Australian Politics Forum

freediver Gold Member Offline www.ozpolitic.com Posts: 49380 At my desk.	binance May 27^th, 2023 at 11:11am I am considering getting a binance account to buy (and mostly hold) some ethereum. They have low fees - about 0.1% per transaction, as far as I can tell. But they seem to get into a lot of trouble with regulators. Not sure what sort of risk that represents. Does anyone else use them?
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Lisa Jones

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Re: binance
Reply #1 - May 27^th, 2023 at 11:59am

Freediver

I don’t (and would never) risk investing in binance.

Why? I’ll let you figure out why:

Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by *Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, then moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading.

In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. That same year, Binance shared client data, including names and addresses, with the Russian government.

* Changpeng Zhao

Born
February 5, 1977 (age 46)
Jiangsu, China

Occupations
Businessmaninvestorsoftware engineer

Known for
Co-founder and CEO of Binance

Net worth estimated at $13.1 billion as of December 2022

A few observations which I found interesting:

In 2005, he moved back to China eventually owning an apartment in Shanghai.

In 2015, he sold his Shanghai apartment and used the funds to purchase Bitcoin.

Zhao stayed in China until the Chinese government banned crypto exchanges in late 2017.

He is currently based in **Dubai, United Arab Emirates.

** Dubai, many of the property owners are residents or genuine investors. However, the 2020 Data from the Center for Advanced Defense Studies (C4ADS) exposed that a number of real estate owners in the city were either facing international sanctions or were involved in criminal activities. Some others were public officials, with a minimal possibility of purchasing it with their known incomes. The report, “Dubai Uncovered” mentioned names of 100 Russian oligarchs, public officials and Europeans involved in money laundering. Benefiting from Dubai's lack of real estate regulations, a number of corrupt people owned a house away from home, laundered their illicit money, and even invested to store their wealth.

Absence of taxation

There is currently no personal income tax in the United Arab Emirates. As such, there are no individual tax registration or reporting obligations.

Edit : In essence ... Dubai is a wonderful tax haven for those who love real estate and doing lots of laundry. Hmmm 😳

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If I let myself be bought then I am no longer free.

HYPATIA - Greek philosopher, mathematician and astronomer (370 - 415)

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Lisa Jones Gold Member Offline Australian Politics Posts: 39047 Sydney Gender:	Re: binance Reply #2 - May 28^th, 2023 at 7:51pm Freediver??? What sayest thou???
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freediver Gold Member Offline www.ozpolitic.com Posts: 49380 At my desk.	Re: binance Reply #3 - Jun 5^th, 2023 at 4:48am I found out you can get ETFs that track cryptocurrency prices. I might end up doing that, just for the sake of convenience.
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Bobby.

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Re: binance
Reply #4 - Jun 5^th, 2023 at 7:21am

https://www.afr.com/technology/binance-australia-selling-bitcoin-6k-cheaper-than...

Binance Australia selling bitcoin $6k cheaper than other exchanges

Jessica Sier
Jessica SierJournalist
May 30, 2023 – 10.56am

Australian customers of Binance are so desperate to quit the Dubai-based crypto exchange since it lost its banking partners earlier this month that they are willing to accept a $6000 haircut to liquidate their bitcoin.

Binance will stop facilitating all Australian dollar withdrawals on Wednesday after its banking partner, Cuscal, wound down its partnership citing fraud concerns, and big bank Westpac banned customers from transferring to the exchange.

Binance has told its 1 million Australian customers that any Australian dollars left on its books by Wednesday will be converted into USDT, a type of cryptocurrency pegged to the US dollar.

Binance will not use its own US dollar-backed stablecoin BUSD because the issuer of this asset also stopped its working with Binance in February. “The team are working to find an alternative provider to continue offering [Australian dollar] deposits and withdrawals,” a Binance spokeswoman said.

Rather than transfer digital assets directly to another cryptocurrency exchange via the blockchain, many Australian investors have instead cashed out their crypto holdings on the Binance platform, creating downward pressure on prices.

On Tuesday morning, Binance was selling one bitcoin for about $36,000, while local players BTC Markets, Independent Reserve and Bitpay were selling one bitcoin for about $42,000. The spread has been as wide as $14,000 last Friday, and as much as $9000 on Monday evening.

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Sophia

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Re: binance
Reply #5 - Jan 7^th, 2025 at 7:13am

freediver wrote on May 27^th, 2023 at 11:11am:

I am considering getting a binance account to buy (and mostly hold) some ethereum. They have low fees - about 0.1% per transaction, as far as I can tell. But they seem to get into a lot of trouble with regulators. Not sure what sort of risk that represents.

Does anyone else use them?

How’s it going so far?
I decided a year ago… via persuasion from son, to join Coinspot.
First up invested in XRP…
Since then have been dabbling and investing in a few others…
So it’s a learning curve but as they say… only invest what you can afford to lose.
I’m just having fun with it… for now.

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freediver Gold Member Offline www.ozpolitic.com Posts: 49380 At my desk.	Re: binance Reply #6 - Jan 7^th, 2025 at 9:38am I haven't bought any ethereum yet. Bitcoin is doing well.
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Sophia Gold Member Offline Posts: 8612	Re: binance Reply #7 - Jan 12^th, 2025 at 11:44am Interesting looking at charts… those that did real well in 2022 sort of flatlined this past year! Bitcoin Gold took my interest and found it’s halted trading! Well I’m pleased with XRP and Sleepless AI so far.
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Sophia Gold Member Offline Posts: 8612	Re: binance Reply #8 - Jan 15^th, 2025 at 3:29pm UTK and Shiba Inu are my biggest pain in the pocket at present. My fave XRP and ChainGPT are going well and I’m pleased with them.
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Sophia Gold Member Offline Posts: 8612	Re: binance Reply #9 - Jan 16^th, 2025 at 10:12am Is it too late to invest in XRP? Predictions are it’s having a bull run and could go up to $10! Here’s a story how and why…. https://www.financemagnates.com/cryptocurrency/xrp-analysts-predictions-point-to...
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Sophia Gold Member Offline Posts: 8612	Re: binance Reply #10 - Jan 16^th, 2025 at 10:29am Oh wow, Bank of America…
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Sophia

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Re: binance
Reply #11 - Jan 19^th, 2025 at 10:01pm

Far out!
That trump meme coin! Shocked

Went to 180% rise in a few hours… I was reading how someone put $1 million right at beginning and now made $120 million.
There’s talk of insider trading.
Oh my …this is riveting stuff… I’m watching and learning.
I notice Sunday till Tuesday most prices a down.
Can’t wait to see what the Trump coin is after inauguration. Shocked

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