Binance CEO Talks About Cryptocurrency Exits! Advice to Investors!

After allegations that US prosecutors could sue Binance, the world’s largest cryptocurrency exchange, the CEO of the exchange, CZ, answered questions at the AMA session held today.

CZ has answered questions on everything from lawsuit claims to investor withdrawals.

“There Is A Little Risk In Every Situation!”

In this context, CZ cryptocurrencyHe argued that keeping them in a cold wallet rather than putting them on a centralized exchange makes them more likely to lose them.

“The vast majority, like 99%, of investors today want to keep their crypto on their own, but this increases the risk of losing their crypto and they will eventually lose it.”

Stating that Binance users are neutral about keeping their crypto money in their own hands or putting them on an exchange, CZ continued his words as follows:

“I cannot tell users to withdraw your cryptocurrencies from centralized exchanges and move them to cold wallets.

If I say this, I would be contradicting my own work. There is a risk in every business.

It is also not without risk for users to keep their cryptocurrencies in a cold wallet instead of a centralized exchange.

Because most people will not be able to back up their security keys and lose the device.

They will not have proper encryption for their backups either, they will write the password down on a piece of paper. Either someone else will see it, steal that money or lose it.

Or if that person dies one day, they will have no way of giving back to their closest relatives. However, Binance has a standard operating procedure for such situations.

I always try to educate people to understand that there are risks. Keeping your own cryptocurrency in your wallet is not without risk.

I actually think more people are losing money by keeping their own money. They lose more crypto when they hold it on their own than on a centralized exchange.”

“We Focus on Our Business!”

Commenting on those who made FUD statements about Binance, the famous CEO said that many FUDs have been put forward by famous media institutions about Binance in the past.

“Our users are completely free if they want to withdraw their cryptocurrencies from Binance.

This is not a problem for us.

Yesterday was a very busy day for Binance but now things are on track.

Deposits are increasing compared to withdrawals. In the last 24 hours, there was an outflow of $ 6 billion, but also an inflow of $ 6.5 billion.

I really don’t know the reason for the FUD being raised about Binance. However, we will continue to work and produce against the FUD news. This is the best way to fight FUD.”

Stating that the view of investors towards Binance after FTX’s bankruptcy was wrong, CZ said, “There are generalizations about the bankruptcy of FTX and the arrest of SBF. So if one bank hurts you, you will think other banks are bad. But this is wrong. Because the truth is, just because one bank is bad doesn’t mean other banks are bad too.” said.