With what's happening with Binance, Coinbase, and others lately, I think we should switch to DeFi Platforms and Hard Wallets ASAP.

If you didn’t know already, Just a month ago The (SEC) set its sights on Binance and Coinbase, slapping them with lawsuits alleging securities violations related to staking. Binance's lawsuit even comes with a bonus pack of additional allegations.

Reports started surfacing about alleged internal trading shenanigans at Crypto.com. And also, regulators swooped in and issued cease-and-desist orders to Abra and CoinEX.

It's just a little fishy that all of these events unfolded within a few days of each other. It's almost as if someone planned this entire thing to take down the big players in the crypto space.

\cough* BlackRock *cough\**

Now, with all this happening, I wonder about the future of CEXes. Are they becoming a ticking time bomb, waiting to explode under the weight of regulations and lawsuits? I mean I have a lot of friends placing their money on Binance and Coinbase and that’s all of their crypto and I mean including the stablecoins… but this is risky because you don't control your private keys.

It made me think, isn’t it time people start looking into DeFi or DEXes? Like how crypto should be? Decentralized? And you get a hold of your private keys? Well you may or may not go into full DeFi or DEX. You can hold on to CEXes and maybe the Binance and Coinbase thing will settle down at some point I mean who knows.

But I suggest if you have a huge amount of crypto sitting in a CEX right now, it’s high time you take that off of CEXes and swap that over to Uniswap, PancakeSwap, Houdini Swap or whatever DEX swapping platform you use (maybe Curve?).

Next thing to have is a hard wallet if you haven’t already like a Ledger or a Trezor and let it sit there. That’s the safest thing to do! Also, there’s always been a risk of KYC (Know Your Customer) on CEXes as mentioned several times. This was all meant to be decentralized and keep our identity under wraps and retain that anonymity that crypto was originally designed for… and you get a hold of your keys.

So umm, anyway, with that out of the way, what are your thoughts on all of these things happening? Do you think all of this sounds fishy or just a stroke of bad luck to these companies?