Binance Introduces Self-Custody Web3 Wallet

Binance has introduced a new Web3 wallet that makes it easy for people to interact with the world of DeFi. This wallet works with 30 blockchain networks and was announced during the Binance Blockchain Week conference.

To get started, users can create a wallet through Binance's mobile app. This wallet will be a central place for various DeFi activities like staking, lending, and borrowing. It's still unclear if you must complete a KYC process to set up a wallet.

However, Binance monitors transactions to detect fraud, suspicious behavior, or attempts to bypass sanctions.

This means that in certain situations, transactions and accounts may be suspended, and the delivery of digital currencies or NFTs might be delayed to allow for a thorough investigation. Not so decentralized after all…

The announcement from Binance caused the price of the $TWT token to drop by more than 15% in less than an hour.