Hi Carlos
We are living in interesting times!
The world's most popular cryptocurrency exchange, Binance, is being arm-twisted by regulators of many countries in the world.
If history has taught us anything, it would be "First comes the innovations and then comes the regulation 😎". The cryptocurrency industry is experiencing the same change and you have to be careful and mindful, for the next 1-2 years.
Careful, because you might not want to be putting all your eggs on a single exchange or single service that is facing major regulatory hurdles, as this could increase your risk.
Do not misunderstand me, as I'm not saying Binance will cease to exist in the days to come. In fact, I believe Binance will come out stronger, after facing these regulatory hurdles around the globe. At the same time, this will also set a standard for the entire crypto industry.
To keep it short, let me suggest a few things:
- As of August 4th, Binance will limit the daily withdrawals to 0.06 BTC for users who have not completed the KYC. However, if you plan on doing your KYC, you need not worry about anything. In case you don't want to do your KYC, then withdraw your extra funds from Binance and keep them on a self-custodian wallet, such as Ledger Nano X or Trezor.
- If you are Malaysian, you should use an alternative to Binance, due to the fact that the Malaysian SEC has asked Binance to shut down it's operations in that country,
Here are some of the best Binance alternatives, as of 2021:
- 1- FTX exchange: Get a lifetime 5% trading fee discount with this special link.
- 2 - Huobi Global: Great track record and high volume.
- 3 - AscendEX: For high quality projects and advanced exchange features.
- 4 - MEXC Global: For many low-cap gems.
If you are in the USA 🇺🇸 , you should be using the following:
- Coinbase Pro
- Kraken: This is the favorite of many US-based CoinSutra users.
I'm keeping an eye on the current situation and will keep you posted if things escalate. I suggest you make sure to add this email address to your contact list so that you don't miss out on the latest updates. You can also join us on our Telegram channel here, which is another great way to stay connected with the CoinSutra community.
Also, if you want to read in-depth about these Binance alternatives, you can head over here.
Do check out my video on the new Binance update here.
That's all for now,...I will see you in the next email!
Regards
Harsh Agrawal
Top Binance Alternatives & Why You Need One Right Away