chelsea2018
New member
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.
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.