Binance Is ‘In Crisis’ According to Fortune. Here’s How to Not Care About Any of It...

TL;DR

• Late last week, Fortune reported that Binance was plunging 'into crisis as senior execs quit.' Citing Binance CEO, CZ’s handling of the DOJ investigation.

• According to CZ "Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong."

• Here's how to not care about any of this: Keep the majority of your crypto holdings off centralized exchanges, like Binance.

• This way, if the centralized exchange you use goes under, it won't take your magical internet money with it.

Full Story

Late last week, Fortune reported that Binance was plunging 'into crisis as senior execs quit.'

(Resulting in a whole bunch of he-said-she-said-ing on Twitter).

Here's the TL;DR of the Fortune article...

The following people left their roles at Binance because of how CEO Changpeng 'CZ' Zhao has been handling the US justice department's investigation into the company:

• General Counsel Hon Ng

• Chief Strategy Officer Patrick Hillmann

• Senior Vice President of Compliance Steven Christie

Here's the TL;DR of Binance's public response...

According to CZ:

"Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong."

Which is something Pat Hillmann and Steve Christie have backed up.

​Pat's​ reasoning was:

"It’s true that I am leaving @Binance , but I’m doing so on good terms."

Adding: "My wife is literally going to give birth to our second child any hour now (literally), so the time is right for me to step aside."

As for ​Steve​? He ah...he got real with us all:

"...my departure is far less sensational than any article might make it out to be."

"At this point I am simply tired. And according to my wife fat, and need to lose some weight."

(Damn, Steve! You ok?)

Here's how to not care about any of this:

Keep the majority of your crypto holdings off centralized exchanges, like Binance.

Instead, put them on a secure, self managed ​cold wallet​ (like a ​Ledger​ or ​Trezor​).

This way, if the centralized exchange you use goes under, it won't take your magical internet money with it.