Not your keys, not your crypto. Let be guided here please.

[Comeacross]

I came across a post on twitter this night. It worth sharing here so everyone of us can take it seriously that "Not your keys, not your coins". Someone complains that the most populous CEX Binance hold his funds ($500k) and suspended his account until he proved the purpose of that huge transaction.

My @Binance account got restricted  because I moved $500k between my wallet and account

any help please? @heyibinance @cz_binance @BinanceHelpDesk

This was Binance respond when he contacted them for resolution.
https://talkimg.com/images/2025/10/21/Um2Zrq.jpeg
https://x.com/notEezzy/status/1980384531841708275?t=YvyIU8p8NJ4oeVelyW-bQg&s=19

At first I thought it was usual content to generate traffic but the official Binance support Twitter responded that they are working on the issue. Then I confirm the authenticity of the story.

I still wonder why people feel comfortable with huge amount resting on exchange wallet knowing fully well that they have no full control of their assets but the exchange does. These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

If you're reading this now please don't just preach not your keys not your coins, practice it to avoid calling out people to come and rescue you on social media platforms and this forum.

I still can't upload a picture    Is one merit not longer the requirement to be able to upload images? What am I missing?

[Ambatman]

I still can't upload a picture    Is one merit not longer the requirement to be able to upload images? What am I missing?

Get to junior member first. Newbies can't post images
And to be a Jr member you need your activity to be 30.
You can check rank requirement below.
https://bitcointalk.org/index.php?topic=2818350.0

These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

They pick convenience over personal control
And there's always a cost.
P.S I think the user moved to the exchange so they can sell. Meaning they don't really use the CEX for custody.
I'm not a detective. So don't take my words serious.

[_act_]

Another thing is that an exchange can be hacked. Also there can be withdrawal maintenance in a way that people may not be able to withdraw when they want.

I still can't upload a picture    Is one merit not longer the requirement to be able to upload images? What am I missing?

You need to be a junior member before you can be able to upload image.

[Upgrade00]

That must be a frustrating situation to have to call out the exchange on social media to get a response and possibly get your issue solved. This user also probably got a response cause they have a huge following and reach, a user who doesn't have that reach may not get a response at all. Keeping your funds in your wallet means you are not dependent on any third-party to protect your funds and grant you access when you need it.

I also think users like this should have dedicated support service rather than getting what looks like an auto generated response.

[Cyber_warrior]

If your funds is on exchange, then you should know that you are not totally in control of the money, the exchange can decide to do what so every they like, they can suspend your account, and there is nothing you going to do about that, that’s why it’s just because you keep your coins off exchange, just buy from exchange, and send to a non custodial wallet, where you know you are in full control of your coin.

I still can't upload a picture    Is one merit not longer the requirement to be able to upload images? What am I missing?

1 merit is still part of the requirement before you can become a junior member, what you are missing right now is just activity, you lack activity which is going to promote you to junior member, so immediately your activity gets to 30, then you will turn to junior member, and you will be able to post, so just be calm, nothing has changed yet.

[Mrbluntzy]

P.S I think the user moved to the exchange so they can sell. Meaning they don't really use the CEX for custody.

The amount is $500k, too massive to assume that he wanted to sell it for his local currency via p2p. If it was just $500, I could have also made same guess as yours but the money is just too large to assume that he intended to sell it all. But you made a point, he probably was not using binance to store his asset because the statement he made was that "I moved $500k between my wallet and account" Meaning he send the $500k from a different wallet into his binance account. He definitely had a purpose for sending the money to binance exchange.

I have the fear of sending a huge amount to centralized exchange, the reason is because of this kind of experience. I won't find such experience pleasant, especially if I had a purpose for that money after making the deposit. Meaning I will be delayed until the reason for locking my account is resolved.

[tabas]

At first I thought it was usual content to generate traffic but the official Binance support Twitter responded that they are working on the issue. Then I confirm the authenticity of the story.

We're the same, I think after I've read that man-made story against MEXC of how his funds were hostage there, the owner herself replied and it's a fake story. So, this is a good point for each of us that reads these tweets and complains over social media. And that's to put a grain of salt and validate/verify first before believing.

I still wonder why people feel comfortable with huge amount resting on exchange wallet knowing fully well that they have no full control of their assets but the exchange does. These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

I guess that it's due to "funds are safu" marketing of Binance and it had made a lot of people with huge holdings to trust them. And you're right, they're not new to it and yet, they're still doing so entrusting their entire lifesavings to them until they learned the lesson, an expensive one to remember.

[GxSTxV]

Not a good idea to leave such a big amount in hands of a platform no matter how secure, safe or legit it is. You are just putting your money and trusting them in someone else’s hands. We get stories like this from time to time reminding us that nothing is close safe as having your assets in your private wallet.

Not even FBI can help you when a platform steal or lose your assets. Your trust = your responsibility.

[CryptopreneurBrainboss]

If you're reading this now please don't just preach not your keys not your coins, practice it to avoid calling out people to come and rescue you on social media platforms and this forum.

I doubt this people encountering this problem have heard the phrase, not your key not your coin because it surprises me that people that have heard this warning keep becoming victims to this same people. I see many reasons people give for making use of exchanges but prevention is better than cure it's better we protect ourselves against this hungry KYC freaks that wants to get the information of everybody using their platforms and store our coins ourselves than giving them that privilege but most times, I don't think they have any real reason for being worried about a transaction but they just want to know who owns that amount of money on their platform. We should protect ourselves by taking the storing of our finances into our own hands.

[KingsDen]

I came across a post on twitter this night. It worth sharing here so everyone of us can take it seriously that "Not your keys, not your coins". Someone complains that the most populous CEX Binance hold his funds ($500k) and suspended his account until he proved the purpose of that huge transaction.

My @Binance account got restricted  because I moved $500k between my wallet and account

any help please? @heyibinance @cz_binance @BinanceHelpDesk

This was Binance respond when he contacted them for resolution.

https://x.com/notEezzy/status/1980384531841708275?t=YvyIU8p8NJ4oeVelyW-bQg&s=19

At first I thought it was usual content to generate traffic but the official Binance support Twitter responded that they are working on the issue. Then I confirm the authenticity of the story.

I still wonder why people feel comfortable with huge amount resting on exchange wallet knowing fully well that they have no full control of their assets but the exchange does. These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

If you're reading this now please don't just preach not your keys not your coins, practice it to avoid calling out people to come and rescue you on social media platforms and this forum.

I still can't upload a picture    Is one merit not longer the requirement to be able to upload images? What am I missing?

Quoting to display image
Not your key... Is a phrase that has been in existence and will continue to be in existence, but then we cannot totally do without the CEXs. From the response in OP above, it is obvious that the victim was not using binance as a wallet. He was just trying to conduct a transaction on binance before they seized the funds because of it's volume or so.

This is not the way Satoshi proposed that bitcoin be used, but it is the newest reality. We are seriously tilting to centralization on a daily basis. But my confidence is that, there must be adamant private people to sustain the culture.

[Ever-young]

I have the fear of sending a huge amount to centralized exchange, the reason is because of this kind of experience. I won't find such experience pleasant, especially if I had a purpose for that money after making the deposit. Meaning I will be delayed until the reason for locking my account is resolved.

The truth is that we still need these exchanges to sell our coins easily, I mean they make things a lot more easy for us as it concerns trading our coins. And considering that these are centralized platforms, you’ll definitely encounter issues like this, surely these kinda issues could be such a pain in the ass but the truth is that most of the times, these are done for security reasons, and as long as you’ve got your data right, it’ll definitely be resolved.

[Rustam Meraj]

That is good reminder that most important crypto rule is not your keys, not your coins. People are depositing large amounts on centralized exchanges due to fact is that they can see money but exchange has all power and transfers of over certain amount will cause legal checks that will stop exchange to free your funds until you can show reason for money. It means that CEXs are only helpful in short term trading, but not long term saving, and main lesson is to keep large amounts of money in wallet under your control to avoid need to ask exchange to release your money.

[Curious T]

These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

If I didn't know this forum, I probably would have held my bitcoin in an exchange too. I knew about Bitcoin and bought it a few months before I discovered this forum. Before I joined, my coins were in an exchange, and I didn't think anything about it, but when I got here, I saw reasons why I should not keep my bitcoin in an exchange.
My point is, the environment these people are in matters, or the people they have around them. People may argue that they don't get influenced by society or peers, but that's not true. "Man is a product of influence". If they were surrounded in an environment like this, they might not trust exchanges as much as they do.

When you cant see something, you will ever see the flaws and cracks, but when you're finally made to see, it's all you will be able to see, except the good is more than the flaws, and in this case, I doubt it.

[Zlantann]

Not a good idea to leave such a big amount in hands of a platform no matter how secure, safe or legit it is. You are just putting your money and trusting them in someone else’s hands. We get stories like this from time to time reminding us that nothing is close safe as having your assets in your private wallet.

Not even FBI can help you when a platform steal or lose your assets. Your trust = your responsibility.

Keeping money in exchange negates the main purpose of creating Bitcoin. Bitcoin is designed to empower people to be their banks. Traders could keep money in these exchanges since they are always engaging in transactions. But keeping such a huge amount in an exchange is risky. People should learn from a series of events, such as the collapse of centralised platforms and strict government regulations. They would have to go through an annoying KYC process to prove the source of funds. And I hope they get their money because that's a huge amount.     

[Oshosondy]

The truth is that we still need these exchanges to sell our coins easily, I mean they make things a lot more easy for us as it concerns trading our coins.

It is because most people are not using decentralized exchanges which makes less ads to be on the decentralized exchanges. If the rate on decentralized exchanges are like how it is on centralized exchanges and there are more ads on decentralized exchanges, both exchanges are good for trading your coins for fiat.

And considering that these are centralized platforms, you’ll definitely encounter issues like this, surely these kinda issues could be such a pain in the ass but the truth is that most of the times, these are done for security reasons, and as long as you’ve got your data right, it’ll definitely be resolved.

Maybe when you become the exchange victim, you will not say that it is for security reasons. Also the exchanges have scammed people like this in a way that they will hold the coin and not also give it to the government.

[stackerlabsdev]

I came across a post on twitter this night. It worth sharing here so everyone of us can take it seriously that "Not your keys, not your coins". Someone complains that the most populous CEX Binance hold his funds ($500k) and suspended his account until he proved the purpose of that huge transaction.

My @Binance account got restricted  because I moved $500k between my wallet and account

any help please? @heyibinance @cz_binance @BinanceHelpDesk

This was Binance respond when he contacted them for resolution.
https://talkimg.com/images/2025/10/21/Um2Zrq.jpeg
https://x.com/notEezzy/status/1980384531841708275?t=YvyIU8p8NJ4oeVelyW-bQg&s=19

At first I thought it was usual content to generate traffic but the official Binance support Twitter responded that they are working on the issue. Then I confirm the authenticity of the story.

I still wonder why people feel comfortable with huge amount resting on exchange wallet knowing fully well that they have no full control of their assets but the exchange does. These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

If you're reading this now please don't just preach not your keys not your coins, practice it to avoid calling out people to come and rescue you on social media platforms and this forum.

Once you deposit an X amount of BTC on any exchange, the “wallet balance” you see is simply what they owe you. From that point on, anything can happen. Even if you plan to sell, do it gradually, around 5–10% at a time and make multiple smaller deposits instead of one large one. Stay safe, everyone.

[Ruttoshi]

This really sucks. Imagine your coins is seized because you wanted to trade it. I believe that the person didn't have the idea of using CEX. You don't transfer huge amount of money once to your cex account because it will make the exchange suspect you and want to get more information about such funds by locking the user account.

If you want to transfer huge amount of money to an exchange for a trade to fiat, it's better you send it bit by bit and trade them as you are sending them bit by bit or you can use two or more different exchanges to do that. It's not a good financial practice to store your funds in an exchange because it's no longer yours until you have made withdrawal.

[Webutxo]

Once you deposit an X amount of BTC on any exchange, the “wallet balance” you see is simply what they owe you. From that point on, anything can happen. Even if you plan to sell, do it gradually, around 5–10% at a time and make multiple smaller deposits instead of one large one. Stay safe, everyone.

If youook at the screenshot very well, that's an internal transaction between a Binance account to another Binance account. Something might be off about the transaction why I think Binance must have seize the coin until further explanation is required. Not supporting the exchange in any ways but even banks can seize your money if they found your transaction to be suspicious and wouldn't release the money until a good explanation is required.

The centralized exchanges are been fine for money laundering and all that, I don't blame them for doing due diligence. However, if I'm the person with such a huge amount of money, the Bitcoin will not touch any centralized exchanges before I sell or trade the coin. Other options are available and safer.

[notocactus]

I came across a post on twitter this night. It worth sharing here so everyone of us can take it seriously that "Not your keys, not your coins". Someone complains that the most populous CEX Binance hold his funds ($500k) and suspended his account until he proved the purpose of that huge transaction.

Risk of storing cryptocurrency fund on Centralized Exchanges truly exists and there are many reminders about it. Rather than writing a long post, I would like to share these topics that have enough, and even abundant information on the mentioned risk.

• Reminder: do not keep your money in online accounts
• Events made you scare about custodial wallets, centralized exchanges.
• Not your keys, not your coins.
• How the SEC nearly destroyed my retirement account
• Be careful using Binance & Centralized Exchange
• The risk of posting your exchange's address publicly
• Sanctioned Services and the service traceability to this forum, Any danger?
• Recent events should make everyone withdraw all their coins to their own wallets: Part 1
• 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
• Get your coins out of custodial wallets now: Part 4

[The Cryptovator]

I still wonder why people feel comfortable with huge amount resting on exchange wallet knowing fully well that they have no full control of their assets but the exchange does. These guys are not new to crypto, they know the implications of this but yet they choose to know and embrace keeping their assets in exchanges.

If you're reading this now please don't just preach not your keys not your coins, practice it to avoid calling out people to come and rescue you on social media platforms and this forum.

Binance would ask if they think a transaction is suspicious. Because they are a centralised exchange, they have terms, and they will follow their standard. But we have to maintain our own standard. It's just not a slogan about 'not your key, not your funds'; we also need to apply it to our lives as well. Especially if you have been receiving funds from someone else, then you must avoid using direct addresses from the exchange. Because the exchange would ask about the source of funds and the source of income as well.

I have taken a lesson in my life; Binance also freezes my account, though later they return it. But for a long time, they didn't allow me to use Binance anymore. Recently they removed all the restrictions from my account, and I have been using it again. But I don't store funds in Binance. When I just need to trade or sell, I move funds from the hardware wallet to Binance. After selling, move funds back to the hardware wallet. I am following now my own standard.