Binance announced a few days ago that they will no longer provide services to people living in the United States. They state that, starting September 12th, users who live in the US will no longer be able to trade or deposit on Binance.com. These users will still be able to access their funds, however. Binance will be launching Binance.US for North America. This will enable regulatory agencies to keep a closer eye on who’s selling what, and where it’s being sent to.
This may work to some extent, but most crypto-users know how to use a VPN and doing so will most likely allow you to continue trading on Binance.com. Going a step further, most of us are waiting for a decentralized exchange to take off. I wrote an article on this earlier, but the decentralized exchange that was covered in the article was getting mixed reviews. So, I updated the post with a warning that you should be skeptical about opening an account there.
An actual Peer-to-Peer exchange has been making waves in the crypto community lately. It’s called Bisq and it has a lot of potential to be a major disruptor.
The idea of a decentralized exchange is still legitimate and it’s only a matter of time until a borderless, uncensorable exchange goes mainstream. Bisq is the closest thing I’ve seen to a trustworthy, decentralized P2P exchange so far. I downloaded and installed the software and it looks great, reviews have been positive too. I will write an article on it as I become more familiar with it.
While Binance states that you will continue to have access to your funds, we have seen many other exchanges collapse, and with it went users’ funds. As the old saying goes, “Not your keys, not your crypto.” This relates to the underlying philosophy of Bitcoin. Satoshi Nakomoto saw how banks were misusing the money of their account holders. He saw how their greed and predatory nature almost collapsed our economy in 2008. He wanted people to take back control of their money. So listen to Satoshi and get your own hardware wallet, and learn how to manage your keys.
Where to Keep your Crypto
Your best bet is to keep your crypto in a hard-wallet like a ledger nano. You have to buy it directly from the manufacturer to prevent any possibility of someone tampering with the device. The next best option is to keep your funds in a wallet like MyCrypto or the Atomic Wallet. A private key will be generated so you can access your funds. You MUST make a backup of this key. Store it in a safe place, and store a backup of it in another location. If your house burns down, you will still have a copy of the key. Keep another backup of it in a third location for additional protection.
To stay up-to-date on the cutting-edge of crypto, click here or the green ‘Follow’ button on the bottom left to get notified for future posts.