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Binance does NOT want you to withdraw your funds

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by COINS NEWS 87 Views

Take a look at the frontpage of this subreddit, everyone already saw it, it's saturated with Binance posts, and none of them have anything good to say about it.

If we take a step back and take a look at the bigger picture for the last weeks after FTX collapse, there's a clear pattern: Binance is on a spree to convince everyone through indirect actions that they are legit and they're trying very very hard.

Pointing fingers at others (to distract from themselves) including Coinbase (that just owned them with their big dick 2 mil BTC reserves), a lot of news about other exchanges (most likely paid FUD) a notable one was a post saying 1.5 billion value of BTC was withdrawn from Coinbase (yet nothing in that post about Binance, the so-called largest crypto exchange, very convenient), and they are so-so fast, amazingly fast to implement proof of reserves.

They updated this in a matter of days and coinmarketcap, their baby company is fast to promote their "achievement" (which we all know they're not the first to do it, and they did not even actually do anything yet, they lie about being audited and they show no proof of liabilities).

There are a lot of other negatives to be said about Binance (their insurance fund 44% is in their native coin, company registered in cayman islands (a lot of CEXes seem to like islands, FTX also loved the Bahamas), CZ has an active campain to promote himself as a savior of crypto, etc.) but overall they seem very proactive in showing how legit they really are.

If I could plant a tree for every red flag that's coming from Binance I'd be a park ranger, all of this feels like desperation masked as proactivity and interest for the crypto health.

I never had any money on Binance but for anyone that does, take your money off Binance, as a matter of fact take your money off ANY exchange and keep them in your personal wallet.

Binance is shady AF and CZ smells a lot like SBF bigger brother.

Do not worry about a bank run because an exchange is NOT a bank, they make their money from the fees collected when crypto is exchanged, a true exchange CAN'T fall even if all the users would withdraw their funds at the same time because all the customer assets would be backed 1:1.

submitted by /u/NotAdoctor_but
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