As the world’s largest crypto exchange by volume, Binance has new customers joining it every day. And with these new customers come new questions. Some questions are new, and some not so new but good to remind ourselves of how Binance works. So let’s jump into our Binance FAQ.
The Questions
These are the questions that you, the public, want to know. It’s the first in a new series for us. Let us know that you like it and we’ll keep doing more.
Are Binance Deposits Instant?
No. Binance transfers between wallets like from the Spot Wallet to the Funding wallet for a Binance p2p transaction are instant. But that’s internal within Binance.
External services like SWIFT or ACH or SEPA mean we are subject to how long those services work in sending money. SWIFT is 1-3 business days while domestic wires on Binance.US should take 1 business day max.
If you are ready to trade fast, then use the Binance p2p feature or deposit crypto into your account as many Layer 1 chains will have it there in a matter of a few minutes. Even Bitcoin will get it there much faster than any bank or fiat service.
Are Binance Transactions Traceable?
You bet they are. They are still pseudonymous meaning you are not identified with the transaction but your wallet is.
Like many exchanges, Binance maintains a couple of hot wallets. This is one of them: 0xB1256D6b31E4Ae87DA1D56E5890C66be7f1C038e. Because of this, many Binance transactions are sent from this wallet (or another hot wallet) including yours. So in a way, you are a little more privacy protected with the Binance exchange wallet.
However, you are sending your coins somewhere right? Even if it’s some other non-custody wallet or your Metamask or hardware wallet for cold storage. And it’s on this end, the receiving end of the transaction, where wallets are more traceable and it’s more likely someone with the skills can tell that this is your wallet.
You should figure that every blockchain transaction is traceable in this same way unless you use a mixer or some other privacy based service.
Can Binance Take Your Money?
Yes, they can. Any centralized exchange can based on a couple of factors including:
- They think you are committing fraud
- They think you are laundering money
- They think you’ve violated their Terms & Conditions in any way
- They get a law enforcement request like FBI or Interpol about you
So they absolutely can. It’s one reason we recommend you move long-term holdings off the exchange (any exchange including quality ones like Binance) to a non-custody wallet that you control. Short-term holdings and funds you intend to trade make sense for you to keep on the exchange for quick access when the market moves in the direction you want. And if you haven’t seen it yet, we have a great intro on how to spot trade on Binance that you can check out when you are done here.
Where Binance Registered Their Business?
Binance redomiciled, which means they moved their corporate home, to Malta. Malta is making a big push to become the ‘Blockchain Island’. They just made this move recently 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 You Do Binance Without KYC?
If the question is can you, the answer is Yes. But we would not recommend it. The limits for everything are SO LOW without KYC that you don’t get to enjoy the benefits Binance offers. Here are some of the things you can’t do if you try using Binance without KYC:
- Send fiat money to the exchange (if you live in a country where you can do that)
- Do p2p trading
- Do futures trading
- Trade with leverage
- Make large withdrawals
- Use the launchpad
As you can see, just these 6 items include many of Binance’s best services. So while you can, you really shouldn’t.
We hope you like this series and we have 5 more questions and answers about Binance coming at you soon.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Binance. Copyright Altcoin Buzz Pte Ltd.
