question, no. It's never safe to give away your coins to a third party because you need to trust them. Bitcoin was designed to be a trust-less system.

[CryptSafe]

~snip~
With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Given that a centralized exchange has full power over the coins you send to them, there's always the possibility that they choose not to give them back to you. They can lose your coins, or they can simply decide to keep them for whatever reason, maybe the government wants to freeze your account, or whatever.

Bitcoin allows you to have full control of your own money. There's no need to give it to 3rd parties, as it defeats the purpose.

So, to answer the question, no. It's never safe to give away your coins to a third party because you need to trust them. Bitcoin was designed to be a trust-less system.

The initial design for bitcoin was for p2p trading but unfortunately it was highjacked by the high and mighty turning it into a means of investment which later became the trend. Since then bitcoin is seen as an investment not a p2p means of payment which the current generation coming in is convinced it's all about investing and taking profit.

Third parties also facilitate this idea of  taking profit after investing hence the idea of they holding your bitcoin as a third secured party exchange which in the real life they are not what you think they are. Exchanges are government arm of regulatory bodies on blockchain that's what I see them as. Their policies are mostly against  the initial plan of bitcoin hence, the kyc and lots more.

[CryptoHeadlineNews]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?

To me, the main cause of lost of funds on centralized exchanges is as a result of poor management system and greed. Moreover, Binance is the only current centralized exchange that have proven has what it takes to safeguard our funds at the moment, but you never can justify such till the next 5years from now, because that's the same way other exchanges which have gone into extinction lured people into believing in them and later ran away with peoples money. So it's always good to be careful while saving our crypto assets on decentralized wallets

[TechnoX_X]

Simple answer. Do not put your funds in any centralized exchange, trust your own private wallet. Centralized exchanges may be fine right now but some incidents that have occurred can be used as concrete examples of securing your own funds in a more secure wallet.

No centralized exchange is secure.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

[Oneandpure]

Simple answer. Do not put your funds in any centralized exchange, trust your own private wallet. Centralized exchanges may be fine right now but some incidents that have occurred can be used as concrete examples of securing your own funds in a more secure wallet.

No centralized exchange is secure.

Can't fully trust with centralized exchange nowadays after scamming happen with FTX exchange, better trust with private wallet for saving our fund than use exchange market account. Indeed have many exchange become scam from Cryptopia, Hoo.com until the largest exchange market FTX collapse.

Securing assets in own private wallet is good priority nowadays and several trusted exchange exist right now, I think Binance is most securing without any problem yet after running last several years and become most experience from several exist exchange right now, but own private wallet is most securing place for saving fund and have own controlling with our assets.

[Kryptowerk]

Centralized exchanges are already working hard to improve their security defenses. But the security of the exchange has been attacked by hackers all the time.
Don't think of exchanges as banks, they are not a match.
The "absolutely safe" centralized exchange should not have appeared yet.

I still don't get why people still treat exchanges as wallet.
The name "exchange" clearly tells us what it should be used for but still yet you will still see those that still leave their funds there even after they are done with their trade or whatever it is that they used they exchange for.
Now my question is how hard can it be for someone to withdraw from an exchange? Is that they're scared of non-custodial wallet or what? I just don't get it.

I like that explanation! Exchange already has the right name. So does a wallet. Haha.
Regarding your question: Well, I think it's the simple fact that (most) people still have no clue about money and are just used to store their few EUR/Dollars/whatevers in their bank account. They are not sued to taking responsibility for their funds at all.
Now, when it comes to crypto it's exactly the same. Plus many people are already scared off by the crypto addresses and things like transaction fee, passphrase etc.
So yeah, people coming into crypto just to get rich quick are probably the most likely to keep their funds on a bank exchange.

[nullama]

Yes, there are. How about; Binance, Kucoin, Houbi and there are exchanges that are much older than them but are still trusted up to this date. Exchanges like Bittrex, Poloniex, Coinbase, and many more. People shouldn't be paranoid and think that every other known and trusted exchange can turn out to be a scam because that can only make them crazy. What if those exchanges don't have that intention?

But, those exchanges are only trying their best to improve their security and deliver a great service to their customer, in order to become the best in this field. Okay for their confidence, they can also store funds which they can afford to lose easily.

Well, most exchanges look fairly safe, trusted, and secure until something happens overnight and then all your money is gone.

It can be an external hack, an accident, or just evil CEOs, or a combination of those. You never know really.

The beauty of Bitcoin is that you don't need to trust anyone, so there's no need to keep your money in an exchange.

[Fara Chan]

I do not think there's any centralized exchange that can boast of being 100% safe. No matter how well they work hard to ensure safety, there are also people working tirelessly and round the clock to ensure that they find a loophole to hack their system.

In the past few years there have been several centralized exchanges that can be relied on very well, one of which is coinbase and binance, I like the two but this is a market we don't know for the development of centralized exchanges for the future it could crash and it could get better , anything can happen in the market only we will not be able to guess. a few years ago there was one very good exchange and unexpectedly this exchange crashed and crashed one of them was Mtgox and this exchange was the biggest exchange of its time.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

Yes, nowadays there are indeed a number of centralized exchanges that are safe and still very good enough to rely on, but this matter of hacking is also very threatening to the security of these exchanges, but in the future I don't know how, but the point is Centralized exchanges are still very safe.

[Outhue]

Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

[slaman29]

Mt Gox was deemed the safest in 2013. So many forum posts here saying so and even recommendations. Same was said about FTX, big stars came on TV ads and told everyone it was the best and the bomb. Now a lot of people say Binance but they have been hacked before, no reason to think they'll never be hacked again..

There will never be a safe exchange, DEX or CEX. But you can always limit your risk by not keeping crypto on exchanges if you don't want to trade them.

[wahyuagung26]

I do not think there's any centralized exchange that can boast of being 100% safe.

I don't know for sure in the future, maybe there is, maybe not.
from the past until now I am still very safe using the Coinbase exchange, and also Binance both are centralized exchanges, maybe here I am not the only one who feels the level of comfort and security of these two centralized exchanges, so far the centralized exchange that I have used is still very safe just.

That an exchange appears to be safe today doesn't mean it is invincible to hacking.

In the future, as long as the centralized exchange is still running well without any problems, I'm sure it will still be safe to use, but I don't know in the future. Hopefully centralized exchanges now won't have crashes and freezes like the huge Mtgox centralized exchange experienced back in 2014, it would be a shame if this happened.

[borovichok]

Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

Changpeng Zhao doing a great job at a top level and we shouldn't blame him for losses on the Binance. CZ and his team are working effortlessly to keeping their exchange moving. There are many things surrounding the insolved problem of CEX, there countless numbers of Fraudsters online tracking to take down CEX with self unknown goals. Binance is the only exchange that weren't affected although hackers tried their best to break the fire wall but not lucky enough due to the strong fire wall the Binance team has.

[Smartvirus]

Just because Binance have CZ doesn't mean CZ will keep his cool forever, remember that change is the only thing constant in a humans life, anybody can change at any time when it comes to money matter, I like CZ but not when it comes to money so my answer is no single centralized exchange can be trusted.

Apparently that's what it is but, its never an issue until it becomes an issue. FTX never possed a threat until the CEO exercised his right by using the coins left in his charge for his own selfish interest. That's the risk centralised exchanges pose and will continue to pose every other day. One of the first rule of cryptocurrency is being in charge of your own affairs and that's exactly what centralisation takes from you. Centralised exchanges can never be a safe means and that's why, its got a rule to its usage that implores you not to leave majority of your hodlings but that which, you wish to trade.

Changpeng Zhao doing a great job at a top level and we shouldn't blame him for losses on the Binance. CZ and his team are working effortlessly to keeping their exchange moving. There are many things surrounding the insolved problem of CEX, there countless numbers of Fraudsters online tracking to take down CEX with self unknown goals. Binance is the only exchange that weren't affected although hackers tried their best to break the fire wall but not lucky enough due to the strong fire wall the Binance team has.

That's some of the reasons why Binance stays top evey other day. There approach to solving issues and they render quality service to its users. You get to resolve a fault before taking any other trade. There are a lot of benefits  Binance offers and CZ continues to I.prove the site still.

[OgNasty]

As much as it pains me to say it, I think Coinbase is a safe exchange to use. They have a ton of money from going public and for that reason are also highly scrutinized by regulations. Companies like Binance that are built on tokens are very dangerous, but I don’t think Coinbase falls into this category. I believe their financials are solid and people are overestimating the odds of bankruptcy. That being said, I hate Coinbase.

[panganib999]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

Funny that you mentioned unhacked, these two remaining centralized exchanges receive hacks and security breaches amounting to millions of dollars for breakfast. So all things considered they are pretty vulnerable to say the least. However, what assures me that these two exchanges are secure enough is how they remain operational even after massive attacks like this. FTX received two consecutive hacks and they literally broke down, Binance receives hacks and even then they remain operational, with a few times of contingency plan initiations but never to the extent of what happened to FTX. So when choosing your exchange, make sure you find one that could save your assets when push comes to shove, although of course, at the end of the day always consider owning a self-custodial wallet for maximum security.

[uneng]

As much as it pains me to say it, I think Coinbase is a safe exchange to use. They have a ton of money from going public and for that reason are also highly scrutinized by regulations. Companies like Binance that are built on tokens are very dangerous, but I don’t think Coinbase falls into this category. I believe their financials are solid and people are overestimating the odds of bankruptcy. That being said, I hate Coinbase.

The problem with centralized exchanges is that you will always have to rely on the people behind it to store your money safely. The threat of being scammed will be constant and there won't be peace of mind for the individual storing his funds there, especially if in large chunks. Unfortunatelly regulations have proved to not protect investors efficiently after so many scams that have been seen this year. Scammers CEOs are able to escape from the jail with stolen money on their pockets which is ironically used to pay their lawyers and the bail. Somehow regulations even contribute to those scammers, as we can see. The system is made to favour them.

It makes me think it's very unlikely to have a safe centralized exchange.

[Kiresiura]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Any exchange is risky, even if it is subject to strict scrutiny by regulations. Do not trust anyone and exchanges in the crypto market completely. Hackers are always trying to hack exchanges to get funds, so keep funds as safe as possible in your own wallet.

[Riocasino]

Not your key not your crypto.

I use knly decentralized exvhanges.

But if i had to bet on one it would be binance

[freedomgo]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

There is no way centralized exchanges can be safe. Although some reputable ones are safer than we think, but we don’t know how the future holds for them. The reason why people should never entrust their coins in centralized exchanges in the first place, but it should be decentralized ones. But it’s always certain, the only way people will learn is to experience first the mistakes and losses before they start to realize that it’s not always safe having centralized exchanges around.

[indah rezqi]

As many users before me have said, centralized exchange are not completely secure, whatever their promises to their customers. Don't trust all your funds to an exchange, it should be in your wallet in the long term. Even though we believe in some exchanges, but basically we have to remain responsible for our assets there. This means that we accept any consequences that may occur, good or bad are the consequences.

There is no way centralized exchanges can be safe. Although some reputable ones are safer than we think, but we don’t know how the future holds for them.

They'd be safe to some extent, after all we seem to know what the risks are.

[Fatunad]

I'd say the exchanges that currently remained to be unhacked are pretty "safe"; probably Binance and Coinbase. But that doesn't mean I'll recommend leaving funds on these platforms. The developers can make the platform as secure as possible, but never secure enough to the point that it's impossible to hack. Exploits will always be a risk. Not because these "unhacked" exchanges remained unhacked for years doesn't automatically mean it'll stay the same forever.

https://NotYourKeys.org

How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

That's why you don't let other people entrust their funds to you. You have not much to gain but everything to lose.

There is no way centralized exchanges can be safe. Although some reputable ones are safer than we think, but we don’t know how the future holds for them. The reason why people should never entrust their coins in centralized exchanges in the first place, but it should be decentralized ones. But it’s always certain, the only way people will learn is to experience first the mistakes and losses before they start to realize that it’s not always safe having centralized exchanges around.

It would be never be safe, once you do deposit your funds into any centralized platform or simply you dont possess the wallet keys then make yourself that prepared and convinced that its not your money anymore.
Its one of the common or known risk that chances of hack and running away funds is mostly could happen even though not that rampant but dont make yourself that get confident on this situation.
This is why on the time that you had make use of these exchanges or simply had done trading then it would be always recommendable on pulling out your funds and
transfer them into those non-custodial wallets for much safer storage of your coins or assets.

[nullama]

As many users before me have said, centralized exchange are not completely secure, whatever their promises to their customers. Don't trust all your funds to an exchange, it should be in your wallet in the long term. Even though we believe in some exchanges, but basically we have to remain responsible for our assets there. This means that we accept any consequences that may occur, good or bad are the consequences.
~snip~

Exchanges should be used to exchange, not to store your Bitcoin.

Buy bitcoin there, then send to your own wallet, that's the only way to truly known you just bought real Bitcoin, and not some fake IOU

People that keep their "bitcoin" in exchanges are always in a position in which they can lose all that money overnight.

[Sharonchy]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

 
Most centralized exchange hacks are organized crimes by the owners, even some of this token, which they claim is decentralized, when it is not.
For example project developers will promise to pay you a token as a bounty hunter, which was in a setting rate of price, but two or a day before the distribution you will see the token falling. My advice to investors is proper investigation.

[dansus021]

Mt Gox was deemed the safest in 2013. So many forum posts here saying so and even recommendations. Same was said about FTX, big stars came on TV ads and told everyone it was the best and the bomb. Now a lot of people say Binance but they have been hacked before, no reason to think they'll never be hacked again..

There will never be a safe exchange, DEX or CEX. But you can always limit your risk by not keeping crypto on exchanges if you don't want to trade them.

Hard to believe but it is true. the current doomed CeX "FTX" is hype all over the place the ads is everywhere their futures product is massive bunch of token and coin. but still they ended up like this

In my opinion there is no system is SAFE, just use centralized as simple as possible like trade and withdraw not for long term

[valeneu]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of lately lots have been unveiling itself and centralisedexchanges are at the end of it all.  Does it mean that these centralised exchanges that are in existence lacks the capability to safeguard assets and funds after attracting investors and traders to their platforms for engagement and activities?
 How do you explain these things to the people whom have entrusted their funds and assets to you for safe keeping hoping that what they gave to you is under safe care only to wake up to a sad news of their assets being stolen by hackers. How do you explain all these.

At first identifying the problem is a basic course for rendering solutions. If these problems are not identified immediately by the exchanges for quick remedy then who's to be blamed for it. Do they really do constant check on their service to know their lapses, if they do, do they identify it immediately with utmost attention? Do they do a constant check and evaluation on their staff and  mechanisms.

With all these said, what are your opinions on this subject matter as I feel this needs to be looked into for possible measures to be taken for  so as to further prevent or minimise the rate at which exchanges get hacked or being careless with investors and traders funds.

Not all exchanges are perfectly safe. We don't trust any centralized exchange completely, if the exchange goes wrong or gets hacked, a lot of money will be lost. So keep your funds safe in your own wallet and keep your own keys for extra security.

[Cryptmuster]

Exchanges should be used to exchange, not to store your Bitcoin.

Buy bitcoin there, then send to your own wallet, that's the only way to truly known you just bought real Bitcoin, and not some fake IOU

People that keep their "bitcoin" in exchanges are always in a position in which they can lose all that money overnight.

To buy bitcoin, you can also use other resources with a good reputation, and thus you can not use the CEX, but among the centralized exchanges there are also those with a good reputation that are suitable for buying bitcoin. But they are not suitable for storing bitcoins there. Only if you are a trader and you need to keep some part of the funds on the exchange, and this should be an insignificant part of your portfolio, in other cases, storing bitcoin on exchanges should be excluded for your own safety.

[oaz7t]

Thats the specific word we are trying to avoid lately. That is the issue with the current system of
exchanging the crypto currencies. The problem is not with the centralised system but its major
issue with "Centralised Crypto Exchanges".
Unfortunately we have never heard or seen any wall street broker website or exchanger got
hacked just like that. There might be incidences but very rare and that's what makes me think,
why only crypto exchanges are in the news for hacking and money getting stealing away.
Call it general statement or conspiracy theory, but centralised crypto exchanges are not safe.
They are the prime target for hacking.

[harapan]

There will never be a safe centralized exchnage that's the direct answer

No matter the promises and prove they might claim to have please kindly run away
An exchange that gives power to owners to control your money steal it gets prolonged court cases and finally gets bailed for stealing? With enough evidence?
This should be a warning to those who still choose to make use of Coinbase and all others

[Abiky]

Exchanges should be used to exchange, not to store your Bitcoin.

Buy bitcoin there, then send to your own wallet, that's the only way to truly known you just bought real Bitcoin, and not some fake IOU

People that keep their "bitcoin" in exchanges are always in a position in which they can lose all that money overnight.

Exactly. We should never leave all of our coins in a centralized exchange. That's because the risk of loss is too high to bear. Just deposit the amount of coins you're willing to trade, and you'll have nothing to worry about. The future for crypto lies on decentralized exchanges and atomic swaps. These alternatives solutions may be often expensive and slow at times, but they're bound to improve over time as developers introduce changes to the code. With L2 scaling techniques, DEXs could obtain the same performance of a traditional centralized exchange while minimizing costs as much as possible.

We cannot let centralized exchanges continue to do more harm than good to the crypto/Blockchain industry. Satoshi invented Bitcoin to be independent from third parties for a very good reason. That was to prevent the same failures of banks. The collapse of two major crypto exchanges (Mt. Gox and FTX) should be a reason of concern for those who want crypto to exploit its full potential. While most people are still using centralized exchanges, it's possible DEXs will take over the industry within 1-2 decades from now. At least, that's what I hope for. Just my thoughts

[fuguebtc]

As much as it pains me to say it, I think Coinbase is a safe exchange to use. They have a ton of money from going public and for that reason are also highly scrutinized by regulations. Companies like Binance that are built on tokens are very dangerous, but I don’t think Coinbase falls into this category. I believe their financials are solid and people are overestimating the odds of bankruptcy. That being said, I hate Coinbase.

The problem with centralized exchanges is that you will always have to rely on the people behind it to store your money safely. The threat of being scammed will be constant and there won't be peace of mind for the individual storing his funds there, especially if in large chunks. Unfortunatelly regulations have proved to not protect investors efficiently after so many scams that have been seen this year. Scammers CEOs are able to escape from the jail with stolen money on their pockets which is ironically used to pay their lawyers and the bail. Somehow regulations even contribute to those scammers, as we can see. The system is made to favour them.

It makes me think it's very unlikely to have a safe centralized exchange.

Nothing is absolutely safe in this world, not only with crypto exchanges, but that happened with banks or other traditional institutions, everything will be fine until they lose losses, and everyone's money will be lost. Don't rely on regulations because rules are man made, and they can modify or change as they have more money.

No centralized exchange is safe, and when it comes to storing your assets in a cold wallet, you are just safe without depending on a third party. But that doesn't mean you will be safe from hackers, natural disasters, and unexpected accidents.

[Taskford]

FTX is been a trusted platform before and they spend a lot of money on marketing, it get great exposure globally especially when they acquire those big star to be their ambassadors, but look what happen to them they deceive all their users and create huge damage to crypto community so for this basis we should never trust any exchange and we should deposit only the small percent of our total capital their so that we will not became a victim of another series of exchange turn into scam.

[Anonylz]

Is there any such thing as a "safe centralized exchange" ? a centralized exchange will always be centralized there is no in-between, if centralized exchanges were considered to be safe there won't be so much negativity surrounding them, and so many people won't be against them either.
Centralized exchanges are considered to be unsafe because they are in control of your funds and there are no guarantees your money is secured.

[letteredhub]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of

As long as they are centralized there's no way anyone should be advised on keeping their assets worth good amount with them cause anything can happen. Binance for example is really holding up hard to prevent any intrusion for the pasts years since it's inception but that doesn't make it reliable to leave your big sum under their hand. For any centralized exchanges, I'll advise you Just do your business and leave that's all I can say!

[nullama]

I was wondering if there could still be any safe centralised exchange in the blockchain industry. Of

As long as they are centralized there's no way anyone should be advised on keeping their assets worth good amount with them cause anything can happen. Binance for example is really holding up hard to prevent any intrusion for the pasts years since it's inception but that doesn't make it reliable to leave your big sum under their hand. For any centralized exchanges, I'll advise you Just do your business and leave that's all I can say!

Absolutely.

One of the main key points of Bitcoin is the decentralization of it.

Anything that is centralized should not be seen as beneficial for Bitcoin or the people using it.

I think it's just the fact that most people just want the convenience that comes with centralization, but that's a bad trade off.

[Abiky]

Absolutely.

One of the main key points of Bitcoin is the decentralization of it.

Anything that is centralized should not be seen as beneficial for Bitcoin or the people using it.

I think it's just the fact that most people just want the convenience that comes with centralization, but that's a bad trade off.

Most people are too lazy to learn how to properly use a DEX. They prefer to trust a third party with their crypto just to avoid having the responsibility of securing the keys themselves. You would just deposit crypto in a CEX, start trading, and forget about the rest. Some DEXs have slow performance and utterly high fees due to the underlying Blockchain network's congestion, so don't expect CEXs to go anywhere soon.

While there isn't any "safe" centralized exchange, it's up to you to minimize losses by depositing only what you're intended to trade in the platform. The FTX collapse will force CEXs to provide proof of reserves, giving us a sign that regulators will be weighting on the industry very seriously. There isn't any indication people will stop using CEXs, so it's likely they will live alongside DEXs for generations. Just my thoughts

[Synchronice]

Centralized exchange can be pretty safe, the problem is that they are still small companies compare to traditional banks. I mean, if Deutsche Bank would offer me crypto exchange, I would feel safe with them, not completely of course but wouldn't feel anxious all the time.
Right now, I think that Binance is the safest option among centralized exchanges. Binance is the top player in this industry, one mistake and it has so much to fall, it's like, they don't have a right for a mistake and should prioritize safety at the highest unseen level 

Not your keys - not your coins are gold standard of course, I would say the same on cash, not in your pocket, not your money. Recently I even feel like not your print, nor your money

[samcoin]

The services that exchanges offer are no longer limited to trading Bitcoin or other Crypto assets. Now, some exchanges offer lending, borrowing, stacking, and many other services that make it hard for any Crypto investor to dispense with these exchanges. On the other hand, DEXs haven't developed to the point that makes it easy to use tool for everyone. In addition, the risk of hacking a DEX smart contract also exists.

[Getmon]

Centralized exchange can be pretty safe, the problem is that they are still small companies compare to traditional banks. I mean, if Deutsche Bank would offer me crypto exchange, I would feel safe with them, not completely of course but wouldn't feel anxious all the time.
Right now, I think that Binance is the safest option among centralized exchanges. Binance is the top player in this industry, one mistake and it has so much to fall, it's like, they don't have a right for a mistake and should prioritize safety at the highest unseen level 

Not your keys - not your coins are gold standard of course, I would say the same on cash, not in your pocket, not your money. Recently I even feel like not your print, nor your money

In comparison to the largest banks in the globe, Binance is not a small business, in my opinion. Binance exchange may currently be worth 100 billion dollars, which is comparable to the largest banks. There may be fewer than twenty banks bigger than Binance. Gemini, on the other hand, is for you if you prefer to trade on an exchange that is wholly or partially owned by a bank. A CB Insights article claims that the Commonwealth Bank of Australia has ownership of the exchange because it has invested in Gemini. You are correct. A single error and mistake can dramatically alter everything including bankruptcy and the loss of all depositor funds. And simply holding the keys to our investments is safer.

https://www.cbinsights.com/research/top-banks-crypto-blockchain-investments/

[Crypto Library]

The services that exchanges offer are no longer limited to trading Bitcoin or other Crypto assets. Now, some exchanges offer lending, borrowing, stacking, and many other services that make it hard for any Crypto investor to dispense with these exchanges. On the other hand, DEXs haven't developed to the point that makes it easy to use tool for everyone. In addition, the risk of hacking a DEX smart contract also exists.

Risks were everywhere, As in centralized exchange you don't have control over your own funds and can be easily scammed, decentralized system has now faced hacking problem which has instilled fear in people's minds in dex trading as well.
But I still think the real implementation of cryptocurrency is the dex system. It is best if you invest in the proper way in the proper place by being well alert. Cause there was a saying that "your keys , your fund"

[Abiky]

Centralized exchange can be pretty safe, the problem is that they are still small companies compare to traditional banks. I mean, if Deutsche Bank would offer me crypto exchange, I would feel safe with them, not completely of course but wouldn't feel anxious all the time.
Right now, I think that Binance is the safest option among centralized exchanges. Binance is the top player in this industry, one mistake and it has so much to fall, it's like, they don't have a right for a mistake and should prioritize safety at the highest unseen level 

Not your keys - not your coins are gold standard of course, I would say the same on cash, not in your pocket, not your money. Recently I even feel like not your print, nor your money

You can't even trust banks no matter how reputable they are in the mainstream world. Not even an exchange backed by a renowned bank would do any help. Governments will tighten regulations. But that doesn't mean they will prevent bankruptcies from happening. The best thing you can do is deposit the least amount of coins in a centralized exchange, to help mitigate the risks of loss. Not your keys, not your coins.

I think with the collapse of another major crypto exchange, people will turn themselves to self-custody of their coins. This won't make CEXs go away, but it would certainly force them to change their business model in the long run.  Who knows what the future holds for the entire crypto/Blockchain industry? Just my thoughts

[juniperion]

Centralized Exchanges will not be trustworthy %100 ever. Human factor will be there every time. However, they must change mindset. This is not traditional finance. It is cryptocurrencies which are based on blockchain. Blockchain brought us trustless exchanging of assets. I believe that them of being loyal to blockchain mentality will survive.  They have to provide conditions which have minimum necessity of Trust.

I think that we need decentralized exchanges which support to swap assets on multi blockchains. Future is here. But if centralized exchanges change to be loyal to blockchain revolution, we will still be able to use them.

[albon]

The services that exchanges offer are no longer limited to trading Bitcoin or other Crypto assets. Now, some exchanges offer lending, borrowing, stacking, and many other services that make it hard for any Crypto investor to dispense with these exchanges. On the other hand, DEXs haven't developed to the point that makes it easy to use tool for everyone. In addition, the risk of hacking a DEX smart contract also exists.

Yes, you are right, in addition to the most important feature for me, which is P2P, I cannot do without, as this feature prevented fraud in buying and selling cryptocurrencies in local currencies between the buyer and seller in a large way, in addition to that CEX exchanges generally provide much more liquidity than DEX exchanges and the central exchange platforms have a simple and easy-to-understand interface for beginners, and there are many features available to traders, but the disadvantages of CEX are many, the problem lies in the user storing their crypto on the exchange wallet, and in the event of any hacking, their money and personal data will be at the heart of the risks, so no one can trust the centralized exchange platforms blindly because it is not a good place to store money.

[Abiky]

Centralized Exchanges will not be trustworthy %100 ever. Human factor will be there every time. However, they must change mindset. This is not traditional finance. It is cryptocurrencies which are based on blockchain. Blockchain brought us trustless exchanging of assets. I believe that them of being loyal to blockchain mentality will survive.  They have to provide conditions which have minimum necessity of Trust.

I think that we need decentralized exchanges which support to swap assets on multi blockchains. Future is here. But if centralized exchanges change to be loyal to blockchain revolution, we will still be able to use them.

Centralized exchanges won't change their ways no matter what. All they care about is filling their pockets with money, even if that means screwing over the customer in the long run. Some of them are providing proof of reserves to bring back confidence among investors and traders alike. But most (if not all) will think twice before using decentralized solutions built on Blockchain tech. The more control they have over customer funds, the better.

You'd say using a decentralized exchange would be the solution to all of our problems. However, they're usually buggy, slow, and expensive to use unlike their centralized counterparts. Considering that we're stuck with centralized exchanges, we have no other choice than keep using them with extreme precaution. Only deposit the amount of crypto you're willing to trade to minimize risks of loss as much as possible. As long as you do that, you'll have nothing to worry about. Who knows what other exchange will collapse in the future? Just my thoughts

[Zee27]

  The issue of security of crypto trading exchanges is an important topic for discussion and should be taking very serious by all because truth be told, centralized exchanges plays a pivotal role in the crypto industry and as such, safety has to be the number one factor on their mind if they intend to serve their customers better. Throughout the years, we've heard of series of cyber attacks on several exchanges while others are filing for bankruptcy and all of these have resulted to the loss of faith on centralized exchanges which originally should offer an extra layer of security and reliability when it comes to tractions and trading.
  You asked if there's ever going to be any safe centralized exchange. and to that I'll say yes using MEXCGlobal as a case study. According to a review by NUWIRE INVESTOR, MEXC has a high-tech security risk control and anti-DDOS systems against hacking and as of October 2022 when the review was made, there have been no recorded security breaches. This sort of boosts my confidence that there are still safe centralised exchanges despite the tons of bad ones out there.

[CryptSafe]

Centralized Exchanges will not be trustworthy %100 ever. Human factor will be there every time. However, they must change mindset. This is not traditional finance. It is cryptocurrencies which are based on blockchain. Blockchain brought us trustless exchanging of assets. I believe that them of being loyal to blockchain mentality will survive.  They have to provide conditions which have minimum necessity of Trust.

I think that we need decentralized exchanges which support to swap assets on multi blockchains. Future is here. But if centralized exchanges change to be loyal to blockchain revolution, we will still be able to use them.

Centralized exchanges won't change their ways no matter what. All they care about is filling their pockets with money, even if that means screwing over the customer in the long run. Some of them are providing proof of reserves to bring back confidence among investors and traders alike. But most (if not all) will think twice before using decentralized solutions built on Blockchain tech. The more control they have over customer funds, the better.

You'd say using a decentralized exchange would be the solution to all of our problems. However, they're usually buggy, slow, and expensive to use unlike their centralized counterparts. Considering that we're stuck with centralized exchanges, we have no other choice than keep using them with extreme precaution. Only deposit the amount of crypto you're willing to trade to minimize risks of loss as much as possible. As long as you do that, you'll have nothing to worry about. Who knows what other exchange will collapse in the future? Just my thoughts

I have no doubt centralised exchanges are the government arm of Crypto currency regulatory body. They are good at nothing than taking and trading customers identity and funds  without their consent. You would be made to sign up for what you have no knowledge about when it happens, they would tell you that you gave consent to them for that just like the issue of one of the exchange that won a case whereby members could not access their funds as a result of the documents they signed and agreed to. I do not for once trust centralised exchange so therefore I do not leave my funds there. I stick to this phrase " not your keys, not your funds" because I do not want to hear the story that touches the heart any day.

[Abiky]

I have no doubt centralised exchanges are the government arm of Crypto currency regulatory body. They are good at nothing than taking and trading customers identity and funds  without their consent. You would be made to sign up for what you have no knowledge about when it happens, they would tell you that you gave consent to them for that just like the issue of one of the exchange that won a case whereby members could not access their funds as a result of the documents they signed and agreed to. I do not for once trust centralised exchange so therefore I do not leave my funds there. I stick to this phrase " not your keys, not your funds" because I do not want to hear the story that touches the heart any day.

As I've said before, centralized exchanges don't care about the customer. They only care about filling their pockets with money. These entities usually work hand-in-hand with the government, especially to track down crypto users. It's the only way governments will be able to get a certain level of control over Fiat on/off ramps in crypto land. The more people use centralized exchanges, the better for them. Not only that, but centralized exchanges can collapse at anytime due to a major hack or a poor decision made by the company.

If you really want to avoid all the hassles of a CEX, a decentralized exchange (DEX) would be the only way to go. But be aware that DEXs are not perfect, especially when they have low liquidity and high fees. I guess that's the cost of having self-custody of your crypto funds. Which type of exchange to choose (either centralized or decentralized) is up to you. As long as you act responsibly, there should be nothing to worry about. Just my thoughts

[Aliosky]

Exchanges are not at all secure. We must avoid keeping money in exchanges, whether it is centralised or decentralized. These resemble a market where you can only transact. You run a very high danger of having your money or cryptocurrency stolen. So, absolutely, use them only as necessary. Additionally, as is always recommended, keep your money in offline or hardware wallets. If you don't, nobody will be able to stop you from losing your hard-earned money.

[Mr.right85]

Absolutely.

One of the main key points of Bitcoin is the decentralization of it.

Anything that is centralized should not be seen as beneficial for Bitcoin or the people using it.

I think it's just the fact that most people just want the convenience that comes with centralization, but that's a bad trade off.

Obviously. For most, it's more about popularity and what is common in an individual's locality. Not necessarily learning how to use it but, you must first discover it before hoping to understand.
For others, it becomes a question of, not being able to manage there security. Not having hope of any password or private key once misplaced or forgotten sounds scary and so, they hope on centralised exchanges to give them a backdoor through to password recoveries.
Unfortunately, there would always be vulnerability when you operate this way.

If the idea of cryptocurrency revolves around escaping centralisation or having an individual or organisation at the apex of your financial activities, why run to another one in the form of centralised exchanges! It doesn't make much sense to do that.

[nullama]

~snip~
Obviously. For most, it's more about popularity and what is common in an individual's locality. Not necessarily learning how to use it but, you must first discover it before hoping to understand.
For others, it becomes a question of, not being able to manage there security. Not having hope of any password or private key once misplaced or forgotten sounds scary and so, they hope on centralised exchanges to give them a backdoor through to password recoveries.
Unfortunately, there would always be vulnerability when you operate this way.

If the idea of cryptocurrency revolves around escaping centralisation or having an individual or organisation at the apex of your financial activities, why run to another one in the form of centralised exchanges! It doesn't make much sense to do that.

Yeah, I think Bitcoin will simply continue to exist in parallel to centralized currencies.

I don't really see the world changing into something in which everyone is responsible of their own keys. There needs to be some level of centralization at some point, because not everyone will be able to have such responsibility.

And I think that's OK. We don't need everyone to do it, just a big enough number of the population.

[Jawhead999]

There's no way to verify centralized exchange! they're not open source, not giving your seed phrase, etc. If you use centralized exchange, it's mean you're trusting your money to them and you need to accept all the risk when the exchange bankrupt, confiscate your funds, terminate your account etc and you don't have any way to recover your coins. So it's mean there's no such safe in centralized exchange!

[Smack That Ace]

There's no way to verify centralized exchange! they're not open source, not giving your seed phrase, etc. If you use centralized exchange, it's mean you're trusting your money to them and you need to accept all the risk when the exchange bankrupt, confiscate your funds, terminate your account etc and you don't have any way to recover your coins. So it's mean there's no such safe in centralized exchange!

To be fair, when it comes to a centralized company or project run by one person or organization, there is no such thing as absolute safety. We accept their use means we accept the risk if something goes wrong. But currently for the market, we don't have too many choices, if we don't use them, there is almost no solution for us to choose. So always be ready to take risks and use them wisely to minimize the risk.

[nullama]

There's no way to verify centralized exchange! they're not open source, not giving your seed phrase, etc. If you use centralized exchange, it's mean you're trusting your money to them and you need to accept all the risk when the exchange bankrupt, confiscate your funds, terminate your account etc and you don't have any way to recover your coins. So it's mean there's no such safe in centralized exchange!

You can't verify what is really going on inside the centralized exchanges, but you can at least peak a bit into what's going on in your own account.

For example, you can import the wallet they provide to you as a watch-only wallet. You'll see that your deposits will show up there, but then there will be withdrawals from your account that you didn't do.

And when you actually withdraw money from the service, you'll notice that it doesn't come from the watch-only wallet. It comes from someone else's wallet.

I'm not comfortable with leaving any money in a third party service like this, and no one should really.

[Renampun]

Exchanges are not at all secure. We must avoid keeping money in exchanges, whether it is centralised or decentralized. These resemble a market where you can only transact. You run a very high danger of having your money or cryptocurrency stolen. So, absolutely, use them only as necessary. Additionally, as is always recommended, keep your money in offline or hardware wallets. If you don't, nobody will be able to stop you from losing your hard-earned money.

saving assets on an exchange, that's a pretty stupid thing, I had a bad experience where in the end my funds couldn't be withdrawn because I kept my crypto assets on FTX, when their exchange collapsed they would automatically freeze all the assets on their exchange. 99% safer to store assets in a personal wallet.

There's no way to verify centralized exchange! they're not open source, not giving your seed phrase, etc. If you use centralized exchange, it's mean you're trusting your money to them and you need to accept all the risk when the exchange bankrupt, confiscate your funds, terminate your account etc and you don't have any way to recover your coins. So it's mean there's no such safe in centralized exchange!

when we send assets to CEX then they are no longer our assets because they are the ones who already hold the assets, so I usually use exchanges only to exchange my assets to my local fiat currency and vice versa, but to keep crypto assets for the long term, I really avoid storing it in CEX or DEX.

[Abiky]

To be fair, when it comes to a centralized company or project run by one person or organization, there is no such thing as absolute safety. We accept their use means we accept the risk if something goes wrong. But currently for the market, we don't have too many choices, if we don't use them, there is almost no solution for us to choose. So always be ready to take risks and use them wisely to minimize the risk.

Most people don't care about the risks of centralization, as long as they get convenience in the long run. After all, the vast number of crypto users aren't that tech-savvy enough to understand the true benefits of decentralization. CEXs won't be going anywhere, especially when they dominate a large portion of the crypto market. If you really want "safety", just avoid depositing large amounts of coins in a centralized exchange. Only deposit what you're willing to trade in a day.

I hope that DEXs rise in popularity after the downfall of FTX. They might be slow and expensive to use sometimes, but their level of security is beyond compare. Developers are improving scalability for underlying Blockchain networks, so it should only be a matter of time before DEXs become a "force to reckon with". Who knows what would be the next centralized exchange to collapse? Just my thoughts

[CryptSafe]

As long as anything that exists on the internet, that is not safe. And you are giving your funds to someone and also exposing your private information. I don't know how safe are they. They manually verify your identity in order to approve the KYC application. So they do have access to your information. Your info is not encrypted and stored in their system, they are open and available.
there are a lot of things that could be said here. But for now, I will stick to this. And the answer is this, No there will never be any safe centralized exchange.

KYC is not in not safe  in any way. KYC is a tool and process set up by the government through the centralised exchange to checkmate Crypto trading activities which before you sign up with any centralised exchange, you will need to agree to their terms and conditions which includes them giving your details to any third party by law when the needs arises. So therefore upon giving them consent, you already agreed to them using your details for any thing and I will not be surprised if they trade people's details for Money because they have it full in their possession and come to talk of it, you as a client don't know what is going on with your details your shared with them all in the name of kyc which makes it very risky. Initially, this was not the plans of Satoshi Nakamoto for bitcoin but the government which we have been avoiding has made their way in by including kyc which they are in for. With kyc on exchanges I do not think there is anything anonymous anymore and this is not safe.

[Chato1977]

As long as anything that exists on the internet, that is not safe. And you are giving your funds to someone and also exposing your private information. I don't know how safe are they. They manually verify your identity in order to approve the KYC application. So they do have access to your information. Your info is not encrypted and stored in their system, they are open and available.
there are a lot of things that could be said here. But for now, I will stick to this. And the answer is this, No there will never be any safe centralized exchange.

sometimes it is the availabilities in their region that brings them to no choice but to use internet base to trade, and also Lack of knowledge to how the proper handling of funds brings them to losing their money.

maybe this is depending on what kind of person and where is the person that will lead to either gaining or losing?

[Abiky]

KYC is not in not safe  in any way. KYC is a tool and process set up by the government through the centralised exchange to checkmate Crypto trading activities which before you sign up with any centralised exchange, you will need to agree to their terms and conditions which includes them giving your details to any third party by law when the needs arises. So therefore upon giving them consent, you already agreed to them using your details for any thing and I will not be surprised if they trade people's details for Money because they have it full in their possession and come to talk of it, you as a client don't know what is going on with your details your shared with them all in the name of kyc which makes it very risky. Initially, this was not the plans of Satoshi Nakamoto for bitcoin but the government which we have been avoiding has made their way in by including kyc which they are in for. With kyc on exchanges I do not think there is anything anonymous anymore and this is not safe.

KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.

For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion

[CryptSafe]

KYC is not in not safe  in any way. KYC is a tool and process set up by the government through the centralised exchange to checkmate Crypto trading activities which before you sign up with any centralised exchange, you will need to agree to their terms and conditions which includes them giving your details to any third party by law when the needs arises. So therefore upon giving them consent, you already agreed to them using your details for any thing and I will not be surprised if they trade people's details for Money because they have it full in their possession and come to talk of it, you as a client don't know what is going on with your details your shared with them all in the name of kyc which makes it very risky. Initially, this was not the plans of Satoshi Nakamoto for bitcoin but the government which we have been avoiding has made their way in by including kyc which they are in for. With kyc on exchanges I do not think there is anything anonymous anymore and this is not safe.

KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.

For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

[nlovric]

Snip...

KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.

For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

The connection between governments and blockchain technology is complicated and constantly changing despite the fact that centralised exchanges frequently need government approval and adopt KYC regulations. Although the fundamental goal of blockchain technology was initially anonymity growing worries about terrorism financing money laundering and other illegal activity led to government action. It is important to remember nevertheless that not all blockchain transactions need for governmental control. Users wanting anonymity and control over their financial transactions have alternatives in decentralised exchanges (DEXs) and cryptocurrencies with a privacy focused design. Governments are challenged to strike a balance between guaranteeing security and upholding the blockchain founding principles as technology develops. In the end the debate about the role of the government in the development of blockchain technology is still open and lively.

[CryptSafe]

Snip...

KYC makes a hacker's life easier by putting all of your personal information in a single place. This makes centralized exchanges less safer to use than decentralized exchanges. Besides, KYC greatly defeats crypto's original purpose of eliminating the middleman. It's like going back to the era of traditional banking.

For crypto/Blockchain tech to achieve its full potential, KYC must be eliminated for good. Unfortunately, there's nothing we can do about it if we want governments to support crypto. No KYC, means a hostile environment for crypto/Blockchain tech from governments and banks alike. At least, we have many options to choose from. It's up to you to act responsibly by never putting large amounts of crypto in a centralized exchange. Who knows how far will the industry go? Just my opinion

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

The connection between governments and blockchain technology is complicated and constantly changing despite the fact that centralised exchanges frequently need government approval and adopt KYC regulations. Although the fundamental goal of blockchain technology was initially anonymity growing worries about terrorism financing money laundering and other illegal activity led to government action. It is important to remember nevertheless that not all blockchain transactions need for governmental control. Users wanting anonymity and control over their financial transactions have alternatives in decentralised exchanges (DEXs) and cryptocurrencies with a privacy focused design. Governments are challenged to strike a balance between guaranteeing security and upholding the blockchain founding principles as technology develops. In the end the debate about the role of the government in the development of blockchain technology is still open and lively.

I really think it is a direct one because the government from onset wants to control the blockchain which has been their main aim or goal since it is not possible for them, they resolved in getting sway of the centralised exchange to do their bidding which they successful achieved and as well taking task and issuance of license to operate.
When they see they exchanges were bent on being adamant, the insist on KYC policies and it was near difficult for them to resist because they are within their jurisdiction and if they do otherwise, they are likely facing the risk of losing out so in that case they had no option than accepting the KYC policy for customer.

[nlovric]

Snip...

Snip...

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

The connection between governments and blockchain technology is complicated and constantly changing despite the fact that centralised exchanges frequently need government approval and adopt KYC regulations. Although the fundamental goal of blockchain technology was initially anonymity growing worries about terrorism financing money laundering and other illegal activity led to government action. It is important to remember nevertheless that not all blockchain transactions need for governmental control. Users wanting anonymity and control over their financial transactions have alternatives in decentralised exchanges (DEXs) and cryptocurrencies with a privacy focused design. Governments are challenged to strike a balance between guaranteeing security and upholding the blockchain founding principles as technology develops. In the end the debate about the role of the government in the development of blockchain technology is still open and lively.

I really think it is a direct one because the government from onset wants to control the blockchain which has been their main aim or goal since it is not possible for them, they resolved in getting sway of the centralised exchange to do their bidding which they successful achieved and as well taking task and issuance of license to operate.
When they see they exchanges were bent on being adamant, the insist on KYC policies and it was near difficult for them to resist because they are within their jurisdiction and if they do otherwise, they are likely facing the risk of losing out so in that case they had no option than accepting the KYC policy for customer.

You may see the government involvement in the blockchain industry as a blatant attempt at controlwhich is understandable. There have been discussions about the government interest in regulating cryptocurrencies and blockchain technology. While it is true that some governments seek to have a tight grip over financial institutions it is crucial to take a wider view. Governments frequently enact restrictions to protect the interests of their constituents stop illegal acts like fraud and money laundering and guarantee financial stability. Governments aim to increase openness and accountability within the bitcoin ecosystem by imposing KYC laws. Despite possible pushback from some exchanges operating inside a jurisdiction legal system frequently necessitates following restrictions.

[Abiky]

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.

Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts

[CryptSafe]

There is no way a centralised exchange would operate without a government approval in their locality. KYC is what the government uses to keep track of exchange activities so they could know the flow of funds and assets. Although the essence of blockchain was for anonymity. One could remain anonymous while carrying out a transaction but the fear of  sponsoring terrorist, money laundering and lots more have made the government interface into the system making the centralised exchange the arm of government on blockchain to monitor financial flows onchain.

it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts

This would be a good idea if given a thought about it but I doubt if the centralised exchange would agree to this idea because if they do, they stand the chance to a sudden collapse because investors would withdraw their funds at anytime they want irrespective of the fact that the exchange created the wallet and handed over the private keys to them . If this happens, there would like be no control of how funds move in and out of exchange because there is no more verification or approval to withdraw and deposit and this would cause a lot of unwarranted activities which the exchange can not control and would definitely cause a fall out between the government and the exchange.

This can be possible if there is a two way sign in by both parties. If the possibility arises, the owner of the wallet when making withdrawals would sign out while the exchange verifies the reasons for withdrawal then sign out as well giving the investors access to their assets and funds.

[nullama]

~snip~
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.

Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts

The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.

But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.

[CryptSafe]

~snip~
Of course. Without KYC, I fail to see how centralized exchanges would be able to survive in the long run. Governments will just close their operations for good. With decentralized exchanges, that's another story. There's really no such thing as an exchange (either centralized or decentralized) that's 100% safe and secure. You'd need to protect your crypto by following the necessary security precautions.

Flaws/vulnerabilities will always exist, but if you properly secure your crypto, it'll be almost impossible for malicious actors to rob you. With the FTX collapse, it's likely centralized exchanges will cede control of private keys and/or seeds to customers in the near future. Who knows if this will make CEXs bigger and stronger than ever? Just my thoughts

The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.

But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.

If I am not mistaken, I guess you were trying to say "as long as people keep getting paid in Crypto for their goods and services" Well what you have said is not bad because as long as it is so, people would definitely look for where to exchange their token or coin so as to buy more goods to  stuck up their various shops and businesses. Hence exchange is very much important and appreciated to keep existing so that there would always be a medium for third party conversations.

Lastly, centralised exchanges are operational and functional at the mercies and supervision of the government and therefore would do accordingly and everything possible to remain relevant in the mainstream. I see no reasons why centralised exchange would be stopped by the government even if they got theirs. They earn revenue from the centralised exchange and Crypto enthusiast would prefer them more than the government own which I believe the government knows very much alright so why would they the government think of closing the centralised exchange. I think that would not be feasible.

[Abiky]

The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.

But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.

Even worse, CEXs might become the trading platform for CBDCs after launch. That is if governments are planning to make CBDCs extensible. Sort of like a stablecoin which is programmable and can be used on smart contracts ("De-Fi"). Fiat (either physical or digital) is still the dominating force of the mainstream economy, so don't expect crypto to take over anytime soon. Exchanges (particularly CEXs) will be relavant as long as the world is stuck with the Fiat standard.

Once BTC becomes the standard unit of account (like a reserve currency), CEXs will either cease to exist or switch to crypto-only trading. The crypto world is highly unpredictable, so expect the unexpected. Who knows where the future will lead us? Just my opinion

[CryptSafe]

The thing is that exchanges will be needed as long as people keep getting paid in fiat for their goods and services.

But yeah, centralized exchanges might be stopped by the government when they start putting out the CBDCs.

Even worse, CEXs might become the trading platform for CBDCs after launch. That is if governments are planning to make CBDCs extensible. Sort of like a stablecoin which is programmable and can be used on smart contracts ("De-Fi"). Fiat (either physical or digital) is still the dominating force of the mainstream economy, so don't expect crypto to take over anytime soon. Exchanges (particularly CEXs) will be relavant as long as the world is stuck with the Fiat standard.

Once BTC becomes the standard unit of account (like a reserve currency), CEXs will either cease to exist or switch to crypto-only trading. The crypto world is highly unpredictable, so expect the unexpected. Who knows where the future will lead us? Just my opinion

I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX  played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far. 

If the government choose to trade their CBDCs on CEX  platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.

[tabas]

I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX  played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far. 

As long as they've been established already and maintains to be liquid, they'll continue to stay. And the only reason that they'll be out on the market or they'll be forced to their closure when there's a pressure from the government. With that, it'll create a fear to the users and from being liquid, that will decrease over time until they're no longer liquid. I think in the near future, there will only be less of them and the ones that are established will remain. Having these news that there have been CEX on development made or supported by the government is gonna be another game changer but we will see the result of it once it's fully operational and everyone gets a touch of it.

If the government choose to trade their CBDCs on CEX  platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.

And that's gonna make another demand for them and it's very likely that these CBDCs have no other way of increaseing their demand aside from forcefully making laws to be used by citizens but also to get into these markets of CEX's.

[CryptSafe]

I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX  played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far. 

As long as they've been established already and maintains to be liquid, they'll continue to stay. And the only reason that they'll be out on the market or they'll be forced to their closure when there's a pressure from the government. With that, it'll create a fear to the users and from being liquid, that will decrease over time until they're no longer liquid. I think in the near future, there will only be less of them and the ones that are established will remain. Having these news that there have been CEX on development made or supported by the government is gonna be another game changer but we will see the result of it once it's fully operational and everyone gets a touch of it.

If the government choose to trade their CBDCs on CEX  platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.

And that's gonna make another demand for them and it's very likely that these CBDCs have no other way of increaseing their demand aside from forcefully making laws to be used by citizens but also to get into these markets of CEX's.

If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.

[tabas]

-snip-

If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.

That's how it goes. At the end of the day, it's like these exchanges at the mercy of the government but not anymore today. Just like how the known centralized exchanges have been moving from country to country and building their headquarters. There's a problem on them that they can't comply with what the government is asking. It could be a personal attack on them with the requirements and rules set and these governments know that big money is gonna flow on them but if these exchanges decide not to get onto their markets, they'll lose a huge part of the market that they own on these regions.

[CryptSafe]

-snip-

If not stringent rules from the government what else do they do? They are always up to forcefully imposing rules on organizations under them so as to cajole them in doing their biddings. The government knows that her citizens would never do whatever ever they insist on them doing freely without being strict. If the citizens are given free will, me n of them would patronize anything that comes from the government but rather, they will prefer to do things with the private sector and individual organizations rather than doing it having anything with the government.

That's how it goes. At the end of the day, it's like these exchanges at the mercy of the government but not anymore today. Just like how the known centralized exchanges have been moving from country to country and building their headquarters. There's a problem on them that they can't comply with what the government is asking. It could be a personal attack on them with the requirements and rules set and these governments know that big money is gonna flow on them but if these exchanges decide not to get onto their markets, they'll lose a huge part of the market that they own on these regions.

The government knows that allowing the CEX do things by themselves would cause a boycott of activities that were meant to be a normal procedure hence they got themselves fully involved in CEX activities so as to monitor and keep watch on them.
CEX generates huge amount of money from transactions   which git the government poped eyes into their activities and making sure they pay tax and.all other levied bill on them by virtue of their presence on their jurisdiction.

[tabas]

That's how it goes. At the end of the day, it's like these exchanges at the mercy of the government but not anymore today. Just like how the known centralized exchanges have been moving from country to country and building their headquarters. There's a problem on them that they can't comply with what the government is asking. It could be a personal attack on them with the requirements and rules set and these governments know that big money is gonna flow on them but if these exchanges decide not to get onto their markets, they'll lose a huge part of the market that they own on these regions.

The government knows that allowing the CEX do things by themselves would cause a boycott of activities that were meant to be a normal procedure hence they got themselves fully involved in CEX activities so as to monitor and keep watch on them.
CEX generates huge amount of money from transactions   which git the government poped eyes into their activities and making sure they pay tax and.all other levied bill on them by virtue of their presence on their jurisdiction.

They just can't get their eyes on it. It's a billion dollars market and will eventually be back to trillion again whenever we're back at the bull run. And how much more if all of these ETFs applied will be approved then combining all of those that have applied, that's a lot of sum that they will not turn away their eyes on it. That's why ending up that they just can't let it pass and they should also have a share and a piece of cake from the entirety of this market.

[Abiky]

I really do not think CEX would cease to exist irrespective of what would happen in their nearest future. Although the Crypto space is unpredictable but I believe there is always an alternative to getting things done than pushing the CEX out of market or existence. The CEX  played a great role in the speedy spread of Crypto currencies globally irrespective of the location and laws governing it. Without the CEX, Crypto or blockchain would not have gone this far. 

If the government choose to trade their CBDCs on CEX  platforms, that's alright as it would give a boast to the cex for their credibility and reliability. This would keep the market moving.

That's a vaild argument. Without CEXs, crypto wouldn't had been as popular as it is right now. It's "Wall Street" that made crypto a multi-trillon dollar industry. It's very likely CEXs will survive in the long run, since they're the only means through which the government can collect taxes from you. Without them, I fail to see how mainstream governments will be able to succeed in their efforts to put crypto "under control".

While there's no such thing as a "safe" centralized exchange, you can follow the necessary security precautions to help protect your crypto from hacks, theft, or other undesired events. Just deposit a small amount of the type of cryptocurrency you're willing to trade, and you're good to go. Who knows if CEXs will reinforce their security methods after what happened with FTX? Just my opinion

[Altcoiner007]

Sure you know that CEX play key role in the crypto industry and cannot easily be sidelined despite some sad incidences like you've rightly pointed out. No one prays for those sad occurances, I guess. Some are now actively putting measures in place to optimize the security of their platform. For example, Binance and Bitget have huge User's protection fund in place to compensate users whose account gets affected in any occasion aside the security reserves. Meanwhile I recently read about Bitget's partnership with Cobo SuperLoop, a digital asset security institution to boost their platform security. It's we users that should take more precautions not to leave huge amount of assets in one Exchange.