Have you heard of the Binance fine from the Netherlands and their government, where they were fined about $3.3 Million because they figured that Binance has been operating in their country illegally and didn’t go through the legal ways. Binance is currently undergoing regulation and trying to obtain the required documents to make their operations legal. How has Binance been operating illegally? They can’t say they didn’t notice, in my opinion I feel, Binance feeling like the biggest crypto exchange in the world, didn’t feel the need to get regulated because, they are the big boys. At least that is how I presumed, I might be wrong, but that still doesn’t change how I feel about about centralized crypto exchanges.
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I have said this lots of times that centralized exchanges and their owners are really not that different from the people running the banks. The same people that we are antagonizing, they are similar, some of these centralized exchanges owners just have more integrity than the rest. Most of them are just here to make money off crypto because crypto is a gold mine right now and they want to take advantage of it. We have seen lots of these exchange fold and go bankrupt because, some of them ran out of lies to tell. I trust Binance a lot, but not enough to want to leave all my assets on their platform, I know they claim to be the most secured exchange, but I am not taking any chances.
We have so many exchanges run off with people’s funds, so we have to get wiser and stop trusting them, use them to buy your coins and don’t store them there. If you have your coins on centralized exchanges just know that the chances of owning that coin is 50/50, so why subject yourself to them. Crypto is a new way of creating generational wealth, lots of people who have more passion in making money more than in adding value to the crypto community will flood there. If you have watched the Netflix movie about the crypto king, you will clearly see the reason why leaving your money in centralized exchanges is a big risk.
If you still need more reasons to not trust centralized exchanges think of the voyager and Celsius saga, their customers are yet to receive their funds. No matter how much the APR these centralized exchanges promise you, just know it’s not worth it, because 10% APR is not worth the risk of losing all your funds.