Its not a cute catchphrase, its a fact. and I never said that Binance gonna steal your coin, I personally use them, they are one of the best exchanges out there.
Binance will only compensate your coins if there system got hacked, not if YOU got hacked, very big difference.
if you compare the pros and cons, I very much prefer I have control over my coins.
Everything you just said makes no sense.
I've built smart contracts on Ethereum and have been doing all of this since a few bull runs back so I know all about what private keys are and aren't - the way you're using that term is like it's a cute catchphrase, not within the wider context of other considerations in this case.
The only way "not your keys, not your coins" applies with regards to Binance is that you're implying that they have your private keys and therefore may maliciously use them to steal from you or may mismanage that data and have your private key hacked. Neither of those are likely at all.. the security systems in place to manage the generation and storage of private keys are extremely secure, as you would imagine considering the impact having those keys stolen would have on Binance as a business (ie. they can't recover from that, no matter how large their Safu Fund is.. it's instant gameover and the loss of a $XX,XXX,XXX+ per day business in the process).
Saying there's a difference between them and you getting hacked, and saying they won't compensate if YOU get hacked is saying that that you would lose access to your Binance account via someone sniffing your password and somehow defeating your 2FA. In that situation, it has nothing to do with private key anyway, so the same would apply to a wallet where you did hold your key and were dumb enough to have your frontend access hacked. So you saying you'd prefer to have your key incase YOU get hacked is a completely mute point.
And yeah, having control over your private key is better, obviously. But saying that Binance is inherently less safe because you don't have your key is just parroting a cute catchphase - as I said in the beginning - because you're not taking the whole picture into account.
So Binance is in many ways safer than having your own private key in many situations, and in a situation where YOU get hacked there's actually zero difference because that plays out without interactions with private keys anyway.
I'm not saying that storing funds on Binance is safer than running a wallet on command line. I'm saying that just because Binance has your keys doesn't make it unsafe to store funds there, which isn't the case at all with many other exchanges where I would totally agree that executing trades and withdrawing is not just smart but essential.
