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Binance Ontario, what if we don't take any actions?

Binance

Cryptocoins Exchanges / Binance 263 Views

As you may know, binance has been banned in Ontario, Canada and users should take actions and close their positions before 31 December. Now some questions:

  1. What if I've verified my account through taking a selfie (intermediate verification) and didn't complete the (advanced verification) so they don't know where am I located exactly + using a vpn? (they may, if they check out the selfie Pic where the province appeared in the driver license) I've talked to their support team and they told me that we don't know whether you are from Ontario or not, so you can continue using our services, which is somehow weird (how the hell they don't know where am I located when it's obvious from the driver's license?)

  2. They told me that I can continue using their services even after 31 December. Now the question is what will happen after 31 December if I don't take any actions? Will they stop services like withdrawal or just trading features? (in the event of a bad luck when they find out where am I located)

  3. I asked them about the tax issues, they told me that they will never share their users information with any other companies nor government or any organization. So should I be worried about the tax issues? I mean, should I report my trades, balance and the other things for tax purposes? I've read that all trading activities including buying, selling or exchanging a cryptocurrency to another cryptocurrency would be a taxable event. So what will happen if I don't report my trading activities for tax purposes? (I don't plan to withdraw or deposit any fiat, I just used crypto to deposit and I just withdraw crypto to my wallets.) How will they know what did I do on binance? Do they ask binance for Ontario-based users information? Will binance give them what they want? What's the risks here?

  4. I'm thinking of moving my assets to a cold wallet and then use dexes (decentralized exchanges) for trading. I think it's the best possible way to stay away from the risks both on binance side and the government (CRA). But, well, there are no functionalities like stop-limit orders, or limit buy-sell orders there. We can simply buy an asset at the very immediate price. What's your idea about this? Do you think that it's a good way to be safe around?

submitted by /u/Visual_Charity_2534
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