- Casa CEO Nick Neuman has asked customers to withdraw their funds from Binance, citing abnormalities.
- Neuman shared an email to Casa wallet customers, detailing a chronology of calamities that befell the exchange.
- The communication may have been plain FUD and a marketing strategy in favor of his own wallet offering.
- The discussion has culminated in the importance of cold storage over keeping your assets on exchanges.
Nick Neuman, CEO of the Casa crypto wallet, has raised speculation of trouble at Binance, urging customers to withdraw their funds swiftly. Binance, the largest cryptocurrency exchange by trading volume, has made headlines multiple times this year, caught in the crosshairs of multiple attacks by both regulatory bodies and the authorities.
Also Read: Binance sees continued regulatory troubles, prompting French head to quit
Nick Neuman says withdraw from Binance now, is it FUD?
Nick Neuman has sounded what could be an alarm to customers, asking them to swiftly withdraw funds from Binance exchange, citing a series of unusual activities involving the platform. The CEO sent an email to customers, detailing a list of transgressions that Binance has been associated with since early in the year.
JUST IN: Casa CEO Nick Neuman has sounded the alarm.
— Simply Bitcoin (@SimplyBitcoinTV) October 27, 2023
In an email to customers, he warns of unusual activities at Binance and urges a swift withdrawal of funds. You were warnedcoiners. pic.twitter.com/sgdmbQ0tuC
Neuman also hinted at “abnormal” activities in the Binance ecosystem, urging users to act now lest they suffer in the wake of calamities that have befallen crypto trading platforms in the past. In his words:
We cannot speculate about anything that is happening at Binance. We would love to believe everything and that funds are safe. However, we can tell you what we are hearing about Binance is abnormal. When it comes to exchanges, you do not wait around to find out whether there is fire behind all that smoke.
The post reiterates the importance of self-storage, putting your crypto in cold wallets as opposed to storing your holdings on exchanges.
Always the most secure option is self-storage in a cold wallet with your recovery/seed phrase either memorized or stored VERY securely.
— Quod Erat Demonstrandum (@LesleyW39947656) October 27, 2023
Nevertheless, it is impossible to forget about how Binance CEO Changpeng Zhao (CZ) has been active in fighting fear, uncertainty, and doubt (FUD). CZ has even made a name for himself with his signature “4” to dispel and quell concerns about this demeanor.
As Neuman listed, the exchange has suffered many reports, from ones relating to a clampdown by regulators to law violation, alleged fraud, employee retrenchment, and closing shop in different jurisdictions. Regardless, Binance has continued to hold onto its forte, still boasting the largest trading volume in the market today.
If Neuman’s speculation is not true, then it could be dismissed as another FUD shot targeted against Binance. To some, however, the announcement could be a calculated business plan to draw users to the Casa wallet for storage of their cryptocurrencies.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Justin Sun's Tron-based stablecoin USDD spark concerns after $732 million Bitcoin withdrawal from reserve
![Justin Sun's Tron-based stablecoin USDD spark concerns after $732 million Bitcoin withdrawal from reserve](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Tokens/TRON/tron_XtraSmall.jpg)
TRON's DAO, which oversees the USDD stablecoin reserve, sparked fears among investors on Wednesday after withdrawing 12,000 Bitcoin valued at $732 million from its reserve pool. The move fueled concerns about the decentralization of USDD.
Altcoins NEAR, IMMUTABLE, AVAX rallies amid market downturn
![Altcoins NEAR, IMMUTABLE, AVAX rallies amid market downturn](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/crypto_matrix-637516561995093295_XtraSmall.jpg)
Avalanche (AVAX), ImmutableX (IMX) and Near Protocol (NEAR) tokens rallied on Thursday as all three networks appeared to have experienced positive investor sentiments. AVAX and IMX are currently up 4.2% and 10%, while NEAR slightly declined after rallying 4%.
Ethereum ETFs record longest outflow streak, exchange net flow indicates mounting selling pressure
![Ethereum ETFs record longest outflow streak, exchange net flow indicates mounting selling pressure](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_XtraSmall.jpg)
Ethereum is down 1% on Thursday as its ETF and exchange net flows suggest that sellers dominate the market. Despite the selling pressure, Ethereum co-founder Vitalik Buterin shared a post depicting its growth across several metrics.
Solana meme coin Popcat surges over 20% following Binance futures and KuCoin listings
![Solana meme coin Popcat surges over 20% following Binance futures and KuCoin listings](https://editorial.fxstreet.com/images/Resources/CryptoWorldSEO3_XtraSmall.jpg)
Binance exchange announced it had listed perpetual contracts for Solana meme coin POPCAT on Thursday with up to 75x leverage. The listing means Binance's wide user base can now gain leveraged exposure to the price of POPCAT.
Bitcoin: Can BTC break above $62,000 barrier?
![Bitcoin: Can BTC break above $62,000 barrier?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin (BTC) trades above $60,000 on Friday, gaining more than 4% this week so far, but fluctuating within a range between $57,000 and $62,000 for the last 15 days. On-chain data shows contradicting signs, with institutions accumulating Bitcoin while some whales are selling. Additionally, the US spot Bitcoin ETFs recorded inflows this week, and continued Mt.Gox fund movements could bring volatility in Bitcoin's price in the coming days.
Moneta Markets review 2024: All you need to know
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.