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The Binance addresses and most other centralised exchanges exhibit a clear transaction pattern: All of the incoming transactions are from arbitrary EOAs and transfer Ether with them.

Does anybody know the purpose and the background of these transactions?

My guess was that trader on Binance connect their ETH wallets to the Binance wallet and send ETH to the Binance wallet to fund trades or their trading account to trade on the platform. Is this correct?

https://etherscan.io/txs?a=0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be&f=3&p=1

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  • It is Binance hot wallet.
    – Ismael
    Mar 23, 2021 at 17:58
  • @Ismael So do people deposit in this wallet to trade?
    – truongvu3
    Mar 24, 2021 at 9:06
  • Not directly, they give to each user its own address. They will transfer funds to the hot wallet after every deposit. If someone deposit to the hot wallet directly those funds will not be linked to their account.
    – Ismael
    Mar 24, 2021 at 16:07
  • @Ismael What does the Binance address and the incoming transactions represent then? So are the addresses that send Ether to the Binance address the addresses of the users that are provided by Binance?
    – truongvu3
    Mar 24, 2021 at 18:09
  • It appear the incoming transactions are from user deposits.
    – Ismael
    Mar 24, 2021 at 18:36

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