Knowledge Note | Exchange Accounts and Self-Custody Wallets
① Transfers between users on the same platform are usually recorded only in the platform’s ledger, not on-chain, so they’re often fast and have no network fee.
② Binance regularly publishes Proof of Reserves, allowing users to verify via a Merkle tree whether their balance has been included.
③ Before making a large transfer to a self-custody wallet for the first time, back up your recovery phrase and do a recovery test.
$BNB 686.45（-1.47%）
#BNB
① Transfers between users on the same platform are usually recorded only in the platform’s ledger, not on-chain, so they’re often fast and have no network fee.
② Binance regularly publishes Proof of Reserves, allowing users to verify via a Merkle tree whether their balance has been included.
③ Before making a large transfer to a self-custody wallet for the first time, back up your recovery phrase and do a recovery test.
$BNB 686.45（-1.47%）
#BNB