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My Thoughts On Binance, KYC, Centralized Finance, and Trust Wallet...

By CodyMac50 | MyCripticLife | 4 Dec 2022


I may be 100% wrong about this, and I have been known to be wrong before, and CZ may be a hero, and the investigations into Binance may simply be central governments hating on crypto and exchanges, but I have some things I want to talk about.

From day 1, I didnt like Binance. The biggest reason being KYC, as I have said in several posts here, and Bastyon, it is against the  Satashi Nakamoto vision for Bitcoin.

FTX is gone, and Coinbase, a centralized exchange, is failing as well, and many other exchanges have been teetering on the brink of collapse. This makes Binance, another centralized exchange, #1. And with this turn of events, this makes Binance NEARLY a MONOPOLY.

Now I personally dont care about Binance, and I never did any business there. Never traded a single coin, and never finished signing up. (Once I saw that it was a CENTRALIZED EXCHANGE, I stopped the registration process.)

But I have some conflicting feelings about BNB coin, and the ENTIRE Binance ecosystem. 

While it is true that I use Trust Wallet, where I stake my coins now after pulling my crypto from various sites, I am looking for a multiwallet that isnt centralized.

In 2018, Binance took custody of Trust Wallet, and it has grown by leaps and bounds. It is actually a very nice custodial wallet with many great features, but it is connected to Bianance.

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(In the coming days, I will be posting my list of tokens, and coins that I will stay away from, after the FTX fiasco. The coins on that list are proven to be centralized, and ones that I believe the governments worldwide will adopt, and allow their citizens to stack.)

With Binance, we have an exchange, we have a coin, we have a custodial wallet, and we have many avenues to purchase every day products. This in and of itself is NOT a bad thing. But what does stand out, is that Binance is CENTRALIZED, and many times, fraud has been detected. 

It isnt hard to understand what Binance is. Sure, now its the MOST powerful exchange, and it has its hands in just about every cookie jar, not saying that building a brand, and expanding and beating your rivals is bad, its just odd that its under investigation by many governments across the world...or, maybe that is a great sign that he is doing a HUGE service for us, and giving the bankers a little scare.

The one thing that I personally do not like about Binance, is the KYC, so as to be in compliance with country regulations. But news came out that CZ had made a back door for American investors, after the US banned Binance, and was later found out. That to me sort of means that he too must not like KYC, but for "show", so regulators see that he is in compliance.

All in all, I am not a fan of CZ and Binance, and until I know more about his intentions, I am going to continue to be a bit skeptical.

So, my thoughts on Binance, and their current situation after the FTX mess. Let me know in the comments below your thoughts on Binance, Trust Wallet,  and centralized exchanges...





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CodyMac50
CodyMac50

I'm Cody and will post about anything christian, crypto, and sometimes crazy...


MyCripticLife
MyCripticLife

I was involved with crypto since 2012, but left after homelessness entered my life. Now I am back, (since July of 2020) and ready to live this crypto life!

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