Hi,
for today's #AskLeo, the tag by @acesontop (give him a follow and a read), I want to ask you a question, that shall have an obvious answer, namely, do you still have funds on exchanges?
I was talking to someone, who has his majority on Binance, as he is pretty sure, that Binance will not have any issues in the next period.
I've reminded him about the latest big losses, but he says, it is too much of a hustle for him to move them. And he has a six figure invested. Imagine that, out of laziness, someone keeps a big sum on an exchange.
I was mind blown by this, as it is a huge sum, and I would not even grasp to have it one wallet, but on an exchange.
So, to answer the question, I have some dust, which I was not able to move before the KYC process started pushing. I'm for my privacy, and like my anonymity. It happened to me that in the US, when I just arrived and got a new phone number, I was called instantly by marketers, which was annoying. How did they get my details? In Europe, this would be harsh, as the first questions is, where did you get my details. That person/entity is facing 200k EUR in fines. This I would like to have with crypto, my privacy.
So, I left some dust on the exchanges, just to avoid the KYC process. Else everything is out and split on different wallets with the keys in different places.
For me, it is somehow an insane move to do, just to keep funds on exchanges.
How about you? Do you keep some funds on exchanges?
Posted Using LeoFinance Beta
None at all. I think the lessons of the recent events have been firmly ingrained in my head. I understand where the guy with 6 figures in exchanges is coming from, self custody is not an easy task but it's worth it.
Other than the Hive Engine, nowadays I do not store funds on exchanges. If I transfer funds to an exchange (nowadays only to Coinbase via Blocktrades), then that means that I would like to sell them. I heard that there are cryptocurrency staking options on Coinbase, but I have not tried them so far.
I am in the progress to move my assets from some of the CEXes to DEXes and even hold them in my wallet to ensure their security better.
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Check out the last post from @hivebuzz:
None, except few bucks that are too little to count for...
As we say: not your keys - not your crypto