What’s the difference between keeping assets on an exchange and keeping them in your own wallet?
Assets held on an exchange are custodied by the platform. The platform holds the private keys, and the balance shown in your account is a record in the platform’s ledger.
Binance periodically publishes Proof of Reserves, which users can verify against a Merkle tree to check whether their balances have been included.
When managing your funds, the most important thing to keep in mind is this: before transferring a large amount of assets to a self-custody wallet for the first time, back up your seed phrase and do a recovery drill.
$BNB 694.21（-0.46%）
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Assets held on an exchange are custodied by the platform. The platform holds the private keys, and the balance shown in your account is a record in the platform’s ledger.
Binance periodically publishes Proof of Reserves, which users can verify against a Merkle tree to check whether their balances have been included.
When managing your funds, the most important thing to keep in mind is this: before transferring a large amount of assets to a self-custody wallet for the first time, back up your seed phrase and do a recovery drill.
$BNB 694.21（-0.46%）
#BNB