If you have your money on exchanges such as Binance or Coinbase, have fun losing it all later down the road.
Here are some ways it can happen:
- They freeze your account because of "suspicious activity".
- They freeze your account because you weren't able to "confirm your identity" (even though you sent them dozens of documents).
- They freeze your account because you weren't able to provide "proof of the origin of funds".
- They freeze your account because the government forced them to.
- They disable withdrawals because of "technical reasons".
- They disable withdrawals because they become insolvent due to fractional reserve shenanigans.
- They run away with all of your money (exit scam).
- The exchange gets hacked.
- Your account gets hacked.
- You never bothered to back up your 2FA and then you lose your phone. You try to recover your account and they never give it back to you. This actually happened to me with Binance. They asked me dozens of questions and I still wasn't able to recover my account.
- You send money to the exchange through a bank wire transfer or similar and the money "is lost". You contact them and they insist it's a bank issue on your end. You contact your bank and they insist it's an exchange issue.
- You withdraw your money to your bank and the transaction is stuck in limbo. The bank needs to "review it". You then have to wait several days hoping that they are merciful enough to give you your money.
And many, many other ways.
If you have money on an exchange, you don't have any money.
Read this if you don't know how Bitcoin works: https://www.reddit.com/r/Bitcoin/comments/uhwfms/banks_assign_you_account_numbers_with_bitcoin/
Get your money off exchanges.
Now.
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