Crypto Currency Thread (Vol.2)

[Northernboy]

johnnyBv8 said:

My only concern is whether the mainstream banks might use it as an excuse to prevent transfers in or out of Binance, not whether or not I could use it per se.

Of course they will.

[anonymous-user]

CarCrazyDad said:

Is that verified?

You can always transfer via the BTC/ETH addresses to other exchanges?

Well that looks like what will happen. Yes just transfer coins elsewhere.

[Northernboy]

The Spruce Goose said:

Well that looks like what will happen. Yes just transfer coins elsewhere.

The authorities aren’t keen on passing money around like that in order to disguise its source and bring it back “clean”.

They are so against it that there are laws and quite strong penalties for doing it.

[272BHP]

I have both Coinbase and Binance accounts and moved everything over to Coinbase this morning.

Interestingly, I tried to move a left over 80 pound or so from Binance to my Lloyds bank account this afternoon and it said the channel has been suspended.

[Guvernator]

Northernboy said:

The authorities aren’t keen on passing money around like that in order to disguise its source and bring it back “clean”.

They are so against it that there are laws and quite strong penalties for doing it.

He's not talking about moving money around to "clean" it. He's talking about sending any coins you might have stored on the Binance exchange to another exchange\wallet which you are perfectly entitled to do. The FCA have declared that Binance can't trade derivatives in the UK, nothing in the articles I've read state they expect everyone to just freeze and hand over their crypto assests, which by the way are stored on an offshore exchange, because Binance got a slapped wrist.

[Northernboy]

Guvernator said:

He's not talking about moving money around to "clean" it.

That's exactly what was being discussed, the suggestion was ina respnse to a question about withdrawing your money into a bank, and the suggestion was to facilitate it by sending it via another exchange.

This is the absolute definition of money laundering, moving money through an intermediary account or form to facilitate returning it to the "legitimate" economy.

[Buprenorphine chic]

Not money laundering though, just a lil bit of crypto laundering. That's fine, they won't cut your hands off for it.

[anonymous-user]

Northernboy said:

That's exactly what was being discussed, the suggestion was ina respnse to a question about withdrawing your money into a bank, and the suggestion was to facilitate it by sending it via another exchange.

This is the absolute definition of money laundering, moving money through an intermediary account or form to facilitate returning it to the "legitimate" economy.

Not really we are talking about the fact the uncertainty of what happens in the next week and FCA protection that could or could not be offered. Transfering coins is not money laundering, nothing illegal at all you seem to muddling and mixing things up. If people used Binance to avoid tax that won't change any actions will be retrospective, but clearly you won't have sold anything on there exchange.

[Northernboy]

The Spruce Goose said:

Not really we are talking about the fact the uncertainty of what happens in the next week and FCA protection that could or could not be offered. Transfering coins is not money laundering, nothing illegal at all you seem to muddling and mixing things up. If people used Binance to avoid tax that won't change any actions will be retrospective, but clearly you won't have sold anything on there exchange.

Transferring them to an intermediate account in order to disguise the origin is money laundering. I genuinely don't understand how anyone can claim otherwise. It's the "layering" phase.

[dimots]

Northernboy said:

Transferring them to an intermediate account in order to disguise the origin is money laundering. I genuinely don't understand how anyone can claim otherwise. It's the "layering" phase.

Will you please stop trolling? It's so boring coming into this thread to see more bullst from you.

[Buprenorphine chic]

Northernboy said:

Transferring them to an intermediate account in order to disguise the origin is money laundering. I genuinely don't understand how anyone can claim otherwise. It's the "layering" phase.

What if there is no criminal intent, and they are just moving the coins because their bank may not accept transfers from Binance? They may well intend to pay any CGT when it is due - for the minute they are just shifting around another medium between storage facilities, not money laundering at all. There is no "money" involved yet.

[Northernboy]

dimots said:

Will you please stop trolling? It's so boring coming into this thread to see more bullst from you.

It's not trolling. If you don't like what I'm posting you know how to report it, but these posts are clearly not anywhere near trolling.

[Northernboy]

Buprenorphine chic said:

What if there is no criminal intent, and they are just moving the coins because their bank may not accept transfers from Binance? They may well intend to pay any CGT when it is due - for the minute they are just shifting around another medium between storage facilities, not money laundering at all. There is no "money" involved yet.

So the claim now is that bitcoin isn't a curency?

It's hard to keep up, it seems that the definition changes whenever it's expedient.

If they aren't trying to hide the source then why not transfer direct to a UK bank account? Why use an intermediary step? What does that gain if it's not intended to make illegitimate funds appear legitimate?

[dimots]

Northernboy said:

It's not trolling. If you don't like what I'm posting you know how to report it, but these posts are clearly not anywhere near trolling.

It's trolling when you post with the intention of deliberately provoking a reaction. You can't be so misinformed as to believe that moving bitcoin or crypto currencies from one exchange to another is equivalent to money laundering. If you are, I suggest you read rather than post for a few months.

[anonymous-user]

Buprenorphine chic said:

What if there is no criminal intent, and they are just moving the coins because their bank may not accept transfers from Binance? They may well intend to pay any CGT when it is due - for the minute they are just shifting around another medium between storage facilities, not money laundering at all. There is no "money" involved yet.

yes nothing illegal as well. I personally wouldn't want my coins on Binance until it was clarified the UK legal position. It clearly could be escalated further. Yes there may be ones who have used Binance to potentially tax dodge but you can't be guilty before the event as northerner seems to implying.

[Blown2CV]

binance support seem to be implying that they are in the process of launching a UK business and registering with FCA.... hasn't said it explicitly though... just some wooly indglish about "you just have to wait sir, your funds are safe"!

[anonymous-user]

Blown2CV said:

binance support seem to be implying that they are in the process of launching a UK business and registering with FCA.... hasn't said it explicitly though... just some wooly indglish about "you just have to wait sir, your funds are safe"!

they already have a uk company.

[fourstardan]

Binance faster payments is DOWN, and here is why;

https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4...

[anonymous-user]

fourstardan said:

Binance faster payments is DOWN, and here is why;

https://www.ft.com/content/2d427ed7-f9e4-46cf-a4c4...

As i warned people.. Not that i'm gloating but in this world you really need to take the hints and move quickly.

[essayer]

Paywalled

Is it because everyone’s pulling their funds out of Binance so they’ve turned off payments to prevent themselves going bust??