Binance’s CEO CZ expressed support for self-custody wallets, while also raising the top order limit for over-the-counter (OTC) trading on 16 different cryptocurrencies.
Changpeng Zhao, who runs Binance, the world’s biggest place for trading cryptocurrencies, shared that he likes self-custody wallets. He also pointed out that these wallets come with risks.
He mentioned this in a tweet, showing his support for self-custody wallets.
Self custody wallets are not without risks.
I am supportive of self custody, IF you know what you are doing.
Stay #SAFU! https://t.co/KnCxfNAxkd
— CZ 🔶 BNB (@cz_binance) August 11, 2023
On August 11, Changpeng Zhao responded to a tweet supporting self-custody wallets. A crypto writer had mentioned generating wallets using a method from a Bitcoin guide. However, the writer warned that this method might put funds at risk. CZ tweeted back, agreeing that self-custody wallets have risks.
He explained that the vulnerability comes from using a not-so-random 32-bit seed for generating wallet keys, which isn’t strong enough against modern hacking methods. He also noted that Trust Wallet and Binance wallets don’t use this method for generating seed phrases.
Binance Raises SHIB Trading Limits
Binance recently raised the highest amount you can trade for over-the-counter (OTC) trading for 16 different cryptocurrencies and 37 pairs where you can trade one cryptocurrency for another. OTC trading lets big investors trade without affecting the regular market.
The cryptocurrencies you can trade include Shiba Inu, which is related to dogs, and Dogecoin. Binance also added popular ones like Bitcoin, Ethereum, XRP, Polygon, BNB, Solana, and Litecoin. The exchange is always looking to add more good options to this special trading platform.
When Binance made this change, the price of Shiba Inu (SHIB) went up. Right now, the price of SHIB is $0.00001004, and it went up by more than 3.08% in the last 24 hours. The amount of SHIB traded also went up by 3%, as reported by CoinMarketCap.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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