SHAFAQNA TURKEY – Binance CEO Warns Investors
CZ has supported self-custody for many years. He also called it a “basic human right”. During Twitter Spaces on Dec. 14, the CEO of Binance argued that the security keys are not stored securely, backed up, or encrypted properly. However, he urged investors using self-storage wallets to be careful, saying:
99% of investors who want to keep their cryptocurrencies will lose one way or another.
CZ has confirmed that it is “not safe” to store cryptocurrencies in your own wallet. However, he suggested that “more people lose money by holding their own wallet, losing more cryptocurrencies than a centralized exchange when they hold it on their own.” He also stated:
Most people cannot back up their security keys; they will lose the device […] They won’t have proper encryption for their backups; write on a piece of paper, someone else will see and steal these funds.
Standard operating procedure required
The Binance CEO also noted that even with self-management funds being properly managed, “if someone dies, there is no way to pass them on to the next relative,” while custodians like Binance can follow “standard operating procedure” to deal with the issue. . The Binance executive said that “different solutions have different risk profiles” and it is up to the user to decide what is best for them. While much of Binance’s operations are “centralized,” CZ confirmed that the company remains “neutral” about its choice of storage and self-service solutions.
Binance is one of the most talked about exchanges in recent days. While the Wall Street Journal reported on Dec. 11 that there were several red flags in Binance’s reserve confirmation audit, as we reported on Cryptokoin.com, Reuters reported on Dec. 13 that the U.S. Department of Justice is nearing the end of a three-year investigation into Binance and may file application for initiation of criminal proceedings. In a Twitter Space conversation before Nov. 14, CZ said he would be happy if users turned to decentralized alternatives. CZ also stated:
“If we have a way to allow people to safely and easily control their assets, if 99% of the population can do this, then there will be no centralized exchanges, or probably they will have to exist,” CZ said.
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