What’s the difference between keeping assets on an exchange and keeping them in your own wallet?
When you withdraw from an exchange to an on-chain address, the platform broadcasts an on-chain transaction and charges the corresponding network fee. Assets held on an exchange are in the platform’s custody, and the platform controls the private keys. The balance you see in your account is a record in the platform’s ledger.
An exchange account is convenient: if you forget your password, you can recover it through identity verification. But the security of your assets depends on the platform itself.
The $BNB in your Binance account is held in the platform’s custody. Once you withdraw it to your own wallet, you’re responsible for managing the private keys.
When you withdraw from an exchange to an on-chain address, the platform broadcasts an on-chain transaction and charges the corresponding network fee. Assets held on an exchange are in the platform’s custody, and the platform controls the private keys. The balance you see in your account is a record in the platform’s ledger.
An exchange account is convenient: if you forget your password, you can recover it through identity verification. But the security of your assets depends on the platform itself.
The $BNB in your Binance account is held in the platform’s custody. Once you withdraw it to your own wallet, you’re responsible for managing the private keys.