Binance.com General Discussion

axlfan on 30/05/2023 - 22:59
Last edited 31/05/2023 - 09:17 by 1 other user

So I logged into Binance after ages. Dont have much but thought Ill use some of the Earn features like locked or flexible staking. But got an error that I could not do this.

Chatted with support and was told the following "Effective from 2023-02-21, new subscriptions for the following Binance Earn products will be restricted for users in Australia: Simple Earn, DeFi Staking, ETH 2.0 Staking, BNB Vault, and Liquidity Farming"

What? Sorry I have been living under a rock. Anyone care to explain what happened? How was this not big news?

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  • bargain huntress on 07/04/2023 - 00:21
    Merged from Binance Gives up Australian Licence (Update: Now banned by Banks)

    ASIC cancels Binance’s derivatives licence, effective immediately

    Binance Australia’s derivatives licence has been cancelled by the Australian regulator, forcing all local investors to begin unwinding positions immediately, and adding to the world’s largest crypto exchange’s growing regulatory headache.
    ASIC cancelled Binance Australia’s licence on Thursday evening, effective immediately, after receiving a request to do so from the company on Wednesday.
    “This does not affect Binance’s continued commitment to the development of the local blockchain and digital assets industry, and Australians can continue to enjoy the use of our spot exchange product.

    What does it all mean?

    Update: Australian Banks no longer allowing deposits or withdrawals to Binance and some AU Spot trading pairs ceased

    • Clear on 07/04/2023 - 00:34
      +5

      It means you'll have to close your positions by April 21. I'm not surprised this has happened given the CFTC accused them of running an illegal exchange with multiple US law breaches. ASIC was going to suspend them anyway.

      • techlead on 07/04/2023 - 13:35

        You can't open or add to existing derivative positions from 14th April and must close all positions by 21st April.

        Only leveraged trading is affected. Buying and selling of spot remains available.

        This is a very good development, I've always spoken out against leveraged trading for crypto.

    • soan papdi on 07/04/2023 - 01:54

      So if I own coins purchased on Binance, am I forced to sell?

      • SBOB on 07/04/2023 - 06:50
        +3

        No, this is just their derivatives market. From that article , it's only about 100 customers in Australia

      • techlead on 07/04/2023 - 13:49
        +2

        No, the spot trading part remains opened and unaffected. Binance Australia is not leaving, it just can't offer its derivative products and also, they will no longer be a member of AFCA, so if there's any disputes, you can't take it to AFCA.

        Just buy your crypto and take it off the exchange, not your keys, not your crypto. I've started doing that since the FTX collapse. I thankfully was able to take my money out.

        • bobwokeup on 07/04/2023 - 13:56

          Is this also why they stopped the Earn feature?

          *Edit: sorry not stopped but made to by Australia, which I'm assuming is AFCA.

          • techlead on 07/04/2023 - 14:00

            @bobwokeup: I believe so. I tried to stake some spare USDT I had in Binance and I couldn't with a pop up saying this is not available in your jurisdiction. :(

            Its my buy the dip bag, unfortunately not much of a dip going on at the moment. I haven't bought crypto since mid March when BTC fell below $20k USD.

            • bobwokeup on 07/04/2023 - 14:11

              @techlead: Yeah I got the same message. I asked support why they didn’t inform us and they said because they had to make the change so quickly. I was like yeah fine but then tell all impacted customers once you’ve done it. Still no email…

              Same haven’t bought since around then too. Wish I got my FTX money out like you did.

    • poboy on 07/04/2023 - 06:20

      Is this good for Bitcoin?

    • Stopback on 07/04/2023 - 07:55
      -1

      Coinbase ftw now

    • vodamerc on 07/04/2023 - 11:52
      +2

      Clickbait/FUD news. Doesn't effect anyone unless you're one of the ~100 institutional investors trading derivatives.

      • techlead on 07/04/2023 - 13:34

        Even retail can't trade derivatives I think.

        I don't trade derivatives, so I don't know. I did try to stake USDT to earn some interest recently and was told this is not available in my jurisdiction.

    • techlead on 07/04/2023 - 13:33
      +1

      It means that they can no longer offer their derivative and Earn products here, which I think is a very very good thing, the derivative part at least, I miss the Earn part.

      Leveraged trading crypto is very very bad.

      Other parts of the exchange like spot buying and selling remains up and unaffected by this.

    • scrimshaw on 18/05/2023 - 20:13
      +1

      Banks have essentially banned Binance:

      Twitter
      https://twitter.com/Binance_AUS/status/1659018600496373760

      We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed.

      We are working hard to find an alternative provider to continue offering AUD deposits and withdrawals to our users.

      Notably, you can still buy and sell crypto using credit or debit card and our Binance P2P marketplace will also continue to operate as usual. Rest assured that your funds are safe through the Secure Asset Fund for Users (SAFU), an insurance fund that offers protection to Binance users and their funds in the event of extreme situations.

      From the Guardian:

      Westpac bans transfers to world’s largest crypto exchange Binance

      Bank customers can no longer make payments to the cryptocurrency exchange, in a move to reduce scams

      Westpac has banned customers from transferring funds to the world’s largest cryptocurrency exchange Binance, in a move aimed at reducing losses from scams.

      The Australian big four bank said on Thursday it was blocking a number of cryptocurrency exchanges as part of a trial, after its own data showed investment scams accounted for about half of all scam losses, and a third of all scam payments were transferred directly to cryptocurrency exchanges.

      The bank did not name Binance but it is understood the exchange has been hit with the ban.

      Westpac’s group executive of customer services and technology, Scott Collary, said the move could save millions lost to scams.

      • CrowReally on 19/05/2023 - 12:18
        +2

        Yeah, basically the government has been making sounds along the lines of "holy shit Australians are still losing far too much money to scams - the education aspect clearly isn't working, one of the touchpoints is the rubes are always transferring the money out of their bank accounts, banks you need to start getting your shit together and stopping these idiots from hurting themselves"

      • bargain huntress on 20/05/2023 - 19:35

        So you can still deposit using visa or mastercard? And still withdraw?

        • bobwokeup on 23/05/2023 - 11:01
          +2

          Got an email from Binance yesterday saying from 1 June we won’t even be able to withdraw AUD so that’s a worry. Can still transfer to another exchange but that’s costly if the coins are ERC20.

      • Jazza2400 on 23/05/2023 - 10:57

        Guessing I'm transferring everything back to Coinspot to hodl then.

        • bargain huntress on 23/05/2023 - 20:47
          +2

          Dear lord GET A COLD WALLET

          how many times do people need to be told this?

          You should only ever have a small percentage of your crypto on any exchange or hot wallet at any one time

          An exchange is not a bank

      • tunzafun001 on 23/05/2023 - 23:06
        +2

        What a load of shite… Crypto is way too complicated to convince some old timer to send all their cash via bloody Binance…

        If you believe that statement from Westpac, then you have been scammed!

        With this logic, then all bank transactions should be cancelled, and all mobile phones disconnected (sim swapping scams are huge at the moment..once someone gets access to your factor 2…

        So let's go back to trading gold..and gold only in the hand…wait…someone might paint gravel with gold paint….

        • mhz on 31/05/2023 - 11:43
          +1

          The scammers are getting a lot smarter and I watched one recently where they taught someone how to use Binance and transfer funds to them. Don't think that it can't be done to some 'old timer' because it can and very easily too!

          • tunzafun001 on 31/05/2023 - 14:18
            +1

            @mhz: I'd almost pay a scammer to teach me how to send across chains.

    • T-man on 18/05/2023 - 22:34
      +1

      Remember they told everyone they are OK months ago after the bankruptcy of FTX??? Transfer all your assets out of Binance immediately or cry later.

      • bobwokeup on 18/05/2023 - 22:50
        +1

        True that. I just took out my AUD and it was immediately sent to my bank.

    • tunzafun001 on 23/05/2023 - 23:08
      +1

      So the banks are now cleaning up with AUD arbitrage via Binanace? Now that is a scam!!

      • lostgoat on 24/05/2023 - 10:44
        +1

        Again regulators gone mad and people have to pay a lot higher elsewhere.
        Of course they don't take into account that .

        • bobwokeup on 24/05/2023 - 11:06
          +2

          Exactly and let’s be honest only a small percentage overall get done by scams.

        • tunzafun001 on 24/05/2023 - 11:44

          Regulation or keeping the status quo..I think the later… Bah..bah .. bah…shows how much we really are just sheep at the whims of the wealthy at a drop of a hat.

    • Mzqaqe on 24/05/2023 - 20:41
      +1

      https://au.news.yahoo.com/binance-reportedly-mixed-customer-…
      good luck with the fund

    • scrimshaw on 27/05/2023 - 17:45
      +1

      New update.

      Fellow Binancians,

      Binance will remove and cease trading on the following spot trading pairs at 2023-06-01 06:00 (UTC):

      Spot Pairs: ADA/AUD, AUD/BUSD, AUD/USDT, BNB/AUD, BTC/AUD, DOGE/AUD, ETH/AUD, GALA/AUD, MATIC/AUD, SOL/AUD, XRP/AUD

      Please note:

      Users can still trade the above assets on other trading pairs that are available on Binance.

      Binance will terminate Trading Bots services for the aforementioned spot trading pairs at 2023-06-01 06:00 (UTC) where applicable. Users are strongly advised to update and/or cancel their Trading Bots prior to the cessation of Trading Bots services to avoid any potential losses.

      Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

      Thanks for your support!

      Additionally, Binance had previously announced the removal of other trading pairs, namely APE/AUD, AVAX/AUD, AXS/AUD, DOT/AUD, FTM/AUD, LINK/AUD, SAND/AUD, and SHIB/AUD. These removals were set to take effect on May 26.

      • tunzafun001 on 28/05/2023 - 00:23

        So if you have AUD on Binance it may have nowhere to go, other than PTP trading?

    • axlfan on 30/05/2023 - 23:02

      Effective from 2023-02-21, new subscriptions for the following Binance Earn products will be restricted for users in Australia: Simple Earn, DeFi Staking, ETH 2.0 Staking, BNB Vault, and Liquidity Farming

  • mskeggs on 31/05/2023 - 00:16
    +3

    Absolutely nothing to worry about, good time to invest all your money. Why would regulators have any interest in this? /s

  • Wiadro on 31/05/2023 - 11:29
    +2

    Mate Binance is dead in Australia

  • Drpepper666 on 31/05/2023 - 11:31
    -2

    theyre saving you from being scammed
    not big news because nobody cares about crypto lol

  • cheapskateteacher on 31/05/2023 - 19:09
    +1

    I liquidated my crypto on Binance today after reading through these comments, and successfully withdrew into my Debit Card (with one of the Big 4)…. but it hasn't hit my card.
    Is this normal (just taking some time to land into my account), or should I be calling the bank?

  • tonka on 01/06/2023 - 16:17
    +1

    I have a few altcoins on Binance and missed the short notice message on not being able to convert to AUD. Can anyone offer some tips on how to liquidate and get the value back in my AU bank account.

    • bargain huntress on 01/06/2023 - 16:31
      +1

      Transfer them to a cold wallet?

      Then you could…
      Keep them?
      Or
      Put them onto a different exchange and sell them?

      • tonka on 01/06/2023 - 17:22

        Cheers

        • bargain huntress on 01/06/2023 - 18:29
          +1

          Just be careful when moving them that you use the right network and address so they dont disappear into the void.

          There are videos you can watch like this one i think

          https://youtu.be/HR_MPdnryKs

          • axlfan on 01/06/2023 - 20:54
            +2

            @bargain huntress: Yeah and tip is move a small amount first to test and then withdraw the rest when confirmed.

          • tunzafun001 on 03/06/2023 - 01:51
            +2

            @bargain huntress: The "void"..the reason crypto will never be taken seriously by the mainstream. Something that should have been addressed years ago.
            The GUI is like handling a brown snake!

    • Drpepper666 on 07/06/2023 - 18:45

      Hope you moved it

      • tonka on 08/06/2023 - 10:17
        +1

        No, I spent 2 days trying but not yet. Couldn't get any of the Binance methods to work (P2P and sell to card).
        Thought I needed a cold wallet to move (don't have) but am thinking now3 can transfer directly to another exchange.
        Finding it hard to get good info that is Australia Centric.

        • bobwokeup on 08/06/2023 - 10:22
          +2

          Yeah you can still move to another exchange. A good Australian option is Swyftx.

          • tonka on 08/06/2023 - 12:01
            +1

            @bobwokeup: Cheers I'll look it up.

            • bobwokeup on 16/06/2023 - 12:44

              @obenihk: That’s not quiet right, I just checked and I’m on Gold. I can withdraw up to $50,000 AUD and can send my crypto too, just not sure on the limit but I don’t have heaps there.

              • obenihk on 16/06/2023 - 14:45
                +1

                @bobwokeup: I have now received a response from Swyftx advising me that because i had made a deposit using POLI earlier in the day, there would be a few days of delay in the availablity in of those funds even though it had been credited to my wallet balance. I decided to unpublish my earlier comment as OB doesn't allow edits to comments with replies and I don't want to spread any misinformation because of it.

                EDIT: ok deposit has cleared now and I can make full withdrawal of my funds

                • bobwokeup on 16/06/2023 - 15:02

                  @obenihk: Ah cool. I always use PayID as all banks have it and plus my bank doesn’t do POLi.

  • moneytomyway on 12/06/2023 - 10:36

    Just realised about this recent change, now my AUD is stuck with Binance.
    What would be the best way to get them out to my bank please?

    • axlfan on 12/06/2023 - 17:52

      All remaining AUD would have been converted to Tether (USDT). Check your account.

  • bargain huntress on 04/07/2023 - 01:17

    Where can you buy cryptocurrencies that arent listed on swyftx? For example new meme coins?

    • axlfan on 04/07/2023 - 20:33
      +1

      Most new meme coins are available in places like pancakeswap. You can access it via wallets such as trust wallet.

      • bargain huntress on 05/07/2023 - 15:39

        Thank you

      • bargain huntress on 05/07/2023 - 19:34

        How do you work out tax for defi?

        • bobwokeup on 05/07/2023 - 19:39

          You don’t it’s too hard for government to monitor.

        • axlfan on 06/07/2023 - 20:15
          +1

          Am a noob but tax is usually when you sell and exchange for fiat.
          That usually happens at a central exchange like binance or btcmarket. That comes under tax.

  • bargain huntress on 14/07/2023 - 20:27

    How do you get free airdrops?

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