Status of CEX in your country

[gandame]

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.

[MrSpasybo]

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.

[electronicash]

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.

[Tribalchief]

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.

[Renampun]

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.

[retreat]

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.

[Themepen]

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.

[DabsPoorVersion]

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.

[joniboini]

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.

[PX-Z]

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.

[Fivestar4everMVP]

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.

[0t3p0t]

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.

[alltalk]

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.

[DabsPoorVersion]

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.

[Learn Bitcoin]

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.