{"id":77845,"date":"2023-10-28T13:23:54","date_gmt":"2023-10-28T17:23:54","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-expert-says-withdraw-from-binance-now\/"},"modified":"2023-10-28T13:23:57","modified_gmt":"2023-10-28T17:23:57","slug":"crypto-expert-says-withdraw-from-binance-now","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77845","title":{"rendered":"Crypto Expert Says Withdraw From Binance Now"},"content":{"rendered":"<div>\n<figure id=\"attachment_122137\" aria-describedby=\"caption-attachment-122137\" style=\"width: 707px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-122137\" class=\"wp-caption-text\">Binance Logo \/ Source: Adobe<\/figcaption><\/figure>\n<p>A crypto expert has urged his customers to withdraw their crypto from the world\u2019s largest cryptocurrency exchange Binance as soon as possible, telling them that \u201cwhat we\u2019re hearing about Binance is abnormal\u201d.<\/p>\n<p>As reported in a tweet on X by Simply Bitcoin, the CEO of crypto self-custody firm Casa Nick Neuman sent an email out to clients on Friday outlining a concerning timeline of events and reports relating to Binance.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: Casa CEO Nick Neuman has sounded the alarm. \ud83d\udea8 <\/p>\n<p>In an email to customers, he warns of unusual activities at Binance and urges a swift withdrawal of funds. You were warned\ud83d\udca9coiners. <a rel=\"nofollow\" href=\"https:\/\/t.co\/sgdmbQ0tuC\">pic.twitter.com\/sgdmbQ0tuC<\/a><\/p>\n<p>\u2014 Simply Bitcoin (@SimplyBitcoinTV) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/SimplyBitcoinTV\/status\/1717853753859076411?ref_src=twsrc%5Etfw\">October 27, 2023<\/a><\/p>\n<\/blockquote>\n<p>The timeline begins on February the 13<sup>th<\/sup> when crypto firm Paxos was ordered to stop issuing its Binance-sponsored stablecoin BUSD and includes other events like the SEC filing 13 charges against Binance and its founder Changpeng Zhao and when former insiders accused the firm of comingling customer funds and company revenue.<\/p>\n<p>\u201cWe can\u2019t speculate about what is happening at Binance,\u201d Neuman said.<\/p>\n<p>However, he added the important caveat that, \u201cwhen it comes to exchanges, don\u2019t wait around to find out whether there\u2019s fire behind all that smoke\u201d.<\/p>\n<p>Neuman\u2019s cautious stance comes nearly one year after cryptocurrency exchange FTX collapsed spectacularly.<\/p>\n<p>FTX users lost access to billions of dollars\u2019 worth of their crypto.\n<\/p>\n<h2><strong>Is It FUD?<\/strong><\/h2>\n<p>\nWhen voices in the crypto space raise concerns about other crypto firms or projects, concerns which could have a direct negative impact on said firm or project, they are often labelled as spreading \u201cFUD\u201d, which stands for Fear, Uncertainty and Doubt.<\/p>\n<p>Is Casa CEO Neuman spreading FUD about Binance?<\/p>\n<p>Well, Binance maintains on its website that it holds user assets 1:1 plus additional reserves.<\/p>\n<p>The crypto firm claims that these reserves can be verified by users themselves using the platform\u2019s Merkel Tree.<\/p>\n<p>\u201cOur goal is that every user will be able to verify their asset holdings using their own generated Merkle hash\/record ID,\u201d Binance says.<\/p>\n<p>As per the crypto exchanges website, Binance\u2019s BTC capitalization ratio is currently 104.67%.<\/p>\n<p>Investors certainly seem to believe Binance, with the exchange holding nearly 590,000 BTC tokens worth nearly $20 billion.<\/p>\n<p>It\u2019s also worth noting that it\u2019s in Neuman\u2019s interest to spread FUD about centralized exchanges, as firms like his benefit when crypto investors switch towards self-custody of their assets as opposed to holding these assets on exchanges.<\/p>\n<p>That being said, crypto purists have always maintained that the safest option is always to take self-custody of your own crypto.<\/p>\n<p>\u201cNot your keys not your coins\u201d the saying that is almost as old as Bitcoin itself goes.<\/p>\n<p>While Binance seems to be well capitalized right now, future waves of FUD against the firm, perhaps as new revelations about the firm\u2019s mishandling of customer funds come to light, or as the firm faces more lawsuits, that situation could change.<\/p>\n<p>Back in August, reports arose that the US Department of Justice was mulling hitting Binance with fraud charges, but decided against it partially because they feared creating another FTX-like disaster in the crypto industry.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-expert-says-withdraw-from-binance-now-is-it-fud.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance Logo \/ Source: Adobe A crypto expert has urged his customers to withdraw their crypto from the world\u2019s largest cryptocurrency exchange Binance as soon as possible, telling them that \u201cwhat we\u2019re hearing about Binance is abnormal\u201d. As reported in a tweet on X by Simply Bitcoin, the CEO of crypto self-custody firm Casa Nick [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-77845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Expert Says Withdraw From Binance Now | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance Logo \/ Source: Adobe A crypto expert has urged his customers to withdraw their crypto from the world\u2019s largest cryptocurrency exchange Binance as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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