Post
Topic
Board Exchanges
Re: Be careful using Binance & Centralized Exchange
by
CryptopreneurBrainboss
on 02/05/2024, 23:54:50 UTC
This is a lesson for everyone who has been using centralised exchanges. Don't receive funds in exchanges from random people, and don't store your funds there. The account would freeze at any time for any reason.

Don't blame them, you made the mistake of receiving your coins directly on Binance exchange, Binance is an exchange and not a wallet to receive or store funds. We have to use our personal wallet to receive coins then we can send them to any exchange we want to use for trading whether it's a centralized exchanges or decentralized exchange depending on what we want to use them for and the best exchanges that offer those service. What Binance exchange or other centralized exchanges are doing is kind of annoying but they have to protect their business because they'll be the ones the government will come after when they discover that their exchange is being used for money laundering or other illegal activities.

Alot of people using exchanges to receive their coins are doing so because they want to save fees but it's better you spend money on transaction fees than to lose access to your coins because of problems you know nothing about. The lesson here should be, if we must use centralized exchanges, it should only be used for trading and nothing else. When we use them for what they weren't meant for, we are putting ourselves at risk of so many things. The coins you received, you don't know where they're sending it from as they can send you fraudulent coins that are being tracked and you fall a victim. I'm glad you didn't have any loss unlike other unfortunate situations.