Nick Neuman, the CEO of CASA, a self-custody Bitcoin company, has voiced apprehensions about what he perceives as unusual activities related to the international cryptocurrency exchange, Binance, and its American affiliate, Binance.US.
Neuman’s Concerns and Emphasis on Self-Custody
Nick Neuman took to Twitter and sent an email to CASA members, expressing his concerns. He stressed the importance of taking responsibility for one’s assets and highlighted the significance of self-custody in managing wealth.
Neuman specifically highlighted how numerous CASA members had moved their assets into Casa vaults to enhance security. He drew comparisons to the collapses of companies like FTX and Celsius in the previous year.
Issues Surrounding Binance
The concerns raised by Neuman revolve around a series of issues related to Binance and its American affiliate, Binance.US. Several reports in recent months have cast shadows over Binance’s operations.
These concerns include allegations that Binance commingled consumer funds with business earnings, the cancellation of a Binance stablecoin by cryptocurrency startup Paxos, and restrictions imposed by banks on Binance’s access to the U.S. financial system.
Moreover, Neuman highlighted Binance’s decision to exit the Netherlands amid potential French investigations and the looming possibility of a Brazilian indictment for Binance CEO Changpeng Zhao. While the exact state of affairs at Binance remains challenging to determine, Neuman described the indicators as “abnormal.”
Neuman cautioned the CASA community that there might be more to this situation than meets the eye. He also offered advice to Binance.US users on how to secure their funds, particularly in light of the recent suspension of direct dollar withdrawals.
Furthermore, he emphasized the well-known cryptocurrency mantra, “not your keys, not your coins,” underscoring the importance of retaining control over one’s digital assets in a self-custody environment.
