Do you use coins.co.ph as an off/on ramp? Poor for trading but a solid and principled company in my opinion.
Not at the moment, the local choices here are still at the beginning to transitioning stages where they are catching up to what the rest of the exchanges have been doing. Binance is a heavy competitor because of liquidity, lower spreads and ease of access to lucrative projects/airdrops. Local exchange here take months to list tokens here and constantly update their terms and conditions which makes it unreliable to park large amounts of money.
If I were to deposit my BTC in one of these exchanges, and supposed BTC pumps that when I convert it to fiat that it exceeds the cashing in threshold set for regular accounts, I have to explain where I got my BTC and let's say I spent a load of years shitposting on Hive, it's just going to lead from one question after the other and I'll get my account closed. Not really optimistic about local exchanges as keepers of my tokens.
Understood. Here in Thailand, they barely worry about amounts. You get 400k baht just for adding a bank account which rises to 2m baht a day for providing legal proof of address. We do however only have 9 coins we're legally allowed to use and list and three of those are stable coins. Binance are officially illegal but openly trade here without too much hassle.
It's like a noose being slowly tightened.
Stay well :-)
Looks like it's not that different from the terms offered here. Except some measures like accounts having transactions with Binance wallets might get flagged and there's less opportunities to appeal once the bans start. It's just hearsay for now but I wouldn't be surprised given how strict the KYC is.