Share this article
Binance CEO Zhao Pushes for Crypto Self-Custody; Trust Wallet Token Soars 80% to Record
"Self-custody is a fundamental human right," Zhao tweeted, encouraging people to use the company's Trust Wallet to take control of their coins.
Updated Nov 13, 2022, 6:48 p.m. Published Nov 13, 2022, 6:45 p.m.
Make us preferred on Google
The CEO of leading cryptocurrency exchange Binance, Changpeng "CZ" Zhao, called on members of the crypto community to take personal control of their digital assets using Trust Wallet, sending the app's native token, TWT, to a record high.
"Self-custody is a fundamental human right," Zhao tweeted Sunday. "You are free to do it at any time. Just make sure you do it right."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Zhao's push for self-custody comes as investors rethink how to keep their assets safe in the wake of cryptocurrency exchange FTX's collapse and a subsequent hack that drained $600 million worth of coins from its wallets. Acquired by Binance in 2018, Trust Wallet is a decentralized hot wallet facilitating the storage of cryptocurrencies and non-fungible tokens. It is compatible with several blockchains.
is the wallet's official token, allowing holders to participate in decision-making related to app features and updates. The token has soared 80% in the past 24 hours to a record $2.3, according to data source Messari.
Zhao recommended investors start with small amounts and get comfortable with the technology to avoid mistakes that can be very costly. Zhao added that Trust Wallet facilitates the self-custody of crypto. "@TrustWallet your keys, your coins," Zhao said in another tweet.
"You have not bought bitcoin until you receive it in a wallet for which you control the private keys to," Blockware Solutions said in a market intelligence newsletter published Friday. "The repeated, reckless handling of user funds by exchanges is proof that you cannot trust that these institutions actually have the bitcoin you purchased."
"The 'not your keys, not your coins' mantra rings truer than ever," Ilan Solot, co-head of digital assets at London-based Marex Solutions, said in an email.
Investors have been moving coins off exchanges since FTX went down. Early today, Binance saw a net outflow of more than $72 million, while Huobi and Crypto.com registered outflows of $12.7 million and $7.3 million, respectively, according to data tracked by blockchain analytics firm Nansen.
Data from Glassnode show bitcoin's exchange withdrawals have picked up recently, indicating increased investor preference for self-custody.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Strive’s preferred equity blueprint for Strategy’s $8 billion convertible debt overhang
The bitcoin treasury firm is using perpetual preferreds to retire convertibles, offering a potential framework for managing long dated leverage.
What to know:
- Strive upsized its SATA follow on offering beyond $150 million, pricing the perpetual preferred at $90.
- The structure offers a blueprint for replacing fixed maturity convertibles with perpetual equity capital that removes refinancing risk.
- Strategy has a $3 billion convertible tranche due in June 2028 with a $672.40 conversion price, which could be addressed using a similar preferred equity approach.
Top Stories
