I received this email yesterday ad first logged into Binance to double check that this was correct. You can never be too sure these days and why you have to double check everything crypto related.
I don't have much value on the exchange and have the majority staked directly with the crypto projects. The $1.3K I have on Binance staking doesn't mean it is worthless because this we know could be worth $30K depending on how well the Bull market is. I rarely use Binance for anything these days and it is more Huobi (HTX) and literally a few minutes before moving the investment directly into COTI.
The KYC verification process is a pain, but understand why it needs to be done and just don't get the yearly verification process. We all know Binance is under supervision with the regulators watching their every move these days and possibly why this is now a yearly thing.
Banks don't need do this so why must crypto jump through the loops and the hope is that in the future when we eventually see mass adoption maybe things become easier to remain compliant. This is possibly more wishful thinking and expect things will become a lot worse some how knowing how the regulators like to make things more difficult.
Staking in COTI is far easier and the registering was very similar to Binance, but that was over 2 years ago and there has been no need to re register and verify. Once you are in you are in and that I think is how it should be without all this nonsense of verifying every 12 months. It kind of makes you wonder is it worth it and this is not staying incognito. If I have to declare the Binance stake at some point to the tax man then I suppose that would be a small win and not a disaster.
I am fortunate that I live in one jurisdiction and taxed under another so it is not exactly straight forward for the authorities. The long term plan is to include another tax jurisdiction so there are choices available and can cherry pick the cheapest option. We all have options and do not have to settle and as the values are rising this will become even more important to every crypto investor.
My choices were quite simple due to the difference in taxing percentages with one being at 40% and the other between 12% and 20%. Obviously the 12-20% is the better option, but there are other countries with less than 7%. If you think about this clearly and you have a big enough portfolio value the 13% or 27% difference in tax could easily buy you a property elsewhere instead of handing this to the tax man. This is part of the forward planning I have been doing with the hope that I can have a property elsewhere within the next 2-5 years depending on the crypto market. Forget the idea of Lambo's and start looking for an ideal spot to save your portfolio value.
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Binance now has to pay much more attention to transactions. They made big mistakes in the past and did not prevent some fraud attempts. They manipulated trades. There's something I'm curious about. Will Binance be the first among crypto exchanges after 10 years? I think this is not possible. Because decentralized exchanges will be more popular.
There is so much information out there already. I am not as concerned about it as I used to be. That doesn't mean I am not vigilant, but I know deep down that if someone wanted my info they could probably fairly easily get it. The good news is that sort of thing is so common now that it is easier to recover from it than it used to be.