Binance may have been a reliable exchange in the past, but Binance can be hacked just as any other exchange.
Just like your bank, your police station, airport, tax office and every other entity that has ever stored your sensitive data. IMO binance security is on higher level than most of those including banks.
Well, that's true. But if my bank is hacked and money is stolen or they have violated data protection laws, then the bank must pay the compensation or can be sued. That is not the case with Binance. You don't even know where to turn for a legal action. Malta? China? Singapur? Hongkong? All the institutions you mentioned are subject to strict legislation.
indeed, your bank would be more responsible by your funds in the case of a hack.
BUT it's worth to remember that binance and bitmex have their funds, (remember SAFU?) and have copensated users due to hacking loss in the past.