6 months ago, my savings went down because of the FTX debacle. I've never used FTX, I've never been a customer of this company, but my savings are in BTC, and because of that failure, BTC's value went down, and so went my savings.
Today, bis repetita. I've never used Binance. I've never been a customer of this company, but because the SEC sues Binance, BTC is down, and so are my savings, so I have a message to all bitcoiners out there.
Exchanges and BTC are 2 different things. One exchange going down doesn't mean BTC must follow.
Binance will disappear? I don't give a damn.
In these days exchange is having traffic because of the calamity that happened recently on the transaction fee. Even in the forum we discovered that most of the campaign participants sent their exchange wallet address to managers to change the bitcoin wallet addresses. So with that many people are still using their exchange addresses for trading and other transaction activities.
Yes I will also agree with that keeping funds I'm exchange is at the owners' risk. Now that Binance is under a law suit and we don't know what will happen, so it is better the operators of the said exchange should not keep funds there for a long period.