In crypto exchange and trading, security still becomes the main factors to consider. Related to this, the name of Binance becomes the attention because it now becomes one of the biggest platforms for crypto exchanges. Thus, many people try to find more information about the platform to see the potentials and even advantages of exchanges in Binance. Then, is binance safe? It is the main concern of many investors and traders. They are going to use their money and it will be stored and managed through the platform. When there are security problems, then they may not want to take any risks of losing their money.
In this case, Binance has its own mechanism of protecting money of the account owners. One of them is by using the SAFU or secure asset fund for users. It is one of the methods to prevent the financial loss. Even if there is financial loss due to the problems caused by the Binance, it can be refunded by the utilization of SAFU. It is one of the ways to guarantee its safety. Of course, it is not the only method because Binance also has two-factor authentication to provide more security in accessing the account and funds in there. Then, it has device restrictions so it will be more convenient on providing better security system for the funds. By restricting the accounts, all people cannot open and access the account easily from any devices.
As for the regulator, so far Binance is quite safe. As one of the largest crypto exchange, it is regulated. There are two major regulators that will be responsible for the funds in the Binance. There is SEC from United States of America. Then, there is also FCA from United Kingdom. These two are top-tier regulators that most traders surely have been so familiar with. Then, FDIC of US also insures the dollars in the Binance because the money is stored in the legitimate bank. However, it is important to note that the money will not be insured anymore once it is converted into cryptocurrency or token. In other words, the money will be totally safe as long as it is not converted yet. However, it will be different story once it is converted into crypto because it will be out of responsibility of the regulators and it will depend on the regulation of Binance for the further protections.
Then, so far Binance has no major problems. The only reported major problem was in 2019. In this year, 40 million dollars o fund was stolen and the security information of users is hacked by hackers. However, Binance has handled the problems by taking responsibility and refunded the money. After that, Binance improved its security systems and until now, there are no more reports of problems or issues. It means that Binance is relatively safe and it is responsible totally for the funds of users. As for binance reviews, it has many advantages. As one of the top tier crypto exchange platform, it sets low commissions and it has platform with high performance. Its security features also exist to provide more benefits for traders.