Binance CEO Changpeng “CZ” Zhao has warned the crypto community against keeping crypto in their own wallets, suggesting that 99% of people who choose to maintain their crypto themselves are likely to lose them in one way or another. one way
CZ has been an advocate of self-custodial crypto for many years. by looking at it as “Fundamental human rights,” but often encourages users to “Make it right” too.
In Twitter Spaces operated by Binance latestOn Dec. 14, the Binance CEO continued to urge those who use self-custody wallets, warning that security keys are often not stored securely. Including being backed up or properly encrypted.
“For the vast majority of people, 99% of the people today who choose to hold crypto for themselves, they will lose it one way or another.”
CZ reiterates that holding crypto in its own wallet is “Not without risk”
“Most people don’t back up their security keys and don’t have proper encryption for backing them up. Some will write on paper. Which is dangerous if someone else sees it. Might have to steal those money,” he explained.
“If the owner of the bag dies They can’t give crypto to their close relatives.” But with Binance, you can solve that problem.
The Binance executive summed it up as “different solutions. There are different risks,” and it is up to the user to decide what is best for them.
“If we had a way for people to safely and easily hold their own assets, where 99% of them are doing well, A centralized exchange will not be needed at all. Which is great,” said CZ.
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