See Binance laughable tweet, but deceiving newbies

[Coyster]

I've read some articles there and they do state from time to time that if users want custody of their assets, they should do so with a user owned wallet.

I have not read any articles on Binance academy and i can't really comment on this, but even if they said the above (which everyone already knows), CZ also said a couple of months ago that 99% of people will lose their crypto stored in non-custodial wallets, so it is more like them saying non-custodial wallets will give you custody of your assets, but you will lose it, so bring them to us.

Since the inception, Binance have had a net positive impact in the crypto industry. Until DeFi and other decentralized infrastructure of crypto is built and secure, the services of centralized entities like Binance would continue to prevail.

They provide a service for people using cryptocurrencies so they might not be entirely bad, but binance is trying to be too powerful/influential in the crypto industry and that is not needed, their quest to achieve this has also made them do too many questionable and sketchy things to say they've had a net positive impact.

[1714934402]

1714934402

[Oshosondy]

(Binance Academy et al)

I think you should use et cetera, etc , et cet., &c. or &c. Et al is mostly used in academic study for referencing or bibliography.

It's not entirely a lie as far as I know. Binance may be a centralized entity but they have provided a harmful of tools, products and resources (Binance Academy et al) that have helped users get on/off ramp of Bitcoin and Crypto plus a KnowledgeBase in their academy. I've read some articles there and they do state from time to time that if users want custody of their assets, they should do so with a user owned wallet.

Binance has helped, not one is disputing that, but that should not make them lie. You can not have financial freedom with centralized exchanges. And if you want to know the truth, they are mostly cared about their earnings and profiting from people. Yet this is off-topic to what we are discussing here.

Since the inception, Binance have had a net positive impact in the crypto industry. Until DeFi and other decentralized infrastructure of crypto is built and secure, the services of centralized entities like Binance would continue to prevail.

This is off-topic to what we are talking about.

@nelson4lov, with all your support, let me put it straight to you. Does Binance makes freedom of money possible for people? Please answer that and support it with facts, not off-topic post. Please do not consider me to be harsh.

[Doan9269]

They will always say that they give freedom to people even though we know that it's nothing than a pure lie because they will always have the users keys to their wallet in their custody, so what freedom are they giving in this one, we should better learn to wise up and also take responsibility of teaching others to understand the implications of using online wallets or maybe i should put it this way excahnges accounts as wallet, they can turn our right for ownership to theirs or away to vanity within a short period of time before we get aware of what's going on, they are manipulators but an average person that knows about their implications and would never believe in anything they are saying.

[The Cryptovator]

Indeed, Binance has been dishonest about offering financial freedom through their centralized exchange. While they have provided a convenient platform for trading cryptocurrencies and even facilitating peer-to-peer transactions, it is crucial to understand that their services primarily cater to trading purposes rather than enabling true financial freedom. It is essential to prioritize the security of funds by utilizing non-custodial wallets.

[Potato Chips]

Typical marketing gimmick similar to how they always say KYC/AML policies are protecting users

The sad thing is, despite knowing the truth, this -freedom of money tweet- will most likely be one of the things people are willing to trade-off/turn a blind eye to specially if we think about binance's stronghold in the community. Ofc, I wouldn't blame them since I understand where they're coming from - the reality that people have to pick the lesser evil when it comes to CEx.

In any case, being informed about the catch behind these antics is always better.

[nelson4lov]

I want to state firstly that I'm a firm believer or all things decentralization,  financial freedom and control.

I have not read any articles on Binance academy and i can't really comment on this, but even if they said the above (which everyone already knows), CZ also said a couple of months ago that 99% of people will lose their crypto stored in non-custodial wallets, so it is more like them saying non-custodial wallets will give you custody of your assets, but you will lose it, so bring them to us.

I read that post and he did come under heavy scrutiny at the time. I feel like he was taken out of context? We all know that non-custodial means the user is 100% responsible for the security of their assets. Most people don't take it seriously and some even expose their seed phrase in online note taking apps etc.

I think you should use et cetera, etc , et cet., &c. or &c. Et al is mostly used in academic study for referencing or bibliography.

@nelson4lov, with all your support, let me put it straight to you. Does Binance makes freedom of money possible for people? Please answer that and support it with facts, not off-topic post. Please do not consider me to be harsh.

- Firstly, Thanks for pointing that out. I've written some academic paper recently so it was honest mistake. Thanks once again.

- You misunderstood my post. I'm not in anyway saying Binance promotes freedom of money/financial freedom in anyway. We all know that true financial freedom is when you have full control of your assets. My argument was that Binance is not entirely bad. Most of the infrastructure available today to get on/off ramp of fiat is provided by centralized entities, even the one that claim to be decentralized require some KYC/AML. I apologize once again if you took it the wrong way.   

They provide a service for people using cryptocurrencies so they might not be entirely bad, but binance is trying to be too powerful/influential in the crypto industry and that is not needed, their quest to achieve this has also made them do too many questionable and sketchy things to say they've had a net positive impact.

Binance is not a saint in the industry, I know that as a fact. Compared to other centralized services available that have rugged users, Binance has been upfront with their users most of the times. I'm not affiliated with Binance, I'm just a user who has enjoyed their services since their launch. I don't hold crypto on the exchange btw, when I have kept it there in the past, the service was good.

I'm aware of Binance becoming a monopoly in the industry but when I realize that they have provided a service second to none.

[Saint-loup]

This is the Twitter link:

https://twitter.com/binance/status/1678871785020743680?t=3z-QITH1mxm3CjVE-NGOHA&s=19

Okay, Binance turned 6 this year, that is correct but why the lies:

#Binance was created to achieve freedom of money for everyone.  

After 6 years, we remain as focused on this goal as ever.  

With #BinanceTurns6 just around the corner, let’s hear from those who’ve already had their lives positively impacted by crypto.

Please do not report this post, I will move it to exchanges myself. I just want some newbies to see how centralized exchanges can be lying to them professionally.

If you do not have the private keys and seed phrase, you do not have the freedom. With centralized exchanges, no freedom.

But just that we traders do not have option than to still trade on the centralized exchanges. I have $500 to trade, I prefer to go 10x with $50 while having $450 on my noncustodial wallet as backup while transferring the profit out if there is profitable trade.

It's a pretty harsh judgement IMO, because Binance has no other choice than to keep confidential the private keys of their wallets, otherwise the safety of the customers' funds would no longer be guaranteed. But they've created and maintained a multi-cryptos wallet : Trust Wallet. And they seem to have try their best to be as fair and accommodating as they can towards their customers. So much so that they didn't respect regulations and get prosecuted by SEC and CFTC.

[Darker45]

Words are cheap. In the crypto community, certain terms like freedom, decentralized or decentralization, security, P2P, and so forth are used as if they are of no weight. While Bitcoin is truly revolutionary, those companies that are centralized, custodial, and operating no different from traditional banks and other conventional financial institutions like Binance are not. As a matter of fact, they're the antitheses of what Bitcoin is promoting.

[Frankolala]

I feel sorry for those Binance users who is trapped in this lies and leave their funds in their exchange. This lies will be for the newbies that don't know the difference between an exchange and a noncustodial wallet and not for people like is who understands that Binance is only a centralized platform and will never be able to offer financial freedom to their users.

A friend of mine that is new into the crypto world argued with me that Binance is transparent and open when it comes to keeping customers funds in the exchange and I let him to know that,it is not true because they control his funds for him and they can decide to do whatever they like with his funds and he wasn't convinced because the lies that Binance do feed their users with that they are decentralized and that they use decentralized p2p.

[aysg76]

They are running a business and what else do you expect from them to spit real facts that your funds are not yours exactly when you deposit it with them? This is not the first time as CZ has done it many times trying to be manipulative in his tweets to attract the audience which has certainly helped them.

Over the 6 years one thing has surely happened that is CZ becoming billionaire and being richest in the list just because of Binance and how many people have lost money due to hacks and data leaks? So they aim freedom with fully centralised control,KYC implications and then restrictions to withdraw funds? I think they have certain different meanings for what freedom of funds is actually but people are making them work better.