Binance US No Longer Allows USD Withdrawal for Users

Re:Binance US No Longer Allows USD Withdrawal for Users by ivanmontillam on Wednesday October 18, 2023 @12:18PM (#37930886)

Tax evasion is not its killer app, but I reckon cryptocurrencies can be misused that way.

Tax evasion is possible with or without mechanism. Real world example in Argentina: the way most landlords evade taxes is by charging tenants in cash. They expect you to go to their place with an envelope full of 1000's ARS banknotes.

So far I've not seen rents paid in cryptocurrency, but by extension, would you say cash's killer app is tax evasion indeed?

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Re:Binance US No Longer Allows USD Withdrawal for Users by dingnuts on Wednesday October 18, 2023 @02:20PM (#37932574)

Yes, cash's killer app is crime, too, which is probably why governments like China don't want it.

People making the argument that payments are hard to trace with crypto & that's the reason it should be banned or ignored are 1) ignorant because crypto transactions are easier to trace than cash and 2) making a dangerous argument against cash for which authoritarians will be thrilled to have support

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Re:Binance US No Longer Allows USD Withdrawal for Users by tim333 on Wednesday October 18, 2023 @02:42PM (#37932903)

I'd say crypto is not very good for tax evasion. The immutable record on a blockchain thing may be a pain compared to cash in hand.

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