Is it risky to keep my money on Binance

Wallets and Exchanges Forum
1

After the recent news about Zhao, would it be wise to keep my money there? I trade futures and I’m still learning. Should I take all my money out

2

I had savings on FTX, thinking it was safe. We all saw how that ended.

3

CryptoChatter said:
I had savings on FTX, thinking it was safe. We all saw how that ended.

I know it’s easy to think differently now, but what were your thoughts when you first saw the headlines

4

CryptoChatter said:
I had savings on FTX, thinking it was safe. We all saw how that ended.

The FTX situation was totally different

5

leekonman3 said:

CryptoChatter said:
I had savings on FTX, thinking it was safe. We all saw how that ended.

The FTX situation was totally different

That’s easy to say now.

6

leekonman3 said:

CryptoChatter said:
I had savings on FTX, thinking it was safe. We all saw how that ended.

The FTX situation was totally different

How is it different? The Binance CEO might be lying about backing customer funds. If you trust their accounting, then I don’t know what to say.

7

I think Binance will be fine. I doubt they’ll fall like SBF and FTX did. But remember, not your keys, not your crypto.

8

Tyson said:
I think Binance will be fine. I doubt they’ll fall like SBF and FTX did. But remember, not your keys, not your crypto.

I keep hearing that saying and I get that it’s true. I can’t imagine waking up one day to find I lost everything.

9

Lol, 15% is just the tax rate where I live. Binance has been paying Canadian taxes for years, so I think they’ll be okay.

edit: 60b net worth divided by 4b in fines equals 15%

10

EtherExplorerEve said:
Lol, 15% is just the tax rate where I live. Binance has been paying Canadian taxes for years, so I think they’ll be okay.

edit: 60b net worth divided by 4b in fines equals 15%

That said, not your keys, not your crypto.

11

EtherExplorerEve said:
Lol, 15% is just the tax rate where I live. Binance has been paying Canadian taxes for years, so I think they’ll be okay.

edit: 60b net worth divided by 4b in fines equals 15%

Sorry if I’m missing something, but isn’t that 6.6%

12

@Caelan
1/15th of their net worth? I just woke up and my brain is not working, but I think we are both wrong.

13

EtherExplorerEve said:
@Caelan
1/15th of their net worth? I just woke up and my brain is not working, but I think we are both wrong.

Just you 1/15=6.6%

14

Yes, any crypto bank feels like the wild west. Your money could be safe, but if the firm is in trouble, you might never see it again. The firm could disappear overnight, like Bitconnect. Or your wallet could get hacked. Or the SEC, FBI, or any other agency could freeze all assets during an investigation. Crypto is for the bold.

15

@Vinnie
Do you know any other places I could trade futures besides crypto

16

Eastwood said:
@Vinnie
Do you know any other places I could trade futures besides crypto

Amp Futures, Interactive Brokers, or Stage 5. Amp has the lowest margins.

17

The fact that they settled with a fine and that CZ is stepping down shows that while Binance may not be the biggest anymore, they are likely to stick around.

18

What would happen if they just decided to pull an FTX?

19

Yes, most crypto exchanges are not regulated, so it’s up to you to assess the risk.

Anyone with a significant amount of money on a crypto exchange, even before FTX, is taking a huge risk.

20

Mack said:
Yes, most crypto exchanges are not regulated, so it’s up to you to assess the risk.

Anyone with a significant amount of money on a crypto exchange, even before FTX, is taking a huge risk.

Where can I trade futures safely