Post
Topic
Board Bitcoin Discussion
Re: Why is it bad to leave crypto on exchanges?
by
Rikafip
on 01/05/2022, 08:50:06 UTC
Like Binance itself, they will not steal our assets. But they may be hacked and this has ever happened several times ago that Binance has hacked. That is one of the risks or weaknesses of saving assets on exchanges.
While Binance maybe won't steal your money in the classic sense of the word, they may impose some bullshit reason why they decided to lock your funds and there will be nothing you can do about it. Selective scamming is still a thing.


If you want to take your Binance account security to the next level, you can use a security key such as Yubikey. This is a physical device, and you must tap the physical device button to enable 2FA. This is useful for those who have a large amount of money in their exchange account.
While it may protect you from external attacks on your account specifically, that can't help you if Binance get hacked or if CZ decides to perform exit scam.

Might as well sum it up with the meme  Grin