BNANCE Crypto's Billionaire Trading King Has Suddenly Run Into Problems
Binance doesn’t have a bank account or a public address
Operating with little to no oversight
JAPAN BINANCE stop operating in the country without a license
Hong Kong’s Securities and Futures Commission has also issued warnings to Binance
Zhao, who is the single largest shareholder in Binance and makes all the company’s key decisions
Users need only an email address to open Binance trading accounts
Many of the more than 100 coins listed on the exchange lack the disclosure requirements and investor protections
One of the most-traded coins on Binance’s platform is Tether, whose creator has been subpoenaed by the U.S. Commodity Futures Trading Commission
BINANCE commission-sharing referral program may in effect be turning Binance users into unlicensed securities brokers.
“Binance lacks regulation and transparency,’’ “It’s like a van stopped in front of an office building selling coffee while the legit coffee shops on the street suffer.’’
Zhao keeps the locations of Binance’s offices and servers secret
Zhao said he never stays in one place for too long, living out of short-term rentals and hotels in Singapore, Taiwan and Hong Kong (where he prefers the Mandarin Oriental or the Ritz-Carlton).
Zhao has declined Bloomberg News requests to provide proof of his personal wealth, grant access to Binance’s offices and share the company’s financial statements.
Binance has no regulator to audit its volume statistics.
Omg, I am keeping my big ETH with Binance!
Should I use another wallet to keep it?
7 Must Have Wallets: How To Keep Your Cryptocurrency Safe
KeepKey – Hardware Wallet
The coolest looking tech gadget to show off to your friends. Made by a relatively new company, KeepKey offers a hardware wallet of a polished design. KeepKey is said to be a port of Trezor’s code and firmware, so their main difference is the material. KeepKey feels like a ‘premium’ wallet but might be a little on the heavy side and hence more susceptible to drops. It comes with a standard, simple to use client UI.
Nano Ledger S – Hardware Wallet
Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.
Trezor – Hardware Wallet
Trezor is one of the first movers in the hardware wallet industry and sets the gold standard for crypto security. Trezor has a reputation for providing top-notch security, protecting against both virtual and physical theft. What Trezor lacks in style, it more than makes up in the security department. Even if your PC is compromised with malware, your private keys will still be safe with Trezor. In this sense, Trezor is more of a vault than a wallet.
Coinbase – Hot Wallet
Coinbase is an online web-based wallet and is the beginner-friendly version of GDAX. As a hot wallet, you can easily transfer to the GDAX exchange instantly, and for free. In the same interface, you can make quick purchases with fiat. What’s more, 100% of your crypto holdings on Coinbase is insured. You can activate 2-Step Verification and Google Authenticator for more protection, and Coinbase even has a vault available if you wish to trade convenience for an added layer of security. The only drawback is that Coinbase only offers Bitcoin and Ethereum wallets.
MyEtherWallet – Paper Wallet
Paper wallets are for those who wish to have their own private wallets without forking out cash for hardware wallets. The money saved could be invested in their coins. Simply generate your wallet online at myetherwallet.com and note your private keys. The website does not store or transmit any of your private information. If you don’t trust the online version, you can even download it from GitHub and run it offline. Paper wallets are free but require an in-depth knowledge to set it up properly. In short, this type of wallets generally take a lot of hassle and are not advised for novices.
Jaxx — Software Wallet
Carrying your crypto around safely and conveniently is no longer a distant dream. Behold Jaxx, the world’s first mobile wallet solution. Versions for iOS, Android, desktop and browser are now available. Jaxx uses a mnemonic seed to back up your wallet or transfer it to a different device. Jaxx allows you to receive your funds, scan QR code, view your crypto holdings, all in one intuitive app. Advanced features such as shape shift integration and multiple platforms wallet linkage makes this the preferred wallet for the tech savvy. The only drawback with this wallet is that it might have a steep learning curve, and features might not be stable with all the new integrations. With time, this will prove to be a promising solution.
Electrum – Software Wallet
Electrum is a fast, lightweight wallet for desktop and mobile users. It has a long list of supported features to make it the most flexible wallet today. It offers cold storage solutions, integration with hardware wallets (KeepKey, Nano Ledger S, Trezor) and able to achieve anonymity (with Tor). On the security side, Electrum enables multi-sig support, and it is not tied to a centralized server, so server downtime will not be an issue. Overall, Electrum is the established software wallet solution out there that warrants a try-out.
An all-in-one package wallet does not exist. It is important that you manage to find the wallet that addresses your greatest concern, be it security from theft, ease of transfer, convenience, monetary cost, or even style. A wallet may turn out to be your greatest investment decision, financial wise and emotional health wise.
ok got it! But the thing is: there is only Binance where you can exchange Steem back to other crypto coins then transfer back to coinbase.
May be a stop by for my transfer but not holding too long in there okshop?
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