This relatively new app currently has more than 1000000 downloads, a 4.4 stars rating from 38171 users and the latest APK (version 1.20.2) was from 2nd April 2020.
We found these ways of contacting the developers:
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The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and bad coding practice. We cannot find and tell you all the dark secrets the wallet providers might have.
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
This app appears to be an app interface for the Binance exchange and at first we cannot find anything indicating that there is also a non-custodial feature to this app.
The Binance app is regularly updated to provide you with the most up to date features and to give you the best experience when trading on the binance crypto exchange platform. Whilst all funds are protected by SAFU (Secure Asset Fund for Users) so that you can be sure that all your digital assets are secure and safe in any situation, we are with you all the way to ensure you have the very best in customer service and security.
Doesn’t sound like you control the keys.
Also Binance does provide a non-custodial wallet on Android which is Trustwallet which happens to be closed source.
Not verifiable: Custodial
This verdict means that the app might or might not be open source and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.
Custodial wallets might not be the worst option for all users.
- Do your own research if the provider is trust-worthy.
- Do you know at least enough about them so you can sue them when you have to?
- Is the provider under a jurisdiction that will allow them to release your funds when you need them?
- Is the provider taking security measures proportional to the amount of funds secured? If they have a million users and don't use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?
The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.