A friend asked me about this a couple of days ago, so I thought I’d put together a quick explanation.
When you withdraw crypto from an exchange to an on-chain address, the platform only then broadcasts an on-chain transaction and deducts the corresponding network fee.
Self-custody means you have both control and responsibility: you don’t have to worry about platform-level risks, but there’s no “password recovery” either, and operational mistakes are often irreversible.
The $BNB in your Binance account is held in custody by the platform. It’s only after you transfer it to your own wallet that you control the private keys.
What do you think about this? Feel free to share your thoughts in the comments.
#BNB
When you withdraw crypto from an exchange to an on-chain address, the platform only then broadcasts an on-chain transaction and deducts the corresponding network fee.
Self-custody means you have both control and responsibility: you don’t have to worry about platform-level risks, but there’s no “password recovery” either, and operational mistakes are often irreversible.
The $BNB in your Binance account is held in custody by the platform. It’s only after you transfer it to your own wallet that you control the private keys.
What do you think about this? Feel free to share your thoughts in the comments.
#BNB