How does Binance manage funds and wallets? cz_binance wrote a blog piece recently to share more on the topic. Read it here 👇
I want to take this opportunity to answer a few follow-up questions from the community about how funds and wallets are managed at Binance.Binance holds all of its clients’ crypto-assets in segregated accounts which are identified separately from any accounts used to hold crypto-assets belonging to Binance.Let’s get into the details.First, it’s important to understand how wallets work in Binance. There are deposit wallets, one address per user per blockchain. You deposit to your deposit address.
If the hot wallet gets too large from the sweeping, we will move some funds to a cold wallet, and process future sweeping directly to the cold wallet, again to reduce the number of transactions as well as gas fees. For amounts we don’t spend , we just hold them in this account. Binance has been profitable in our operations since four months after our founding, and throughout the two bear markets we have experienced.
Each customer of Binance has an account/UID, which is a ledger-based account within the Binance system that has a unique identifier and associated login credentials, against which the client’s balances are recorded.
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