SEC Accuses Binance of Mishandling Funds and Lying to Regulators

Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by Canada on Monday June 05, 2023 @07:42PM (#36205964)

I pay rent, computer hardware, airfare, electrical bill and similar. I don't have a mortgage or own a car currently, but if I did I'd settle those expenses with crypto easily. The recipient has no idea, they receive bank transfers and see no different than any random person. Crypto also funds the credit cards I use to pay services such as AWS. (And day to day Uber, grocery delivery and that sort of thing too)

I pay as much as possible with cash as in paper bank notes, but those are also almost entirely crypto funded.

I do not use regular CEX (centralized exchanges) at all as on or off ramps or submit to any KYC for any of this.. that said I'm definitely wouldn't be able to remain anonymous if I were to do anything grossly illegal with my funds.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by dghlsakjg on Monday June 05, 2023 @08:54PM (#36206655)

What power company accepts crypto?

Do you pay all these things with crypto or do you (or a service) convert it to fiat and then pay your bills?

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by Canada on Monday June 05, 2023 @09:07PM (#36206741)

it's converted of course, and I don't do it myself (as in sell at exchange into my bank account and then pay, as that defeats the point) but it's not exactly a service either.

I don't live where my username implies, in case you're wondering.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by yao420 on Monday June 05, 2023 @09:16PM (#36206813)

Are you paying taxes on every conversion? Because if no that would classify as illegal.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by Canada on Monday June 05, 2023 @09:25PM (#36206873)

Yes, I pay taxes. I don't typically settle these kind of transactions from volatile holdings like Bitcoin or Ethereum. I use stablecoin for that, so matters of gains or losses are dealt with separately (if at all, as the case may be).

The stablecoin is not in the local currency of course, but it's not different in any practical way from handling foreign USD payments.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by grugagag on Monday June 05, 2023 @09:50PM (#36207056)

Until the stablecoin goes poof from under you, so could bitcoin at any moment.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by Canada on Tuesday June 06, 2023 @02:53AM (#36209117)

I'm well aware of that possibility.

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Re:SEC Accuses Binance of Mishandling Funds and Lying to Reg... by sethd on Tuesday June 06, 2023 @08:01AM (#36211345)

> The recipient has no idea, they receive bank transfers and see no different than any random person.

You're not using it as currency.

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