Is Binance DeFi Wallet works like a ledger?

AlternativeUnfair
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Is Binance DeFi Wallet works like a ledger?

I currently have one ledger and I’m looking to diversify my holdings by storing to a different wallet.

I just opened a Binance DeFi Wallet and just stored the 12 word phrase they gave me. Does this operate like a ledger?

If Binance closes down hypothetically, I can access to my crypto holdings to that wallet as long I have my 12-word phrases, right?