Cryptocurrency Q&A
Is Binance a custodial wallet?
Is Binance a custodial wallet?
Bianca
Thu Sep 05 2024
|
7 answers
1802
Could you please clarify whether Binance operates as a custodial wallet or not? I'm interested in understanding the security measures and ownership of my assets when using this platform. As a cryptocurrency user, it's essential for me to ensure that my funds are safely stored and accessible to me, without the need for third-party intervention. So, does Binance hold my private keys, or do I have full control over them?
7 answers
Stefano
Sat Sep 07 2024
Binance's Web3 Wallet is a revolutionary advancement in the realm of cryptocurrency storage. It offers users the unique opportunity to maintain complete control over their digital assets.
Was this helpful?
391
29
CryptoWanderer
Sat Sep 07 2024
Unlike traditional custodial wallets, where a third-party service holds the private keys and assets, Binance's Web3 Wallet places the power in the hands of the user.
Was this helpful?
275
69
Martino
Sat Sep 07 2024
With self-custody, users have ultimate ownership of their assets and private keys, ensuring that they are solely responsible for their security and management.
Was this helpful?
44
54
CryptoKnight
Fri Sep 06 2024
This level of autonomy is highly sought after in the crypto community, as it eliminates the need to trust a centralized service with sensitive information.
Was this helpful?
179
45
EchoSoulQuantum
Fri Sep 06 2024
Additionally, self-custody promotes transparency and accountability, as users can verify their transactions and balances at any time.
Was this helpful?
279
83
Load 5 more related questions
