The CEO of bitcoin self-custody company CASA, Nick Neuman, expressed concerns about what he described as a peculiar activity involving the international cryptocurrency exchange Binance and its American affiliate Binance.US.
Nick Neuman has posted on Twitter about the concern and sent an email to the Casa members, citing that people should take responsibility for their assets, highlighting the importance of self-custody in wealth management.
Neuman pointed out how many members moved their assets to Casa vaults for increased security, drawing comparisons to the collapse of companies like FTX and Celsius last year.
From allegations that Binance mixed consumer cash with business earnings to the cancellation of an issuing Binance stablecoin by Paxos, banks have even restricted Binance’s access to the US financial system.
However, the main topic of his message was the growing unease concerning Binance and its American affiliate, Binance.US. He said that numerous reports have appeared casting a shadow over Binance’s operations over the past months.
Concerns also include Binance’s decision to leave the Netherlands in the wake of possible French investigations and the possibility of a Brazilian indictment for Binance CEO Changpeng Zhao. Neuman said that although it is difficult to determine the precise state of affairs at Binance, the indicators appear “abnormal”.
He cautioned the group that there might be more to the story than first appears. In addition, he gave Binance.US users advice on how to get their money back, particularly in light of the recent suspension of crypto withdrawals.
Further, he mentioned the thought, “Not your keys, not your coins.”