Of course that can happen. And to tell the truth, various cryptocurrency exchanges are centralized. Only few of them are truly decentralized. But so far so good, Binance CEO has a good team and he works assiduously with his team to bring the best experience to us. There are still many shady answerability in their operation but big companies indeed have such issues. So as to avoid losing your money (using any exchange has a rate of losing all of your money),  only deposit a part of your hold capital. The rest you should keep in your cold wallet