Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: DabsPoorVersion on December 17, 2023, 02:23:36 AM
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
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In our country India, Binance has not been considered as an illegal exchange as of now. A lot of user still prefer it than local exchanges due to the tax structure. There are news that the government would ask International exchanges like Binance to follow regulatory demands. For now Binance is operating without any issues.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
The good news is that they haven't been closed abruptly and if they have a good user base I should think they will apply to get all legal compliance sorted in no time 8)
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
Why do I feel these small exchanges are trying to have this local market to themselves in the background when they know too well that they can not match up to the likes of Binance who have a great catalog of altcoins that these exchanges can never list...
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
You can check legality status of cryptocurrency in your nation with
- https://newhedge.io/terminal/bitcoin/legality-map
- https://coin.dance/poli/legality
One report about Cryptocurrency regulation in some nations, not globally.
- https://complyadvantage.com/insights/cryptocurrency-regulations-around-world/
You have to be more careful if cryptocurrency is Illegal or Alegal in your nation but you always can find other options, without KYC with
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Cryptocurrencies are completely illegal in the country I live in. Cryptocurrency is illegal in my country but from here we are using crypto currency very well. Government is not taking any action against cex from our country as cryptocurrency is illegal in my country. We are using binance exchange very well.
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Cryptocurrencies are completely illegal in the country I live in. Cryptocurrency is illegal in my country but from here we are using crypto currency very well. Government is not taking any action against cex from our country as cryptocurrency is illegal in my country. We are using binance exchange very well.
Basically you should avoid KYC submission as much as possible. If you can avoid KYC, let's do this!
Because KYC is dangerous and useless. You will never know your KYC documents will be kept safely by those centralized exchanges, online platforms or there will be something terrible such as data leaks, hacks, internal data steal and sale to other parties and more.
When you submit something on the Internet, it will be out of your control, forever and it will never be erased from the Internet completely. There will be many data scrapers, archive websites like wayback machine etc. will store your data, forever!
Centralized exchanges will have more issues with regulations, from all governments and your nation will not be an exception.
- To avoid KYC, use exchanges listed in https://kycnot.me/ or any exchange without KYC requirement.
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Why do I feel these small exchanges are trying to have this local market to themselves in the background when they know too well that they can not match up to the likes of Binance who have a great catalog of altcoins that these exchanges can never list...
It's fine to have them (local exchanges) to have more options on what platform people would use especially if the authorities will ban or banned these exchanges like Binance from operating illegally (not following countries's regulations/no license for operating).
Because KYC is dangerous and useless. You will never know your KYC documents will be kept safely by those centralized exchanges, online platforms or there will be something terrible such as data leaks, hacks, internal data steal and sale to other parties and more.
Right, if there's a choice of only using non-KYC exchange go there instead of centralized platform asking shitty kyc. In my country (same as OP), there are lots of cyber attacks of the government websites recently this includes the data of millions of people registered on shitty databases. Recently the PhilHealth (publicize by medusa hackers[1]) and also suspected that PSA was hacked[2] which has all of the data of all registered people in this country. That's how shitty the government's websites/system here.
[1] https://www.philstar.com/headlines/2023/10/06/2301566/medusa-hackers-release-stolen-philhealth-data
[2] https://www.gmanetwork.com/news/topstories/nation/885025/dict-identifies-suspect-in-psa-data-leak/story/
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Right, if there's a choice of only using non-KYC exchange go there instead of centralized platform asking shitty kyc. In my country (same as OP), there are lots of cyber attacks of the government websites recently this includes the data of millions of people registered on shitty databases. Recently the PhilHealth (publicize by medusa hackers[1]) and also suspected that PSA was hacked[2] which has all of the data of all registered people in this country. That's how shitty the government's websites/system here.
[1] https://www.philstar.com/headlines/2023/10/06/2301566/medusa-hackers-release-stolen-philhealth-data
[2] https://www.gmanetwork.com/news/topstories/nation/885025/dict-identifies-suspect-in-psa-data-leak/story/
Hacks on weak, insecure systems are only one of risk after we submit documents for KYC verification. I agree with you about this type of risk but it is not all.
There is another risk type that we can not control. Data leaks from internal staffs who are greed and immoral enough to steal company, customer data and sell it to any entity that bids enough good and attractive deal to buy those personal data. It can happen in all companies and I am sure we can not control it.
At governmental level, there are Edward Snowden, Jack Teixeira [1].
[1] https://www.rferl.org/a/us-air-force-leak-case-ukraine-data/32725973.html
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In my country, determining what is legal or illegal is challenging due to severe hardship and widespread inflation. A few months ago, my government declared that Binance doesn't operate here. Who cares? I see crypto as a powerful tool to escape poverty and alleviate inflation. Despite the associated costs, the perceived illegality has opened up financial opportunities for many. All it takes is investment, patience, learning, etc.
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Well in my country, life is pretty difficult for crypto users because the laws and the government frowns against crypto and whoever that's caught carrying out a crypto transaction is considered doing something illegal. Yes there's currently a ban on crypto in my country and all crypto users carry out their transactions secretly without the notice of the government or the banks.
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Well in my country, life is pretty difficult for crypto users because the laws and the government frowns against crypto and whoever that's caught carrying out a crypto transaction is considered doing something illegal. Yes there's currently a ban on crypto in my country and all crypto users carry out their transactions secretly without the notice of the government or the banks.
If the cryptocurrency transactions are illegal, how can you guys (the users/investors) withdraw your funds? Do you use p2p through exchanges or p2p by looking for someone who's trying to buy crypto? It's kinda hassle if ever this is the case. It feels like there is no way of cashing out your money if there is no one around to purchase your crypto. Especially in terms of emergencies, you can't get the money immediately.
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I am from Pakistan and here the official announcement is that the crypto is banned in the country. And you are talking about the exchanges we have no registered exchanges because government has banned the cryptocurrencies. But there are no strict rules and I am using the exchanges and transacting my coins easily.
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I am from Pakistan and here the official announcement is that the crypto is banned in the country. And you are talking about the exchanges we have no registered exchanges because government has banned the cryptocurrencies. But there are no strict rules and I am using the exchanges and transacting my coins easily.
Since when was crypto banned in Pakistan, because I've heard that Pakistan happens to be one the countries with a good number of crypto holders around the world.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
I don't know how much cryptocurrencies are represented in your country, obviously, the state already considers that crypto financial flows go beyond their control, so they introduce additional control measures.
I don't think that Binance or any exchange will specifically open branches in every country, especially not in those that have a conservative financial system.
I can't boast that I have a great situation, but all exchanges are allowed (at least some of them want to work in these areas). It also helped a lot that many politicians hide their assets through crypto currencies, so it suits them that everything is allowed.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
in my country, the government doesn't say binance is legal. but there is no problem with or prohibiting its citizens from transacting there. We can trade in finance from IP in our country. Actually, there is no need to be afraid of news about money laundering being carried out in crypto or CEX. not only in crypto, on all occasions it can be done.
Keep spirit to invest in crypto and do trading in several CEX such as binance,kucoin, hotbut etc.
Let's play and enjoy it.
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I live in the same country as you, in the Philippines. I am one of those users who is worrying about how I can withdraw my funds if Binance is banned. My coinsph account has been restricted since 2019 due to some reason. They are requesting more documents even though I have passed their KYC. Since then, I feel freer to deposit and withdraw using Binance than any local crypto exchange because it is possible that what happened to me in coinsph might happen again on a different platform.
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In Vietnam, almost every CEX has the right to operate and serve the needs of users. It can be said that Vietnam is an open country for crypto, we have large crypto projects such as Axie Infinity (AXS), Coin98 (C98), Tomochain (TOMO) or KyberNetwork (KNC).
Currently, Binance is considered the most reputable exchange for Vietnamese users. In addition, Bybit and OKX are also having many promotional activities to gain market share. What's also interesting is that investors in Vietnam do not need to pay crypto taxes.
Many governments are looking for ways to manage and collect crypto taxes, or they want to create their own CEX to capture all profits in the form of transaction fees in this market. Large exchanges like Binance, Coinbase, Bybit will need to make more efforts to receive legal licenses in each country, which will cost billions of dollars if they want to get users from dozens of countries and regions.
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I live in the same country as you, in the Philippines. I am one of those users who is worrying about how I can withdraw my funds if Binance is banned. My coinsph account has been restricted since 2019 due to some reason. They are requesting more documents even though I have passed their KYC. Since then, I feel freer to deposit and withdraw using Binance than any local crypto exchange because it is possible that what happened to me in coinsph might happen again on a different platform.
same with my coinsph account. so the reason for users going to binance p2p. i heard bybit and OKX can be our options if binance will really be blocked by our country. it looks like our country is keen to using the local exchanges to monopolize the market.
if this is going to happen i think there should be a local p2p where we can use gcash for buying and selling. it seem like this is the only option i have as i have already closed by bank accounts.
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I don't think that Binance or any exchange will specifically open branches in every country, especially not in those that have a conservative financial system.
I can't boast that I have a great situation, but all exchanges are allowed (at least some of them want to work in these areas). It also helped a lot that many politicians hide their assets through crypto currencies, so it suits them that everything is allowed.
I think when it comes to opening a branch, most exchanges establish themselves in countries with citizens who are avid users of social media. Considering the role of social media in driving traffic and increasing customer engagement with a particular service, it becomes a significant factor.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
here, in my country Indonesia, CEX is really supervised by the government, not just anyone can afford to build an exchange there must be regulations and rules from the government, and cryptocurrencies, especially bitcoin, are not illegal in my country, but bitcoin should not be used as a means of payment and only rupiah is allowed. Our government closely monitors bitcoin in my country because bitcoin transactions here are quite large, it could even be said to be one of the largest in the world, and our government is trying hard to get taxes from bitcoin users who transact.
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The government in my country does not prohibit its citizens from trading crypto, even when it is outside of legal exchange platforms, such as Binance, Kucoin, etc. But the government here has blocked these global exchanges so that they cannot be accessed easily by the public. So if you use Binance or Kucoin here, you need to use a VPN to access it.
However, that is not a problem, because crypto traders here are still free to trade crypto, and deposit or withdraw via their debit cards without any restrictions by the government or banks, even though the CEX doesn't have legal standing.
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As we all know that the Cryptocurrencies are not fully regulated in the world like the Fiat currency is regulating. And there are many issues with Cryptocurrencies which the Government thinks. Like they say crypto is using for terrorism for money laundering. And other bad activities.
Therefore many governments are not allowing any CEX in the country. Like you have given an example of Philippine. And here in my country Pakistan any kind of CEX is banned people has access to the exchanges but these are not officially announced that these are legal.
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I live in the same country as you, in the Philippines. I am one of those users who is worrying about how I can withdraw my funds if Binance is banned. My coinsph account has been restricted since 2019 due to some reason. They are requesting more documents even though I have passed their KYC. Since then, I feel freer to deposit and withdraw using Binance than any local crypto exchange because it is possible that what happened to me in coinsph might happen again on a different platform.
same with my coinsph account. so the reason for users going to binance p2p. i heard bybit and OKX can be our options if binance will really be blocked by our country. it looks like our country is keen to using the local exchanges to monopolize the market.
if this is going to happen i think there should be a local p2p where we can use gcash for buying and selling. it seem like this is the only option i have as i have already closed by bank accounts.
As far as I know, Bybit and OKX are included in the possible exchanges to be banned in our country if they don't comply with the regulations of our country. It does not focus only on Binance and the users will try to find other unregistered exchanges to have P2P transactions. All of it, they have a list as per their statement.
If it happens, we have nothing to do but to utilize local exchanges even with a higher fee just to withdraw our funds in the future.
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Bybit and OKX are included in the possible exchanges to be banned in our country if they don't comply with the regulations of our country. It does not focus only on Binance and the users will try to find other unregistered exchanges to have P2P transactions. All of it, they have a list as per their statement.
If it happens, we have nothing to do but to utilize local exchanges even with a higher fee just to withdraw our funds in the future.
What exactly is required for overseas exchanges to register locally? Are there no good alternatives for you at all? I find it surprising that local users use overseas exchanges more considering how easy it is for them to 'run away' if things go wrong. It is also odd if the government doesn't realize that, which can push away crypto transactions underground and make it harder to track for tax purposes, etc.
Maybe Philippines users should clarify to Coins ph or whatever service that they use related to their KYC requirements. If they randomly restrict KYC-ed accounts because of AML reasons there should be some protests if they don't make it clear what part of their accounts breach their KYC/AML policy. I can understand if they block accounts because of gambling or mixer transactions being detected, if any, but they should at least tell you that. Blocking your account without any reason is just a terrible move in general.
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in my country, the government doesn't say binance is legal. but there is no problem with or prohibiting its citizens from transacting there. We can trade in finance from IP in our country.
That's how the PH government seen binance before until CZ stepped down and settled its fines to the US DOJ. Then they give an announcement to make unregistered/unlicensed exchanges banned in those 3 months.
it looks like our country is keen to using the local exchanges to monopolize the market.
I don't think that way, what the government does is just right, but they should have done it way way before when they were so strict to local exchanges to get registered to SEC. Binance and other unregistered exchanges are operating in the country for several years already.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
Over here in nigeria, crypto transactions was banned by the previous government, and that ban remained until they left office, now, we have a new government who promised to make the country a crypto friendly country before he was elected into office, now, this government is on sit, they haven't said anything I know or heard of concerning crypto, the country is at peace with cryptocurrency transactions at the moment, and even crypto exchanges are operating smoothly including binance, though there have been some instances that BDC (Beareu de Change) guys suggest to the central bank of Nigeria to ban binance p2p as to them, it was the reason why our naira is losing value, but till date, the government haven't said or done anything in that line, possibly because they have more important issues to deal with, rather than chasing after a business that is already doing well for herself, and also helping alot of people in the country to become financially independent.
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Since we are on the same country kabayan, I think if Binance will refuse to register with SEC I think we will be forced to use coins.ph, PDAX and any other CEX available in the country right now. But for me no local exchange is comparable to Binance when it comes to convenience most specifically with its P2P feature. I personally use Binance in trading not the local CEX.
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How about in your country, is it legal or illegal to use crypto?
In my country, crypto is legal for digital investment but it isn't allowed to use as payment tool both for services and goods. Our laws only allow our national currency to use for the payment tool. So, there is no chance to use crypto for paying goods or services in my country nowadays. However, it may be in the future that our government will consider to revise our laws to accept crypto as the payment tools. It actually will depend on how urgent to accept it!!
How does the government make its move against CEX?
CEX is legal in my country. Our government applied some regulations for CEX, so it can fit with the government will. The government wants that CEX is quite safe for every user, that's government makes strict regulations. Our government also doesn't want that CEX to be a place for money laundry.
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What exactly is required for overseas exchanges to register locally? Are there no good alternatives for you at all? I find it surprising that local users use overseas exchanges more considering how easy it is for them to 'run away' if things go wrong. It is also odd if the government doesn't realize that, which can push away crypto transactions underground and make it harder to track for tax purposes, etc.
In order to operate legally in the Philippines, all exchanges must follow the regulations set forth by the SEC. By submitting the necessary documents to the SEC, the steps needed to follow to submit the documents needed have likely been shared with the Binance team and other unregistered exchanges. However, it is ultimately up to each exchange to decide whether or not they will comply with the regulations and become registered.
Maybe Philippines users should clarify to Coins ph or whatever service that they use related to their KYC requirements. If they randomly restrict KYC-ed accounts because of AML reasons there should be some protests if they don't make it clear what part of their accounts breach their KYC/AML policy. I can understand if they block accounts because of gambling or mixer transactions being detected, if any, but they should at least tell you that. Blocking your account without any reason is just a terrible move in general.
This has been discussed in the past, but it seems that many users don't receive any response from Coins.ph. Until you submit the required documents, your account will be limited, and you won't be able to withdraw your funds. In some cases, Coins.ph may request a video call interview with you to verify the information you provided and ensure its authenticity.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
Forget about exchanges!
Cryptocurrency is banned in my country. What else do you want to know? Haha. Jokes aside, My country was always against crypto currency and Bitcoin, and all the exchanges operating in our country are illegal. There are no registered exchanges because of that. Moreover, the government does not have enough power or sources to take action against international platforms like Binance. Or maybe they don't think they should waste their time.
Instead, they are doing random operations with the exchange users. Whenever someone gets caught doing any transactions or holding any crypto currency, they get arrested by the police. That's what is happening in my country.
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In our country India, Binance has not been considered as an illegal exchange as of now. A lot of user still prefer it than local exchanges due to the tax structure. There are news that the government would ask International exchanges like Binance to follow regulatory demands. For now Binance is operating without any issues.
If Philippines government succeeds in this those move against Binance, we will see that many countries will follow same measures or approach to deal with Binance. The company called Binance is generating alot of revenue from countries they do not pay tax to. This is especially some African countries, this is no nice. Their attention is on US who gives them tough time.
I support every country to tax any company that benefits from their citizens. This will help local exchanges succeed. If Binance values the Philippines customers they should comply with their government.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
This seems to be happening in several countries. In my country, Binance has long been prohibited from operating because it is not registered with one of the authorized institutions in the country and is subject to state regulations. In this case, Binance cannot operate as a CEX in the country. And maybe this is also what happens in your country.
but apparently, we can still use the Binance application easily here. and you can also open the Binance website as long as you change the DNS or VPN (a bit risky). So it doesn't really matter. Maybe the effect is that Ektika will cash out to a bank account. This may require an official local exchange from this country. Or if not, just use the P2P feature on Binance.
It seems that more and more countries are implementing this. This means that regulations regarding exchanges are getting stricter in various countries and of course they will try to prioritize CEX so they can profit from it all.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
This seems to be happening in several countries. In my country, Binance has long been prohibited from operating because it is not registered with one of the authorized institutions in the country and is subject to state regulations. In this case, Binance cannot operate as a CEX in the country. And maybe this is also what happens in your country.
but apparently, we can still use the Binance application easily here. and you can also open the Binance website as long as you change the DNS or VPN (a bit risky). So it doesn't really matter. Maybe the effect is that Ektika will cash out to a bank account. This may require an official local exchange from this country. Or if not, just use the P2P feature on Binance.
It seems that more and more countries are implementing this. This means that regulations regarding exchanges are getting stricter in various countries and of course they will try to prioritize CEX so they can profit from it all.
I advise against using a VPN when accessing Binance as there is a high chance that your account will be banned. In the past, there have been cases where users were blocked from using their accounts as they were accessing Binance from a country where it is prohibited.
I would like to know if Binance is the only CEX that is prohibited from operating in your country or if any other unregistered CEXs may face the same issue.
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I advise against using a VPN when accessing Binance as there is a high chance that your account will be banned. In the past, there have been cases where users were blocked from using their accounts as they were accessing Binance from a country where it is prohibited.
I would like to know if Binance is the only CEX that is prohibited from operating in your country or if any other unregistered CEXs may face the same issue.
It seems Binance allows using VPN.
- Terms (https://www.binance.com/en/terms) of Binance has no point against VPN usage.
- Best VPNs for Binance in 2023 (https://cybernews.com/best-vpn/vpn-for-binance/). It states that using VPN is legal on Binance but make sure you don't use IP address from US. because Binance is banned in the USA. It seems information from the article matches with Binance website (their Terms)
Binance is like other exchanges, they can suspend user accounts if something suspicious with user accounts is detected by their security bots. You might have to do some identity verification to use your account after a temporary suspension. If I am a legit user, I won't use VPN because of potential troubles.
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Since we are on the same country kabayan, I think if Binance will refuse to register with SEC I think we will be forced to use coins.ph, PDAX and any other CEX available in the country right now. But for me no local exchange is comparable to Binance when it comes to convenience most specifically with its P2P feature. I personally use Binance in trading not the local CEX.
If Binance has a big userbase in Philippine I am sure they won't let that happen and will eventually comply with local regulations (if govt really want to regulate them), but 3rd world countries like yours and many others where Govt is the most corrupt one and the real thief I don't think govt really care about it's nation's ease of life.. I am pretty sure they are just after some money from Binance,
After Reading this thread it surprises me that Binance is not registered in so many countries. I mean considering how big Binance is they should take regulations and laws more seriously. but they are just getting away with that. lol
I advise against using a VPN when accessing Binance as there is a high chance that your account will be banned. In the past, there have been cases where users were blocked from using their accounts as they were accessing Binance from a country where it is prohibited.
I would like to know if Binance is the only CEX that is prohibited from operating in your country or if any other unregistered CEXs may face the same issue.
It seems Binance allows using VPN.
- Terms (https://www.binance.com/en/terms) of Binance has no point against VPN usage.
- Best VPNs for Binance in 2023 (https://cybernews.com/best-vpn/vpn-for-binance/). It states that using VPN is legal on Binance but make sure you don't use IP address from US. because Binance is banned in the USA. It seems information from the article matches with Binance website (their Terms)
Binance is like other exchanges, they can suspend user accounts if something suspicious with user accounts is detected by their security bots. You might have to do some identity verification to use your account after a temporary suspension. If I am a legit user, I won't use VPN because of potential troubles.
Even if Binance Allow using VPNs it is still not safe to use a VPN, most VPNs track user's activity they will increase your risk of getting hacked so much. if everyone someone really need to use a VPN. then you should use a very trusted VPN.
but it is not recommended to use a VPN.
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It seems Binance allows using VPN.
- Terms (https://www.binance.com/en/terms) of Binance has no point against VPN usage.
- Best VPNs for Binance in 2023 (https://cybernews.com/best-vpn/vpn-for-binance/). It states that using VPN is legal on Binance but make sure you don't use IP address from US. because Binance is banned in the USA. It seems information from the article matches with Binance website (their Terms)
Binance is like other exchanges, they can suspend user accounts if something suspicious with user accounts is detected by their security bots. You might have to do some identity verification to use your account after a temporary suspension. If I am a legit user, I won't use VPN because of potential troubles.
VPNs are also not reliable in this case. 99% of companies that claim not to keep user logs actually do so, most do so to comply with the laws of the countries in which those companies are registered. Some of these companies even add keyloggers in the source code of their mobile and desktop applications, and that poses a serious risk to our passwords and private keys. To use a VPN it would be preferable for it to be configured on the user's own server, but that requires some knowledge.
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Since we are on the same country kabayan, I think if Binance will refuse to register with SEC I think we will be forced to use coins.ph, PDAX and any other CEX available in the country right now. But for me no local exchange is comparable to Binance when it comes to convenience most specifically with its P2P feature. I personally use Binance in trading not the local CEX.
If Binance has a big userbase in Philippine I am sure they won't let that happen and will eventually comply with local regulations (if govt really want to regulate them), but 3rd world countries like yours and many others where Govt is the most corrupt one and the real thief I don't think govt really care about it's nation's ease of life.. I am pretty sure they are just after some money from Binance,
After Reading this thread it surprises me that Binance is not registered in so many countries. I mean considering how big Binance is they should take regulations and laws more seriously. but they are just getting away with that. lol
I advise against using a VPN when accessing Binance as there is a high chance that your account will be banned. In the past, there have been cases where users were blocked from using their accounts as they were accessing Binance from a country where it is prohibited.
I would like to know if Binance is the only CEX that is prohibited from operating in your country or if any other unregistered CEXs may face the same issue.
It seems Binance allows using VPN.
- Terms (https://www.binance.com/en/terms) of Binance has no point against VPN usage.
- Best VPNs for Binance in 2023 (https://cybernews.com/best-vpn/vpn-for-binance/). It states that using VPN is legal on Binance but make sure you don't use IP address from US. because Binance is banned in the USA. It seems information from the article matches with Binance website (their Terms)
Binance is like other exchanges, they can suspend user accounts if something suspicious with user accounts is detected by their security bots. You might have to do some identity verification to use your account after a temporary suspension. If I am a legit user, I won't use VPN because of potential troubles.
Even if Binance Allow using VPNs it is still not safe to use a VPN, most VPNs track user's activity they will increase your risk of getting hacked so much. if everyone someone really need to use a VPN. then you should use a very trusted VPN.
but it is not recommended to use a VPN.
That's another reason why we shouldn't consider using a VPN. I am uncertain whether free VPNs are reliable for use, or if only premium VPNs are suitable, especially when conducting transactions on an exchange. Aside from that, for some people like me, who are not aware of a recommended VPN to use, or which VPNs are trustworthy, it may be better to avoid using one altogether.
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VPNs are also not reliable in this case. 99% of companies that claim not to keep user logs actually do so, most do so to comply with the laws of the countries in which those companies are registered. Some of these companies even add keyloggers in the source code of their mobile and desktop applications, and that poses a serious risk to our passwords and private keys. To use a VPN it would be preferable for it to be configured on the user's own server, but that requires some knowledge.
They are not reliable even with Premium accounts. With free accounts, it is much less reliable and one IP address can be used by many free accounts.
In addition, if a user already completed KYC (that is mandatory) on Binance, why does he need to use VPN?
Identity and more information about the user already known by Binance, using VPN does not help to hide anything and it plus with risk of bad VPNs and account suspension, I am against the idea to use VPN, at least on Binance.
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Hey Kabayan, nice to have our second home here, huh? I don't think this kind of situation happens only in our country. If we look at our Binance literally, it is operating illegally; it just looks legal because our country is also open to the cryptocurrency business like the one we are in now.
You know that other countries must follow the regulations that each government has in order for them to have control over exchanges. And usually, the sexes are really pushed by them. I really hope that Binance will take a step in this matter so that the few years that they have existed in our country will not be wasted.
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That's another reason why we shouldn't consider using a VPN. I am uncertain whether free VPNs are reliable for use, or if only premium VPNs are suitable, especially when conducting transactions on an exchange. Aside from that, for some people like me, who are not aware of a recommended VPN to use, or which VPNs are trustworthy, it may be better to avoid using one altogether.
I am curious why someone would have to use a VPN to access Binance. I believe Binance always comes up with some idea when they see that their user from some specific region is unable to access their website. Binance has a different domain for the US region. If the market is big enough, Binance may rebrand its product for them. But, I am not aware of any country banned Binance yet.
I live in a country where Bitcoin and all the cryptocurrencies are banned. Still, exchanges are not officially banned. We can still access these websites and apps. But if someone needs a VPN to access the website or apps, they should use paid VPNs. Nothing is free in this world. When something is free, then you are the product. Free VPNs always collect users' information.
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How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
Crypto currency is not legal in our country like other countries of the world but it is strictly banned by the government. The political context of our country does not support this type of currency because the political stability of our country is not conducive to currency at all. If this currency is accepted in our country, then the government body will not be able to control this currency, moreover, the central bank is against this currency, so the central bank will not be able to control this currency in any way.
However, since crypto currency is illegal in our country, it is not possible to give permission to central exchanges. However, many Bitcoin users in our country use centralized exchanges to protect privacy. Users in our country usually convert bitcoin to taka and taka to bitcoin through P2P trading.
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We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
In Pakistan cryptocurrencies are not explicitly banned but are not supported by the Pakistan Telecommunication Authority
PTA. The government hasn't legalized or regulated them officially. I think Concerning Centralized Exchanges CEX The government maintains a close eye on Centralized Exchanges and periodically issues advisories about the dangers of trading on these platforms. But as of yet no firm regulatory structure has been established.
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That's another reason why we shouldn't consider using a VPN. I am uncertain whether free VPNs are reliable for use, or if only premium VPNs are suitable, especially when conducting transactions on an exchange. Aside from that, for some people like me, who are not aware of a recommended VPN to use, or which VPNs are trustworthy, it may be better to avoid using one altogether.
I am curious why someone would have to use a VPN to access Binance. I believe Binance always comes up with some idea when they see that their user from some specific region is unable to access their website. Binance has a different domain for the US region. If the market is big enough, Binance may rebrand its product for them. But, I am not aware of any country banned Binance yet.
I live in a country where Bitcoin and all the cryptocurrencies are banned. Still, exchanges are not officially banned. We can still access these websites and apps. But if someone needs a VPN to access the website or apps, they should use paid VPNs. Nothing is free in this world. When something is free, then you are the product. Free VPNs always collect users' information.
If you are in a country where the Binance app or website has been fully blocked, then the only way to access it is by using a VPN. In our country, Binance may face a similar blockage in the future. Starting from November 29, 2023, they will have to register their exchange in our country to avoid being blocked from operation.
I'm unsure about your country's crypto policies. However, if crypto users still have access to exchanges despite the ban, then exchanges are most likely exempt from the government's restrictions.
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If you are in a country where the Binance app or website has been fully blocked, then the only way to access it is by using a VPN. In our country, Binance may face a similar blockage in the future. Starting from November 29, 2023, they will have to register their exchange in our country to avoid being blocked from operation.
I'm unsure about your country's crypto policies. However, if crypto users still have access to exchanges despite the ban, then exchanges are most likely exempt from the government's restrictions.
Oh oh. I don't think there is anything wrong with their decision. Surely the government wants to make money from the businesses that operate in your country. If Binance refuses to register there, the country might block them. To avoid any drama, the exchange users should move their funds out of the exchange before the date. If they register later or if you guys can access the platform after the ban, then you may still use them.
Sometimes using a VPN is not secure as well. The platform can flag your account because of the location change. I don't know how securely binance operates. But, I noticed that If I change location, facebook warns me that my account was accessed from this and that location.
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In 2022, my country declared that CEX is not illegal and is considered fair, albeit with numerous regulations imposed.
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In 2022, my country declared that CEX is not illegal and is considered fair, albeit with numerous regulations imposed.
The fact of the matter is that the government will support platforms that can be controlled.
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They are not reliable even with Premium accounts. With free accounts, it is much less reliable and one IP address can be used by many free accounts.
In addition, if a user already completed KYC (that is mandatory) on Binance, why does he need to use VPN?
Identity and more information about the user already known by Binance, using VPN does not help to hide anything and it plus with risk of bad VPNs and account suspension, I am against the idea to use VPN, at least on Binance.
VPNs serve many purposes and are very useful, but this is not the case. In the documents that users send to the exchange is their country of birth and residence, using a VPN to hide that is nonsense, from then on they will always have problems. When an exchange does not accept users from one country for some reason, it is better to use another exchange. While I understand people do it for things like daily volume, etc., it's something I would never do or recommend.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
This regulation has actually been in effect in Indonesia for several years, where Binance can no longer operate openly in Indonesia because after all this is not under our country's regulations. However, on the other hand, we can actually still use the Binance exchange, especially the application, easily. and you can still carry out various transactions with the platform, including if you are used to using Binance's P2P system then it's actually not too much of a problem as long as we have carried out KYC verification on the platform.
Unless we are going to make a withdrawal directly to our account then inevitably we have to transfer the coins to our country's local exchange which is already under state regulations. so this will make it easier for us to make deposits or withdrawals. So just see what the best alternative is as a solution in your country.
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Cryptocurrencies are completely illegal in the country I live in. Cryptocurrency is illegal in my country but from here we are using crypto currency very well. Government is not taking any action against cex from our country as cryptocurrency is illegal in my country. We are using binance exchange very well.
Likewise since the government has made Bitcoin and Cryptocurrencies legally illegal in our country. But still we are connected to Bitcoin and all currencies and able to transact there easily. Although the government has of course largely outlawed all of this CEX and bitcoin transactions, he knows that the use of bitcoins has led to a lot of economic growth in his country. Thinking about this matter, the government does not take any action, but it has only made it illegal, so far it has said. In our country there are many other popular CEX exchanges with finance that we can easily use and we can complete the transaction very easily.
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Cryptcurrency is not illegal in my country, and neither are exchanges. In my country, cryptocurrency enthusiasts are using Binance, Kucoin, Probit, Digifinex, Coinstore, Coinbase, MXC, and a lot of other exchanges that are freely used in my country. The government does not really give much of a fuck about cryptocurrency users, and everyone is at their own risk.
Bitcoin is not a bad investment; just those that actually do not have better knowledge would only lose their money in Bitcoin, which can happen only when they sell lower than the price they bought or if they release their private information to scammers. So, I don't see any reason for banning Bitcoin; instead, other shitcoins should be banned.
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This regulation has actually been in effect in Indonesia for several years, where Binance can no longer operate openly in Indonesia because after all this is not under our country's regulations.
Yes. Binance doesn't operate in Indonesia. ;D
We no longer can access Binance because it is prohibited by our government. However, I think it is only about the time, someday it probably can be accessed again. Binance teams just need to get a deal with the government for some matters.
Unless we are going to make a withdrawal directly to our account then inevitably we have to transfer the coins to our country's local exchange which is already under state regulations. so this will make it easier for us to make deposits or withdrawals. So just see what the best alternative is as a solution in your country.
We have Tokocrypto, we can transfer coins with no fees from Binance. And if we want to convert the coins to fiats, surely we can withdraw it from the local exchanges like Tokocrypto.
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In 2022, my country declared that CEX is not illegal and is considered fair, albeit with numerous regulations imposed.
The fact of the matter is that the government will support platforms that can be controlled.
This is what happen likely in my country.
Because in this country, all CEXs must be under the auspices of one of the institutions in this country and must be registered there. Not only that, but the CEX platform is also required to provide reports to the state. Plus, when we users use the text platform, we will immediately be deducted to be transferred to paying taxes to the government directly when making transactions. That's why cryptocurrency is currently legal in this country because it does provide sufficient benefits for this country. But legal as a commodity asset is not legal as a means of payment because this is different.
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This is what happen likely in my country.
Because in this country, all CEXs must be under the auspices of one of the institutions in this country and must be registered there. Not only that, but the CEX platform is also required to provide reports to the state. Plus, when we users use the text platform, we will immediately be deducted to be transferred to paying taxes to the government directly when making transactions. That's why cryptocurrency is currently legal in this country because it does provide sufficient benefits for this country. But legal as a commodity asset is not legal as a means of payment because this is different.
In fact, CEX control under government supervision is one form of safeguarding and guaranteeing the money used to carry out CEX trading in that country, because if there is no supervision then a CEX that is free to stand will have the opportunity to take money belonging to its people so that it will make The country is losing money, therefore, I am sure that each country has a policy regarding CEX operating in a particular country and of course each country has different regulations.
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Centralized exchanges have to comply with the laws and regulations of the countries they operate in, if they feel they cannot comply to it, then they have to stop offering their services to people who live in that country.
Take note that you don't have to use centralized exchanges, you can pick any p2p exchange from here: https://kycnot.me/?type=exchange and trade without handing your data out and without any third party.
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Delete!
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
Binance in our country is also not legal yet. But in our country there are many legal CEXs so we have many choices that can be used. Using P2P on Binance is very convenient. And it is also a choice for many users in my country.
In my country crypto is legal as a commodity asset. So we can buy and sell it freely. Because there are already clear regulations regarding this matter. The only problem is that the taxes are quite large when we transact on CEX which is legal and supervised by the government.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
Binance in our country is also not legal yet. But in our country there are many legal CEXs so we have many choices that can be used. Using P2P on Binance is very convenient. And it is also a choice for many users in my country.
In my country crypto is legal as a commodity asset. So we can buy and sell it freely. Because there are already clear regulations regarding this matter. The only problem is that the taxes are quite large when we transact on CEX which is legal and supervised by the government.
I think that there is only one country that we belong to, and Binance only has a few weeks to see if there will be a court order to block Binance in our country. However, we know that in our area, Binance is a big help through P2P.
But if Binance is really blocked and we still want to use it, the only thing we can do is use a VPN, and this is the only way, but if there is another choice or solution besides Binance, it's better, right?
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Binance in our country is also not legal yet. But in our country there are many legal CEXs so we have many choices that can be used. Using P2P on Binance is very convenient. And it is also a choice for many users in my country.
In my country crypto is legal as a commodity asset. So we can buy and sell it freely. Because there are already clear regulations regarding this matter. The only problem is that the taxes are quite large when we transact on CEX which is legal and supervised by the government.
I think that there is only one country that we belong to, and Binance only has a few weeks to see if there will be a court order to block Binance in our country. However, we know that in our area, Binance is a big help through P2P.
But if Binance is really blocked and we still want to use it, the only thing we can do is use a VPN, and this is the only way, but if there is another choice or solution besides Binance, it's better, right?
Well if there were other options then it would be better. Is OKX also banned in your country? Because using p2p on Cex okx is also quite comfortable for me. And many other Cex also provide p2p. But it cannot be denied that Binance is the most comfortable to use. Because p2p trading on Binance also has high volume. There are many sellers and buyers that we can choose from. So I hope that the biggest Cex can be accepted in all countries, including my country.
One of the Cex in my country has now officially closed withdrawing money into e-Wallets, which makes it very difficult for me, who uses e-wallets more often. So binance p2p remains the most convenient.
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How about in your country, is it legal or illegal to use crypto?
In my country, the government didn't ban crypto and not legalized crypto..So, I think It's free for us..
I don't need legal or not, The government didn't ban I think It's a good thing.
At several countries SEC against CEX, but not in my country.
Hopefully crypto will always allow in my country..
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
I'm also aware of this since I'm also your fellow Filipino but I'm still have some funds in my Binance nowadays. I don't feel any worry since there is no announcement yet or maybe this kind of stuff is not new to me. Usually, they just use it manipulate us to make people in the affected Country to withdraw their funds or get scared. However, it's always best to be defensive of our funds because we can't go back time.
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In my country Indonesia have good viewed with bitcoin although not legal for payment currency transaction but allow as investment assets and trading with local exchange. For binance still legal but not banned operation yet we can trade, withdraw and selling fiat trough P2P exchange transaction. I am so sorry with OP about Binance have been restrict with your country because we can easily sell and buy stable coins trough P2P because in my local exchange get fees deposit local currency if want to buy bitcoin or altcoin.
Used P2P to buy stable coins trough Binance easily and not have to get fees deposit fund, just looking for trusted seller of P2P we can make direct transaction.
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A few weeks ago, SEC Philippines released an announcement/warning to the public that the Binance Exchange is not a registered exchange in our country and illegally operates without a license.
Right now, Binance was given 3 months from November 29 to comply with the regulations of the Philippines.
This news was not only for Binance but the other centralized exchanges that are unregistered will also be banned.
We have a local wallet exchange that we can use (e.g. coinsph, gcash, pdax), however, Filipino crypto users find it more convenient to use Binance P2P transactions.
How about in your country, is it legal or illegal to use crypto?
How does the government make its move against CEX?
I am very sorry Because in our country CEX is not accepted in our country. Not only CEX but also all cryptocurrency are illegal in our country. Also it is illegal and our country. Our central Bank recently banned all transection of cryptocurrency. And some times our police arresting for cryptocurrency transection
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So with those talks of banning, then it didnt happen through.
MANILA, Philippines — A potential Philippine government ban on global crypto trading giant Binance was delayed due to a reshuffle at the top ranks of Securities and Exchange Commission (SEC).
Source (https://business.inquirer.net/449023/sec-delays-decision-on-binance-ban#:~:text=MANILA%2C%20Philippines%20%E2%80%94%20A%20potential%20Philippine,and%20Exchange%20Commission%20(SEC).)
Well i have been able to expect that there would really be those sudden delays on which i do believe that banning would be pointless or simply having
some under the table kind of discussions or whatsoever.Its just an assumption though.
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Centralized exchanges are expected to receive license from the country they operate in, and without that license it can be said that they are operating illegally, that is how this things work. However i don't believe that the government does this because they want to protect their citizens, but they want to easily have a way to track addresses connected to an exchange and be able to request info from the exchange.
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I wonder that if we count them all Binance isn't banned or dens not own a license in more countries that is does so!
So not even counting the US where CZ is awaiting trial, they had lost their licenses in Canada, France, UK, Australia, India, Japan, Italy, China, Belgium, Vietnam now Nigeria and probably the list is way longer!
Oh, forgot how CZ claimed they have a headquarter in Malta when they actually didn't have a license to operate there either!
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Centralized exchanges are expected to receive license from the country they operate in, and without that license it can be said that they are operating illegally, that is how this things work. However i don't believe that the government does this because they want to protect their citizens, but they want to easily have a way to track addresses connected to an exchange and be able to request info from the exchange.
Of course, governments don't do this to protect citizens. Governments do this to have greater control over citizens, to know which citizens use cryptocurrencies and what they do with the profits. That way, they could access transaction histories from years ago and demand liability in the form of taxes and penalties for not reporting profits. It is for these reasons that exchanges with KYC are becoming more strict and add in their TOS that they can request documents of different types from users at any time. It's not protection, it's control, but fortunately we have decentralized exchanges to avoid that.