As the Internal Revenue Service (IRS) continues to ramp up its enforcement of cryptocurrency regulations, many industry participants are wondering if popular exchanges like Binance will begin reporting users’ data to the tax agency.
While Binance has not yet announced any plans to do so, it is certainly within the realm of possibility, particularly given the IRS’s recent success in obtaining user data from other exchanges.
The IRS’s interest in cryptocurrency is largely driven by the fact that many people are using it to avoid paying taxes. For example, if you earn income in Bitcoin, you are supposed to report it on your taxes just like any other income.
However, because cryptocurrency is still relatively new and poorly understood by many people, the IRS has had difficulty enforcing these rules. This is beginning to change, however, as the IRS has been increasingly successful in obtaining user data from exchanges.
If Binance were to begin reporting users’ data to the IRS, it would likely have a significant impact on tax compliance among cryptocurrency users. However, it is also possible that Binance would take steps to minimize the impact of such reporting, such as only reporting data for users who are based in the United States.
Only time will tell if Binance US will report to IRS or not, but given the recent trends, it seems like a distinct possibility.
Binance US, the American arm of popular cryptocurrency exchange Binance, is currently not listing Shib. There are a variety of reasons for this, but the most likely explanation is that Binance US is not yet ready to list all of the coins that are available on the main Binance platform.
Shib is a relatively new coin, and it is not yet clear whether it will have long-term staying power. Binance US may be waiting to see how Shib performs over time before making a decision to list it.
Another possibility is that Binance US has not yet completed its review of Shib. Binance US has strict listing standards, and it may take some time for a new coin to go through the entire review process.
It is also possible that Binance US simply does not believe that Shib is a good fit for its platform at this time. There are hundreds of different cryptocurrencies out there, and Binance US has to be selective about which ones it lists.
At this point, it is not clear when or if Binance US will list Shib. However, given the popularity of the main Binance platform and the continued growth of the cryptocurrency market, it seems likely that Binance US will eventually list Shib.
There are a number of reasons why trading might be disabled on your Binance account. The most common reason is that your account is not verified. In order to trade on Binance, you must first complete the account verification process.
This involves submitting some personal information and documents to Binance. Once your account is verified, trading will be enabled.
Another possible reason why trading might be disabled on your account is if you have not set up two-factor authentication (2FA). Binance requires all users to set up 2FA in order to trade.
This is for security purposes and helps to prevent your account from being hacked. If you have not set up 2FA, you will need to do so before trading can be enabled on your account.
If you are still having difficulty with trading being disabled on your Binance account, it is best to contact customer support for help.
As of September 12th, 2019, Binance US is not allowing any new user registrations on its platform. All current users are still able to trade, but if you’re not already registered with Binance US, you won’t be able to create an account. So, why is trading disabled on Binance US?
The reason for this is that Binance US is still in the process of completing its registration with the US Securities and Exchange Commission (SEC). Once that registration is complete, trading will be enabled again.
In the meantime, Binance US is focused on making sure that its platform is compliant with all SEC regulations.
This process has been taking longer than expected, but Binance US is committed to providing a safe and compliant platform for its users. In the meantime, if you’re looking to trade cryptocurrencies, there are plenty of other exchanges that you can use.
So there you have it! That’s why trading is currently disabled on Binance US. Once the registration process with the SEC is complete, trading will be enabled again.
In the meantime, there are plenty of other exchanges that you can use to trade cryptocurrencies.
If you’ve been trying to withdraw your money from Binance and it says your withdrawal is “Suspended”, don’t panic! There are a few reasons why this could be happening, and we’ll go over them all here.
The most common reason for a suspended withdrawal is that your account needs to be verified. Binance has strict Know Your Customer (KYC) and Anti-Money Laundering (AML) policies in place, and part of that is making sure that all users are properly verified.
If you haven’t submitted your KYC documents yet, that’s probably why your withdrawal is suspended.
Another possibility is that you’re trying to withdraw more money than you have available in your account. This can happen if you’ve made a large trade and the funds haven’t settled yet.
In this case, you’ll just need to wait until your trade is complete and the funds have settled before you can withdraw them.
If neither of these scenarios applies to you, then there may be an issue with the cryptocurrency you’re trying to withdraw. Binance lists hundreds of different coins and tokens, and they can’t all be sent out through the same withdrawal process.
Sometimes there are issues with specific coins that can cause withdrawals to be suspended. In this case, you’ll need to reach out to Binance customer support for help.
Whatever the reason for your suspended withdrawal, don’t worry! It’s usually a pretty easy fix. Just make sure you’re verified, check that your trade has settled, or reach out to customer support if you need help with a specific coin.
If you’re having trouble verifying your identity on Binance, there are a few possible explanations.
First, make sure that you’re using the correct code. The verification code is a six-digit code that is sent to your registered email address or phone number.
If you’re entering the code from your email, make sure that you don’t have any spaces before or after the code. If you’re entering the code from your phone, make sure that you’re using the correct country code.
If you’re still having trouble, it’s possible that your account has been flagged for suspicious activity. In this case, you’ll need to provide additional information to verify your identity.
This may include a photo ID, a selfie with your ID, and/or a proof of address.
If you’re still having trouble after taking these steps, please contact Binance customer support for further assistance.
There are a few reasons why your total balance and available balance might be different on Binance. One reason is that you might have made a deposit but it hasn’t been processed yet. Deposits can sometimes take a few minutes to an hour to show up in your account. Another reason could be that you have made a trade but the trade hasn’t been executed yet. Trades can take a few seconds to a few minutes to go through.
Finally, there could be a small difference due to the fact that Binance holds a small amount of every currency in order to cover network fees. This is called the “Binance Reserve”. The Binance Reserve is not included in your available balance but is included in your total balance. In conclusion, the difference between your total balance and available balance on Binance can be due to deposits, trades, or the Binance Reserve.
There are a few reasons why your funds might be locked on Binance. One possibility is that you have reached your daily limit for withdrawals. Binance has a withdrawal limit of 2 BTC per day for unverified accounts and 100 BTC per day for verified accounts. If you have reached your daily limit, you will need to wait until the next day to make any more withdrawals.
Another possibility is that you have not completed the KYC verification process. Binance requires all users to complete KYC verification before they are able to withdraw funds. Finally, your funds may be locked if Binance suspects that you are engaging in fraudulent or illegal activity. If your funds are locked, you will need to contact Binance customer support for assistance.
If you are a Binance user, you may have noticed that your account has been banned. This is because Binance has recently implemented a new policy that bans accounts that are inactive for more than two years. While this may seem like a harsh policy, it is actually in line with other exchanges who have similar policies.
The reason for this is to protect users from losing their funds to hacks or scams. By banning inactive accounts, Binance is able to reduce the risk of these types of attacks.
While some users may be UPSet about their account being banned, it is important to remember that Binance is doing this to protect its users. If you are a Binance user and your account has been banned, you can contact customer support to see if there is anything that can be done.
HNT, the native token of Helium, is currently suspended on Binance. The reason for the suspension is still unknown, but there are some speculations.
Some believe that the suspension might be due to the recent partnership between Helium and Polkadot. Binance might be suspending HNT because it wants to launch its own Polkadot-based token.
However, this is just a speculation and nothing has been confirmed yet.
Another speculation is that HNT might be delisted from Binance due to its low trading volume. However, this is also just a speculation and nothing has been confirmed yet.
We will have to wait for an official announcement from Binance to know the real reason behind the suspension of HNT. Until then, we can only speculate about the possible reasons.