Binance CEO recommends storing your crypto on exchange!


#1

Binance CEO Chengpeng Zhao (“CZ”) tweeted about the recent cryptopia exchange hack, and appears to recommend storing your crypto on a “reputable” centralized exchange. Of course the underlying message is store your crypto on Binance… something you would never see Team Saturn recommending!

I know we repeat it a lot, but I am going to say it again: if you do not have control of your private key then it is really not crypto at all! Rightly so he has atleast received some backlash from the crypto community:

https://www.ccn.com/binance-ceo-criticized-for-appearing-to-advise-storing-crypto-on-exchanges/

Thanks for the share on telegram @Wizward has given me something to laugh about tonight :joy:

Though some may respect CZ confidence in Binance’s security infrastructure, I would argue this is not really a good move at all & any hacker simply reads this as Challenge Accepted.

Thoughts?


#2

For us saturners this is maybe really funny. But for a lot of people, especially newbies, this sounds legit. And this is the point where i start to puke out, or even cry. This goes absolutely in the wrong direction. Even when binance plans to make a “DEX”… i wouldnt wonder if you dont control your private key on binance “DEX” (deposit funds)…


#3

Yup you are right this is no laughing matter, when I saw CZ tweet… it is sad to see people with so much following promoting the wrong messages in crypto. We all need to work together to promote DEX adoption & safe crypto practices :slight_smile:


#4

Binance DEX is big joke imo, I doubt it will be a real decentralized exchange :slight_smile: but we will wait for @Neuron analysis to confirm.


#5

first we need to wait for binance DEX to be released