Binance, the world’s largest cryptocurrency exchange by trading volume, has been making headlines lately for all the wrong reasons. First, it was hacked in May 2019 and lost over $40 million in user funds.
Then, last week, it was revealed that Binance had been “hiding” losses of $850 million in Bitcoin (BTC) and Ether (ETH) through a series of complex transactions.
Now, the question on everyone’s mind is: is Binance safe?
The answer is complicated. On the one hand, yes, Binance is safe in the sense that it is a well-established and respected exchange with a long track record of success.
It is also one of the most popular exchanges, with a daily trading volume of over $1 billion.
On the other hand, no, Binance is not safe in the sense that it has been hacked in the past and has been accused of hiding losses. If you are looking for a safe and secure place to store your cryptocurrency, you may want to consider an alternate exchange.
Ultimately, whether or not Binance is safe is up to you. If you are willing to take on the risk of using an exchange that has been hacked and has questionable accounting practices, then Binance may be right for you.
However, if you are looking for a more secure option, there are other exchanges available.