New customers join Binance, the world’s largest crypto exchange by volume, every day. New customers come with new questions. Some questions are new and some not so new, but it is important to know how Binance works. So let’s answer 5 big questions about Binance in this article.
5 big questions about Binance
Are Binance deposits instant?
No. Transfers are instant on Binance between wallets, such as spot wallet to finance wallet for Binance P2P transaction. But this is only inside Binance. External services like SWIFT or ACH or SEPA mean we are subject to how long these services run when sending money. SWIFT is 1-3 business days, local transfers on Binance.US should take up to 1 business day.
Can Binance transactions be tracked?
Like many exchanges, Binance maintains several hot wallets. Therefore, many Binance transactions are sent from this wallet (or any other hot wallet). So in a way, a little more privacy is maintained with Binance’s exchange wallet. However, every transaction is traceable unless you use a privacy-based service like Tornado Cash. By the way, as you follow on Kriptokoin.com, it is no longer legal to use mixer protocols.
Can Binance take your money?
Yes they can. Any centralized exchange relies on several factors, including:
- They think you’re cheating
- They think you’re money laundering
- They think you are violating their Terms and Conditions in any way
- They receive a law enforcement request, such as FBI or Interpol, about you
This is the importance of transferring long-term investments to cold wallets. Short-term holdings and funds you’re considering trading make sense for you to stay in the stock market for quick access when the market moves in your desired direction.
Where did Binance register its business?
The leading exchange has repositioned itself, which means they have moved their corporate office to Malta. Malta is pressing hard to become the ‘Blockchain Island’. They recently made this move and were able to open a bank account there in June to try to get more fiat deposits from customers. A big win for the company.
Can I become a member without KYC?
Yes you can. But the transactions you can make are on very declining funds. However, without KYC, you can’t take advantage of what Binance has to offer, as the limit for everything is so low. Here are some of the things you can’t do if you try using Binance without KYC:
- Send fiat money to an exchange (if you live in a country where you can do this)
- Make P2P transactions
- trading futures
- Leveraged trading
- Make large withdrawals
- Use the launcher
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