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.
This is why we should never plan to keep our coin on exchanges because this might make us lose some good amount of money if the exchange crash. The people that have big funds in FTX cannot still access there funds till today because of the mismanagement of funds if customers by the team. Exchanges are using our money to make themselves richer when we swap our coins and trade on the platform.
If many of these exchanges crash, many investors are going to lose there money because many people are not still ready to remove there funds from exchanges or reduce the amount of money they have there maybe in case they want to swap or trade on the platform. Bitcoin will always fall and rise so we need to be ready for anything the market want to do.