Status of CEX in your country

[DabsPoorVersion]

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?

[pakhitheboss]

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.

[Woodie]

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 

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...

[tranthidung]

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

• https://kycnot.me/

[Primo1760]

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.

[tranthidung]

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.

[PX-Z]

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/

[tranthidung]

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

[Tribalchief]

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.

[Gormicsta]

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.

[DabsPoorVersion]

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.

[Publictalk792]

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.

[Gormicsta]

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.

[examplens]

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.

[therozaq]

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.