Can China use Binance?
Yes, users in the domestic region can still register and use it, and it supports registration via mobile phone and email.
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Is Binance safe?
Safe
Looking back at previous records, there have indeed been asset security incidents at exchanges. For example, the famous "Mentougou Exchange" was hacked, "Bitfinex was hacked," and "Fcoin Exchange was insolvent." Binance was also hacked for 6,000 bitcoins in 2018, but Binance quickly bought them back to fill the gap; as a leading exchange, Binance is not to be underestimated.
If users do not use wallets, then their assets are held in the exchange, and the exchange's assets rely entirely on key management. So theoretically, there is a moral hazard for exchange management and risks in key management.
The security management capabilities of exchanges are becoming stronger, and incidents of asset theft are decreasing.
Personally, I believe that with Binance's booming business, making money like a giant printing machine, there is no need for Binance to damage its own reputation or misappropriate customer assets.
Even if hackers are very skilled and the Binance system is breached, with cold wallets stored separately, the losses would still be limited.
Even if the losses are significant, based on Binance's profitability and reputation, Binance can definitely find capital to support it in filling the gap and continuing operations; at worst, it can issue bonds to repay debts like Bitfinex.
Is Binance safe and reliable? Can I register and use Binance?
Binance's strength is also evident, and users can check the reserve proof.
Under the premise of trader safety, individuals also need to safeguard their account security, avoid logging into trading in unfamiliar network environments, and not disclose personal account information and login details, ensuring that the login environment and operating environment are secure.
Looking at Binance Exchange, it can be said that profitability is the core source of the exchange's security. As long as profitability is present, nothing is a problem.
Therefore, although Binance theoretically has risks, under the huge profitability cushion, the risks can be basically ignored from a rational perspective.
Is Binance legal?
Legal
Binance operates globally, and the laws of different countries vary. Some countries and regions completely prohibit digital currency trading, while others have clear entry and prohibition behaviors, and most countries and regions maintain a neutral wait-and-see attitude. Therefore, whether it is legal depends on the specific country and region.
Of course, Binance is currently operating normally. Users in the domestic region can register and trade normally; this situation carries risks, but these risks are only for the Binance exchange. For ordinary users, trading on Binance is not illegal; it is a personal freedom. You can trade with confidence.
For example, in the United States, there are clear and strict legal regulations. These regulations specify the entry qualifications for exchanges, the entry of currencies, and the scope of business. Under clear legal provisions, Binance, which strictly complies with the law, is legal. The Binance downloaded in the U.S. is also a simplified version, and most trades cannot be executed.
Overall, globally speaking, Binance Exchange is among the top exchanges and is looking to go public, so it places great importance on compliance issues, basically adhering to the laws of various countries, and is overall legal. It is also necessarily safe!
Is Binance reliable?
Reliable
- Quantum computers cracking the asymmetric encryption algorithms that underpin cryptocurrencies.
This is overthinking it. The energy consumption for computation should be significantly higher than the returns. Trust the platform. - Keeping assets in personal wallets.
If you have a large amount of funds that you won't touch for a long time, it can indeed be considered. However, if you have a small amount of funds, it is really unnecessary; personal management of private keys and recovery phrases is very easy to lose, and once lost, it cannot be recovered. How many BTC, ETH, and other cryptocurrencies are lost in the vast universe? Compared to worrying about the probability of Binance being hacked, the probability of personal loss is much greater.
In short, using Binance for trading is completely legal. Considering Binance's enormous profitability, it is safe and reliable, and even if problems arise, they will take full responsibility. At the same time, individuals also need to safeguard their account security.