Binance users - What have you done?

[chelsea2018]

I'm a little late in the planning, and most of us have heard about the Binance crackdown by the regulatory bodies over here. We had that 3 month notice and I believe that'll be around Feb so nearing just a month left right?

Just wanted to know what people, who have a Binance account, are planning to do with their assets?

My possible plans are the following:
1a) Transfer all my crypto from Binance to my hardware wallet

1b) Transfer all my crypto from Binance to a local player (PDAX or coinsph)

2a) Transfer crypto from hardware wallet to a local exchange (PDAX or coinsph), when I want to offramp already (exchange my crypto for PHP)

2b) Much more straightforward as the crypto will be on the local exchange already, so it's just a matter of hodling or exchanging back to PHP whenever

My possible concerns are the following:

a) I use Arbitrum/Optimism (layer 2/L2) to transfer my ETH from Binance to my Metamask wallet (this was created using my hardware wallet). I have no idea if the local exchanges already have L2 ramps.

b) What's the best plan to continue cost averaging on crypto? Is it to just start using local exchanges for peace of mind?

Or are there dexes where I can onramp directly to my metamask wallet? This is probably riskier right?

--- Overall, hoping to hear thoughts from others on how you're going about this issue. Salamat.

P.S.

After reading initial comments. I might go for the following:

1) Wait it out until there's a more forceful notice on banning Binance, probably some time end of Jan if ever.

2) Prepare to transfer my crypto to another CEX with a P2P option like Bybit (I'm also looking at Kraken bec I heard they're pretty good on the regulatory side of things).

3) A second option, if I don't transfer to another CEX is to transfer to my hardware wallet and just do DEX transactions instead. Though I have little knowledge on how to onramp/offramp directly from my hardware wallet.

 

[resjudicata]

@chelsea2018 There's no statement coming from Binance, so I am still using it.

If the regulators push through with banning Binance, then I will use Bybit. If they ban Bybit, then I will use Okx. No matter how many they ban, they can't force me to use the local crypto exchanges. All of them are very inferior.

Let's not be naive. We all know there's some lobbying going on here.

 

[chelsea2018]

@resjudicata Hoping to learn, may I know why you're opting for Bybit/Okx instead of another exchange like Kraken, etc?

This seems like a third option that I may want to try, sticking to a non-local CEX.

 

[resjudicata]

@chelsea2018 Trading volume

More people using it, more traders, better liquidity, less spread.

 

[chelsea2018]

@resjudicata Thanks for sharing the data, that is interesting.

 

[nbooi]

@resjudicata Been using OKX as my alternative to Binance.

 

[z]

@nbooi Question po, licensed pp ba ang okx? May licensed crypto platform ba dito na hindi local?

 

[z]

@resjudicata They can never force me to use pdax. I might even be forced to trading forex than use their pdax shit. I'll go to abroad just to use the crypto platforms. They cant force me to use their shit pdax. Lol. Itong sec PH gaya gaya sa sec ng US.

 

[daveris]

@z right! the lack on features and high spreads,,, why would i even opt to them? daming better platform dyan na di pa hassle gamitin

 

[z]

@daveris Kaso ang nakakainis pano pag iban nila lahat!? Nakakairita

 

[daveris]

@z local registered cex is the option talaga pero not on the list talaga pdax for me hay spot trading cant even be done on their platform. very behind sila compared to other local cex even sa ui

 

[keepsmiling]

@resjudicata Hi, Just want to ask meron bang cash-in fee for bank transfers sa ByBit?

 

[garyd1947]

@resjudicata If they can shutdown Binance then they will surely hunt down those alternatives too. Tingin ko local cex na mismo naglalakad sa SEC nian.

 

[braynman]

@garyd1947 For sure gcash and maya ang nagpapa ban sa binance.

 

[bibletruths]

@chelsea2018 Nice try SEC. We won't tell you how worked around your BS just so you can ban the new exchanges we use.

 

[z]

@bibletruths Ya oo nga. Putang sec yan. Gaya gaya sa sec ng US.

 

[taigagirl]

@chelsea2018 Wait it out. Baka walang mangyari sa bagal ba naman kumilos ng pinoy.

 

[richard161171]

@chelsea2018 Nasa binance padin due to ease of use. Right now im trading meme coins so nasa solflare yung asset ko and kahit maban man ang binance i can easily transfer it anyway to another exchange when the time comes

 

[chelsea2018]

@richard161171 First time I'm hearing about solflare. Para siyang metamask but mainly for SOL? Interesting

 

[richard161171]

@chelsea2018 Yep tapos yung transfer fee ang mura 10 pesos lang ata kaya di ko ramdam yang ban since madali lang magmigrate