After FTX went bankrupt, shockwaves swept through the crypto world. It turns out that crypto exchanges, which seemed to get more and more secure over the years, could be a source of scams and fraud. This means that crypto exchanges must prove that they are liquid and can operate securely and sustainably. This includes the largest crypto exchange in the market, Binance. But can you still trust Binance in the future and how can you protect yourself?
Is Binance in good financial health?
Binance has been by far the largest cryptocurrency exchange for years. The exchange was only launched in 2017 and has dominated the market in recent years with a large number of tradable cryptocurrencies and excellent features. But in recent weeks, after the FTX crisis, doubts have arisen about the financial stability of the crypto exchange.
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Over the past few days, users have withdrawn billions of dollars worth of cryptocurrency from Binance. Many observers doubt Binance can survive if users withdraw their assets from the large-scale crypto exchange. More recently, however, CEO Changpeng Zhao (CZ) confirmed that users can withdraw 100% of their assets from Binance and there will still be no issues. Plus, you don’t owe anyone any money.
Can Binance still be trusted as a cryptocurrency platform?
So far, Binance has not conducted an official audit, which many observers criticize. They see the same fate awaiting the biggest crypto exchange as FTX. But it must also be said that shortly after the FTX disaster, authorities, journalists and investors were extremely critical of other players in the crypto space. A possible drama around Binance could weaken in the coming weeks.
However, nothing should be left to chance and especially nothing to a single person like CZ. Therefore, you should be prepared for the unlikely event that Binance goes bankrupt.
What should you do to secure your cryptocurrency investments?
Especially in the current situation, it is not wise to hold large sums of coins on the accounts of a crypto exchange like Binance. You have to decide for yourself what is a big sum for you. Note the following tips:
- Use a hardware wallet for all the cryptocurrencies that you do not want to trade, bet or use in the short term!
- Check your Binance account regularly and other exchanges and see which cryptocurrencies you can transfer to your own wallet!
- Follow the news carefully over the next few weeks on Twitter around CZ, Binance and other exchanges! However, don’t let dubious “horror reports” throw you off balance! At Cryptoticker you also have a daily overview of the latest news.
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