I have my crypto in Binance, any tips on how to move it away from there?
Create a blockchain.com wallet
Binance banned from doing business in UK
21–30 of 286 posts
Re: Binance banned from doing business in UK
#22Banned from setting up a UK specific exchange and not allowed to undertake regulated activities such as lending. This in no way affects the existing Binance exchange or the ability of UK users to use Binance.
"The U.K.’s Financial Conduct Authority (FCA) has ordered crypto exchange Binance to stop undertaking any regulated activity in the country. But since the exchange pulled its application for the FCA's crypto-assets register, it will be unable to offer services that previously counted as unregulated — such as spot trading — either ." https://www.theblockcrypto.com/post/109766/uk-fca-bans-crypt...
Looks like they actually altered that part. It now reads.
"Since Binance pulled its application, that means the exchange can no longer provide services that were previously unregistered either, such as spot trading"
It feels like The Block isn't entirely sure what Binance can or can't do at the moment.
Re: Binance banned from doing business in UK
#23I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?
Re: Binance banned from doing business in UK
#24I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?
In the extreme case people will set up a paper wallet using a computer that’s disconnected from the internet. Once they have the keys, they can typically keep them non-digitally and transfer coins to that address as safe cold storage
Re: Binance banned from doing business in UK
#25I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?
Consider a hardware wallet like Ledger or Trezor, both are pretty easy to use and have extensive documentation. I'm sure there are OSS/hardware solutions you can roll yourself, too.
Re: Binance banned from doing business in UK
#26I kept my funds on Binance for a while, for convenience's sake. However, the old rule applies: not your keys, not your crypto. Keeping anything on an exchange, for the time being, is just too risky. This is another example of it. Governments are still trying to figure out how to regulate crypto, ever shifting the amount of hurdles between crypto and the world of fiat. I'd advise to pull funds if possible. I've recent…
Is there an ELI5 guide to keeping coins secure when they're off-exchange? I heard terms like 'cold wallet', 'cold storage', but surely there's work that goes into creating a secure USB stick?
You can buy something like Ledger Nano which is a hardware wallet. Essentially, the private keys never leave the device, you can instead just sign messages directly with it.
You can also have normal software wallets (don't recommend it for larger amounts) or paper wallets.
Re: Binance banned from doing business in UK
#27Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.
Crypto is the only way I can pay for VPN without disclosing my identity. Also it's the only way I can move money abroad without getting a special permission from my country's central bank (except physically flying with max $10k cash). Ah, and also there is a war in my country that may escalate any time, but thanks to cryptocurrencies I can run away with empty pockets and still access my money from anywhere in the world.
Re: Binance banned from doing business in UK
#28I have my crypto in Binance, any tips on how to move it away from there?
Send it to your address?
Re: Binance banned from doing business in UK
#29Good. This is welcome and excellent news, I hope more regulators follow suit of this to more unregulated exchanges in the future. Cryptocurrencies are only used for scammers and fraudsters. I would go as so far as to banning them all.
“Cryptocurrencies are only used for scammers and fraudsters.” Source?
Not OP, but I have also been curious of the popularity of the actual set of transactions that serve utility and result, or facilitate, an exchange between two actors where one of them is providing something tangible (i.e, transactions other than acquiring cryptocurrency to hold, and then exiting back to fiat after some period of it).
Obviously this will be difficult to actually know, for reasons that it's "hard to trace" but also most studies are likely biased in one direction (for the concept of cryptocurrency) or the other (against the concept of cryptocurrency).
My intuition tells me that most transactions (at least in absolute fiat dollars) that result in an exchange of tangible assets are largely illicit transactions that would otherwise be frowned upon the individual's place of residence (e.g., ransomware, drugs, money laundering), but I don't know how that compares to other forms like standard retail services, local inflation hedging, or overseas transfers. The former group (in particular ransomware) is certainly enabled significantly more due to the existence of cryptocurrency however.
Re: Binance banned from doing business in UK
#30"The ban, said an FCA spokesperson, only applies to Binance's English incorporation, Binance Markets Limited, which Binance has not registered with the FCA (despite plans to do so).
The spokesperson clarified that "UK consumers can continue to interact" with Binance Group, the wider, international collection of Binance companies that maintains no official headquarters. That means that Binance's customers in the UK can trade on Binance as normal—nothing changes."