Binance Co-operating with South African Financial Regulators - to cease leveraged trading options

Swa

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May 4, 2012
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Awesome thanks, I was under the impression that they have my docs and ID and know I'm South African a VPN won't work. I'll try it out! Thanks!
I don't think it will work. Your region is set in your account when you sign up so it also doesn't make sense with their statement of closing positions if it was based on IP.
 

Sensorei

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Sep 15, 2008
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use a vpn :ROFL:
I can confirm this does not work. They are blocking access based on your user verification info. You need to submit proof of address showing you aren't in SA for them to allow your account to open positions on margin/futures.

Binance literally won't even let you sell the assets you hold in your margin account to pay back the loan. They are holding it ransom even if your assets value in your futures/margin account is 80% more than what is owed. You need to transfer crypto over from your spot account to settle debts in the same crypto that you borrowed.

A lot of people could lose everything they have. I've had to sell A LOT of BTC from my hardware wallet to USDT to settle my margin account which was actually in a damn profit. But because I borrowed USDT, they said I could only pay the debt in USDT, while not being allowed to sell my assets in margin for USDT. If I didn't have the money, I would not have been able to get my crypto back. Scary!
 
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The Voice

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Been booted by European banks, and not allowed to trade in the US. What could possibly go wrong?
 

NarrowBandFtw

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Been booted by European banks, and not allowed to trade in the US. What could possibly go wrong?
also booted by Malaysia and a number of other countries

this "co-operation" looks like nothing more than trying to get ahead of another potential ban

claiming "they didn't ban us, we're co-operating so we stopped doing what they wanted to ban us for!", rather than have yet another headline of being banned by yet another country
 

NarrowBandFtw

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A lot of people could lose everything they have. I've had to sell A LOT of BTC from my hardware wallet to USDT to settle my margin account which was actually in a damn profit. But because I borrowed USDT, they said I could only pay the debt in USDT, while not being allowed to sell my assets in margin for USDT. If I didn't have the money, I would not have been able to get my crypto back. Scary!
the scariest thing there is that you're putting your trust in a known dodgy stable coin ... ?

 

Sensorei

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the scariest thing there is that you're putting your trust in a known dodgy stable coin ... ?

Wrong. By borrowing USDT from an exchange to buy Bitcoin and Ethereum, the risks specifically associated with Tether's reliability lie with the exchange doing the lending.

If USDT were to drop under $1 in value, then the borrower benefits because the value owed to the exchange is less than what was borrowed.

Borrowing USDT to long BTC is essentially shorting USDT.
 

NarrowBandFtw

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Making more Bitcoin. I sleep well at night.
wasn't judging, crypto is plenty risky enough already without bringing some sense of morals into it

I just avoid USDT like the plague, but then again I also avoid leverage / margin trading or any form of debt in general like the plague :sneaky:
 

Sensorei

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wasn't judging, crypto is plenty risky enough already without bringing some sense of morals into it

I just avoid USDT like the plague, but then again I also avoid leverage / margin trading or any form of debt in general like the plague :sneaky:
Understandable. General I am extremely debt and risk averse. Outside of crypto I have no debt, no credit cards besides my business cards, and I've never even bought a lotto ticket.

But the way I see now is I have more at risk by not maximising the financial opportunities provided by crypto, the asset class with the most growth and most potential of any by far.

Not using 2 to 3x leverage in a crypto bull market is putting early retirement at risk. High leverage is gambling. But effectively mitigating risk with strategy is #1. Of course one needs to learn how to walk in crypto before trying to run. USDT is a useful tool as long as you manage the risks.
 

CapeTownchic86

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Joined
Oct 23, 2018
Messages
91
Little f#kers. We all just trying to make some extra cash becasue the ma se P°#$ eskom want to screw us over. Paying for electricity that not getting cause of ****ing loadshedding. Then the damn petrol is going up as well.

But these bang Sars Fcckers don't want to tackle the taxi people as someone said before in a comment. I saw traffic cops just ignore when taxis stop in the middle of the road!!! I'm sure Sars is corrupt... Who is in charge of Sars? I told people... All this free **** ramaphosa got for us is coming to bite us... The TERS and the ppe funding and this and that. They coming to take their money.... Nothing in this country is free.

Just a single mother trying to make extra cash for my kids so I think about their future and now they block my cards on binance... Is there any other way to buy more... ie a work around .

I don't trade I just leave my bitcoin there to simmer
 

Swa

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Joined
May 4, 2012
Messages
30,745
Little f#kers. We all just trying to make some extra cash becasue the ma se P°#$ eskom want to screw us over. Paying for electricity that not getting cause of ****ing loadshedding. Then the damn petrol is going up as well.

But these bang Sars Fcckers don't want to tackle the taxi people as someone said before in a comment. I saw traffic cops just ignore when taxis stop in the middle of the road!!! I'm sure Sars is corrupt... Who is in charge of Sars? I told people... All this free **** ramaphosa got for us is coming to bite us... The TERS and the ppe funding and this and that. They coming to take their money.... Nothing in this country is free.

Just a single mother trying to make extra cash for my kids so I think about their future and now they block my cards on binance... Is there any other way to buy more... ie a work around .

I don't trade I just leave my bitcoin there to simmer
Buy on Valr.
 

CapeTownchic86

Active Member
Joined
Oct 23, 2018
Messages
91
Buy on Valr.
cant they still see what you buying on VALR because you use a Standard bank account and SARS can ask STd bank for your account history etc?
Once I buy on VALR can i transfer it somehow to my Binance acc
 
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Swa

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May 4, 2012
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30,745
cant they still see what you buying on VALR because its owned by Standard bank?
Once I buy on VALR can i transfer it somehow to my Binance acc
First I'm hearing about it being owned by STD Bank. If you're not trading it doesn't matter in any case and you can store your coin anywhere and don't need to transfer it to another exchange.
 

CapeTownchic86

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Oct 23, 2018
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91
sorry i shouldn't have said "owned" more like if you don't have a standard bank account then you cant use VALR?
 

L-Dog

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Oct 25, 2017
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cant they still see what you buying on VALR because its owned by Standard bank?
Once I buy on VALR can i transfer it somehow to my Binance acc

You should be able to use xrp, did this with Luno last year but wants aware of any legal uncertainty at the time
 

CapeTownchic86

Active Member
Joined
Oct 23, 2018
Messages
91
is there no hero that is going to take on the South African Reserve bank to fight this! How can they have a say in what we spend our money on. why dont they go after Eskom CEOs and Guptas and all the other little Sh#ts that have scammed this country and its people. If that didnt happen then the people would not be going to such lengths to make extra cash
 
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