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Is Binance still a safe platform for your cryptocurrencies? - Pros and cons

 


The biggest and most significant cryptocurrency trading platform is Binance, but how did it get there?

Binance has grown to be the biggest cryptocurrency exchange by a wide margin in recent years. Only in 2017 was the platform founded. Other platforms with a longer history include Kraken and Coinbase. The company's success as a trading platform can be attributed to the following elements:


Utilization: The usability, i. e. The platform's users found it to be very easy to use, giving it an advantage over rivals.

Ideal moment to begin: Binance was introduced a few months ahead of the bull run in late 2017. The general public first learned about cryptocurrencies at that time.

There haven't been any scandals: Unlike FTX, Binance has only gained notoriety as a result of platform development. Before FTX, there were always negative stories about crypto exchanges.

Are cryptocurrencies still secure on Binance? - Advantages and disadvantages.

We'll present some arguments in favor of and against the cryptocurrency exchange in the paragraphs that follow. Do investors still have faith in Binance or are cryptocurrencies still secure there?

The biggest cryptocurrency exchange by far, Binance also handles the most daily transactions. Of course, this dramatically increases the platform's sales. If any cryptocurrency exchange can easily achieve financial stability, it's Binance.

In contrast to other exchanges, Binance has never displayed security flaws or had incomplete balance sheets. There are currently no known schemes that could harm platform users.

The exchange has been operating since 2017 and has a spotless history.

Cons:.

In order to eliminate a rival from the market, CEO Changpeng Zhao has taken advantage of the FTX situation. Many crypto enthusiasts find this practice to be somewhat off-putting.

An official financial audit of Binance has not yet been performed. Though balance sheets were made transparent, a thorough audit would still provide total assurance regarding the financial situation.

Employees at the business all work remotely and decentralizedly and there is no official company location. On the surface, this appears to be a good idea, but there are unanswered legal issues.

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