Self-Custody Wallets: Know the Risks Says Binance CEO Nantha Kumar

Last Updated: December 17, 2024

• Binance CEO CZ expressed his support for self-custody wallets, but warned that they are not without risks.
• Binance recently increased the maximum order limit for OTC trading across 16 cryptocurrencies and 37 trading pairs.
• The crypto exchange includes Shiba Inu (SHIB) and its trading price has experienced a surge after Binance’s announcement.

Binance CEO Supports Self-Custody Wallets

Binance CEO Changpeng Zhao (CZ) raised his support for the self-custody wallets on August 11th in a tweet reply, mentioning that he is supportive of Self custody. However, he also warned that self-custody wallets are not without risks as there is vulnerability due to random number generators using a 32-bit seed which is not sufficiently random against modern cracking such as GPUs.

Increased Limit for OTC Trading

Recently, Binance increased the maximum order limit for over-the-counter (OTC) trading across 16 cryptocurrencies and 37 trading pairs. This OTC platform allows investors to place large amounts of buy and sell directly without disrupting the market. The list includes popular cryptocurrencies Bitcoin, Ethereum, XRP, Polygon, BNB, Solana, Litecoin as well as dog themed memecoins Shiba Inu and Dogecoin.

Surge of Shiba Inu’s Price

The trading price of Shiba Inu (SHIB) has experienced a surge after Binance’s announcement to increase the limit of OTC trading across 16 cryptocurrencies. At the time of writing, SHIB’s price is $0.00001004 with an increase of over 3.08% in the last 24 hours while its volume has surged by 3%.

Conclusion

Self custody wallets come with risk but if you know what you’re doing then it can be beneficial to hold your own funds through these types of wallets rather than trusting third parties with them . With Binance’s recent move to increase their OTC limits this has effected SHIB’s price positively and shows that cryptocurrency exchanges have potential effect on prices when making changes or announcements about certain coins or tokens

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