Quote from: Btcdeybodi on July 18, 2025, 10:59:09 PM

Quote from: Charles-Tim on July 18, 2025, 10:43:55 PM

Quote from: Amphenomenon on July 18, 2025, 10:29:18 PM

Also, another thing is that your coins in these CEX (Centralise exchanges) are not yours, since you don't own the seed phrase/key, NOT YOUR KEY = NOT YOUR COIN. While you can have your coins here, just has how bank may question where you received your funds and ceased till everything can be clarified, CEX is no difference, know this and avoid another danger.

Not his keys not his coins means the coins are not his own on the blockchain, which makes him not to have full control over his own coins, the exchange has the full control. They can decide not to give the person the coins and disable withdraw for certain reasons, unlike while using a noncustodial wallet which give the full control.

I wonder why someone will save his money in a centralized exchange and thinks that there is much difference between them and banks when you still need same KYC documents you give to banks for you to operate with an exchange and your money is not even in your own custody but still under centralized authority whereby anything can happen to the exchange just as it happen to FTX in 2022 and so many people lost their money. I just hope that similar thing should not happen to Binance because many people i know have their money on Binance. Unless when you want to exchange your crypto to FIAT or convert to other coins, that is when you can send it to an exchange if not self-custody wallets is the best place to store one's crypto assets for safety and privacy.

You are absolutely right. That is why most people fall victim in most cases, which is all as a result of poor research and ignorance. If they had known that a centralized exchange is just the same as a bank, they wouldn’t have this much trust in them, especially if they were aware of the FTX incident in 2022. That was when the slogan “Not your key, not your coin” became more recognized in relation to centralized exchanges. It serves as a reminder that you are not supposed to put your full trust in them, because they are not meant for long-term investment. I believe they are mainly for buying and selling crypto using fiat. If people actually took time to do their research, they wouldn’t see centralized exchanges as a safer place than their traditional bank.