A very important update

[Crypt0Gore]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.



I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

I am not a Palestinian and I am not taking any sides but honestly, that same centralised power protecting you can go against you no matter who you are, in this similar situations centralisation sucks.

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

[SquirrelJulietGarden]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I don't know why they do this, assume your news is true.

How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.

Reminder: do not keep your money in online accounts
Recent events should make everyone withdraw all their coins to their own wallets
Recent events should make you withdraw all your coins to your own wallet: Part 2
Recent events should make you withdraw all your coins to your own wallet: Part 3
[Part IV] Get your coins out of custodial wallets now

[_act_]

This is no more new but no matter how you tell people, some of them will not just listen until they are affected.

Some peoole that are traders will likely be affected. Traders depend more on those exchanges for spot, margin and derivative trading like future and options trading.

But still not your key not your coins.

[Taskford]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

But even though we found out that all of this is FUD still we should never trust any exchange and store huge funds there. Since we know the consequences that might happen since there's huge chance that their site will get compromised even if they say that everything is safe and nothing will happen to their costumers funds.

[Oshio-man]

 I don't think people in this community will fall victim to this kind of incident that happened to this people, because legendary, hero and other members keep alerting the beginners in this community never to leave their funds in the exchange, and they gave some reason why they advised beginners never to make sure mistakes in this community. One of the important thing is that, your funds are not safe in the exchange because you are not the only one controlling the funds in the exchange, and if you want to hold your funds for long term before you can release them to the market, you can make use of safe wallet when you can have confidence of leaving the funds for years before you can make use of them and you will not regret.

[tabas]

We can only guess why Palestinians have entrusted Binance to keep their funds. Well, who doesn't do this? Almost every person has confidence and trust in this exchange to keep their funds while us here, we've been warning people not to trust all of our funds to any exchange whether they're reputable or new. We'd always be back to the simple phrases about "not your keys, not your coins" quote. But on the part of Binance, they cannot do anything when a government dictates to them what they should do with all of the funds that are on them from specific people or citizens so that they can flee for a heavier punishment.

[Cookdata]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

The context of SAFU is not about your funds is safe from been seized, it's really means Binance is insuring customers that no matter what happened to Binance exchange, there is insurance money that covers your deposit incase of hack or any other unforeseen circumstances that happen to the exchange in the future.

On the issue of Palestinian accounts froze, I just check the announcement made by Binance and it seems they said and I quote that it was some accounts that were involved in money laundering and all that which may be false or may be truth. However, this is what you get when you don't listen and keep your coins on exchanges. Not your keys, it's not your coins to control.

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

You can't say for sure, this is just political hunt on some people and Binance is just doing a back door for government to do their thing. This is exactly what Telegram is against and their CEO is remanded in France prison. Binance chicken out and now doing their bidding. Imagine another government that will ask for other users funds to be sealed again, censorship recycling on our eyes.

[Lucius]

I don't know why they do this, assume your news is true.
How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.
~snip~

Who is Israel's greatest ally? Well, of course, it is the US which, in addition, is holding a very important person in the whole story in prison - his name is CZ. Regardless of how pointless it is to use any CEX as some kind of crypto bank, this particular one in question here is apparently completely under the control of some very curious agencies...

[Porfirii]

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not? Because if it is only a few addresses which were clearly linked to money laundering, I think that the alarm is not justified.

Of course, you all agree and I have not any different opinion: hodling your funds in CEX is risky (I'm still waiting after several years to recover some finds I hodled in Cryptopia, to my shame); but we must be honest and not invent news or share them if we are not sure about their validity, even if we like them.

[Awaklara]

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not? Because if it is only a few addresses which were clearly linked to money laundering, I think that the alarm is not justified.

Of course, you all agree and I have not any different opinion: hodling your funds in CEX is risky (I'm still waiting after several years to recover some finds I hodled in Cryptopia, to my shame); but we must be honest and not invent news or share them if we are not sure about their validity, even if we like them.

Binance reportedly denied the allegations. all they did was freeze funds from a small number of accounts that were linked to illicit funds that were linked to Palestinian accounts. The Palestinian accounts were allegedly used to raise funds to help terrorist organizations. you can read more about it: https://cointelegraph.com/news/binance-seize-funds-palestine-israel

I don't know how much pressure is being put on Binance by Israel. but if it can happen to the Palestinians now, it's very possible that it will happen to us who have accounts there in the future when more conflicts between countries occur. but hopefully that doesn't happen.

[mpoletiek]

In my experience the most important lessons are always learned through pain. They can't be taught.

[Alpha Marine]

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

This is exactly what I thought when I read your post's first part. I can't make sense of it. How would a country leave its assets in an exchange? It doesn't even matter if it's CEX or not, they should have no business with that. So out of everybody involved in handling those coins, nobody thought it was a bad idea to leave their coins in an exchange? That's some pretty solid leadership and management right there. Unbelievable.

The thing about people when you give them a warning is they always feel "it won't happen to me". They hear stories and somehow they feel they're different. I wonder what makes them think they're special when they're doing the exact same thing the other victim did.
You tell people not to have unprotected sex with various sexual partners and they will feel others who have diseases from that were just unlucky or something. Most people think "it cant be me", but it actually can be you if you don't take precaution.
I know people that have been trading in the crypo for ages still leave their coins in CEX, I'm talking large amount of coins. I can't explain it.

[PX-Z]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

[Findingnemo]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Yet, most of the replies after you still believe the whole context posted on OP without reading your reply. That's how FUD spreads like wildfire even though there are already official statements that contradicts the news. To be precise, Binance only ban those account connected to illicit funds/transactions.

This is not limited to Palestine, almost every exchange do that for every user irrespective of their nation so this news is just a huge clickbait to get traction for the news without giving the complete picture of it.

I don't know what's written on the post shared by OP cause it's not in English but I am pretty much sure no exchange can do that, even if government orders them to do, the exchange has the responsibility to announce this to user and give ample time to withdraw so this is something that can't possibly happen overnight.

[Hatchy]

I was like, how come Palestine keep their assets on Binance exchange? Are they into trading? Or these people are just stupid? Well there is a big lesson to learn from this, it wouldn't have been the same story if they keep their assets in a cold storage, offline.

They aren't stupid, to me they just lack good information. The truth is that about 50% of crypto user out there stores their coins on exchanges. These people have little knowledge on how to store or keep their funds safe and since it's even much easier to convert to their local currency directly without needing to pay any fee transferring from wallet back to the exchange, they just choose to leave their coins in the exchange account. It has been said times without number, exchanges should be avoided when it comes to storage of funds, but it seems that these good information we share here are just for those members on the forum. I wonder how we can actually educate others out there on how to properly keep their coins.

[Rikafip]

How do Israel have very powerful request on Binance like this?

You do know very little about the world of finance if you think that out of all countries, Israel managed to force Binance to seize certain accounts that belong to their Palestinian users. 

So what is the real situation right now? Has Binance grozen ALL Palestinian assets like the Op said or not?

According to Binance, only a "few".

[pawanjain]

This is only a FUD they clear out those allegations here https://cryptobriefing.com/binance-palestine-wallet-freeze-allegations/

Binance will be in huge trouble if they do that. For sure they cannot get back in their normal operation if they seized the asset of a country since they will be tag as huge scam.

But even though we found out that all of this is FUD still we should never trust any exchange and store huge funds there. Since we know the consequences that might happen since there's huge chance that their site will get compromised even if they say that everything is safe and nothing will happen to their costumers funds.

That's what I was thinking. How come Binance being a global giant in crypto exchanges, follow Israel's request?
It doesn't make any sense and even if they do, they will be at risk of losing all of their customers.
Binance wouldn't honour this request and lose all of their userbase.

[Zlantann]

I don't know why they do this, assume your news is true.

How do Israel have very powerful request on Binance like this?
It's weird but this action is another red flag that reminds us about risk of storing Bitcoin and cryptocurrencies on centralized exchanges.

Binance is under strict scrutiny by the US government, you would expect them to do whatever the government says. The US government might have instructed Binance to block those accounts. Don't forget that the US is Israel's biggest war financier. Palestinians, Iranians, Lebanese, and Syrians who engage in crypto transactions should avoid any Western-backed exchanges because they can still suffer the same thing.      

Respect and Adore keeping your crypto assets offline, far away from online and cex platforms.

No centralised platform can guarantee the safety of your coin regardless of how big or old they are. The best option remains to keep your coin off these centralized platforms. Your coin doesn't belong to you if they are on these platforms since a common letter from the government can make you lose all.  

[Mia Chloe]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

I think the situation of people storing funds on exchanges has been so much of a discussed topic that majority should be aware already of the risks and this quit the act. However that doesn't seem to be the case. Funny how some people even upon seeing this news still would pay no attention and still leave their funds sitting in some exchange.

The fact is these persons literally have some reasons for still keeping their coins in exchanges some because they are crypto traders and their exchange offers crypto trading services, some because they are P2P vendors and transact constantly with different coins thus an exchange makes it easy for the to convert seamlessly between different crypto currencies with little fees. Some on the other  hand are either to lazy to store their seeds and keys by themselves or they simply are not enlightened about the dangers.

[yudi09]

It just get to me that Binance exchange seized Palestine crypto assets on it's platform, this just prove to me that no fund is SAFU no matter who you are, and I think you should feel the same way too, stop leaving your funds on any exchange, small or big it doesn't matter.

We who are here actively with the existing experience that storing funds online is not a good thing to do.
Then from the collapse of several large exchanges can also be a valuable lesson that storing money online is not something that is recommended to do.
Even though they promise like SAFU funds, for that it is not a guarantee that makes us in a safe and calm position when something happens.