Cryptocurrency exchange Binance has introduced its own Web3 wallet

The wallet account will be linked to the exchange's account, while Binance reserves the right to freeze addresses in case of violations of the rules of use

The largest cryptocurrency exchange Binance introduced its own Web3 wallet, allowing users to interact with the ecosystem of decentralized finance (DeFi).

According to the terms of use published on Binance's official website, to create a Web3 wallet, a user needs to link to an existing account on the exchange. In doing so, Binance can monitor transactions for fraud, suspicious activity, and sanctions evasion. In case of violations of the rules of use, the exchange reserves the right to freeze addresses for investigation.

The company's new product supports 30 blockchain networks and will compete with other cryptocurrency wallets such as MetaMask and Trust Wallet, the latter of which was acquired by the exchange in 2018. The Trust Wallet Token (TWT) coin reacted with a sharp drop on news of a new wallet from Binance.

A graph of the TWT token amid the news from Binance
In October, Binance blocked more than a hundred Hamas-linked cryptocurrency wallets at the request of Israeli law enforcement authorities.

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