Binance maintenance 2021
A quick look at the micro-blogging site Twitter conveys there are many others affected by the same issue. As per reports, looks like the service is down due to maintenance. Already are. Down detector — a popular service that gives information about live outages — also conveys that Binance is indeed going through a glitch in the US, as can be seen in the image below:. Binance US will undergo scheduled maintenance for upgrading our API for performance, stability, and reliability on Monday, June 21, The estimated time for this maintenance is approximately 8 hours.
We are searching data for your request:
Binance maintenance 2021
Upon completion, a link will appear to access the found materials.
Content:
- Binance review 2022
- Binance Review - Is It Still The Best Altcoin Exchange In 2021?
- Binance Withdrawal Suspended? See Why & How To Fix It
- Binance is facing an unconventional new legal claim over May 19th outage
- Change Log
- Wallet Maintenance for Multiple Networks - 2021-12-21
- Fan Token Site Socios Sues Argentine Soccer Association for Signing Competing Deal With Binance
- Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators
- Crypto exchange Binance says sterling withdrawals reactivated after outage
Binance review 2022
Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy. In June , facing the threat of regulatory sanctions by the Ontario Securities Commission OSC , the cryptocurrency-exchange giant Binance updated its terms of use, declaring Ontario, Canada, a "restricted jurisdiction. The move follows the Ontario Securities Commission's onslaught on cryptocurrency exchanges for their alleged failure to comply with securities law. In the weeks leading up to Binance's departure, the OSC issued statements of allegation against three other cryptocurrency exchanges, Bybit, Poloniex, and KuCoin.
Binance seemingly opted to pull out of the Ontario market altogether, rather than comply with securities law or face regulatory scrutiny. Binance's departure from Ontario raises Canadian income-tax issues for Ontarians who must close their cryptocurrency-exchange accounts with Binance.
More Canadians could face similar tax issues if other cryptocurrency exchanges abandon Canadian markets to avoid securities regulation. This article discusses the Canadian income-tax implications for Canadian taxpayers who have been forced to close a cryptocurrency-exchange account or switch an account from one cryptocurrency exchange to another. This article concludes by offering pro tax tips to Canadian taxpayers engaging in cryptocurrency transactions.
Any "disposition" of a "property" will potentially trigger tax liability for the Canadian taxpayer who disposed of that property. Canada's Income Tax Act gives a broad definition of the word "property. The Income Tax Act 's definition of "disposition" is also quite broad. Basically, a "disposition" occurs whenever a person relinquishes all aspects of property ownership e.
So, each of the following transactions constitutes a "disposition":. In the context of transactions involving cryptocurrency, a "disposition" includes a sale of cryptocurrency for fiat currency. It also includes a trade of tokens or coins in one type of cryptocurrency for tokens or coins in another cryptocurrency. By implication, each intermediate crypto trade-e. Hence, when forced to close a cryptocurrency-exchange account or switch an account from one exchange to another, a Canadian taxpayer might incur Canadian income-tax liability-depending on what happens to the cryptocurrency within the exchange account upon its closure.
For example, if the account closure results in the liquidation of any tokens or coins within the account, the cryptocurrency-for-fiat exchange constitutes a disposition, and any resulting profit is taxed, either as a capital gain or as business income. Likewise, if the account closure results in a crypto-for-crypto exchange e. Canada's Income Tax Act sets out two entirely different tax regimes for business income, on the one hand, and for capital gains, on the other.
In sum, if your cryptocurrency transactions attract income treatment, your cryptocurrency-trading profits are fully taxable, and your cryptocurrency-trading losses are fully deductible. If, on the other hand, your cryptocurrency transactions draw capital treatment, only one-half of your gains are taxable, and only one-half of your losses are deductible.
Moreover, losses on income account are deductible against any source of income, yet losses on capital account may only offset capital gains. A taxpayer's motive or intent at the time of acquiring the cryptocurrency is the most important criterion that the Tax Court and the Canada Revenue Agency will consider when determining whether the transaction produced a capital gain or business income.
Yet to discern a taxpayer's intention, the Tax Court and the CRA will focus on the objective factors surrounding both the purchase and the sale of the cryptocurrency. If you're an Ontario resident who must close your cryptocurrency account with the cryptocurrency exchange Binance, you might incur Canadian income-tax liability should the account closure result in the liquidation of any cryptocurrency within the account or in a crypto-for-crypto exchange involving any of the account holdings.
These transactions constitute a "disposition" under the Income Tax Act , and you'll incur tax on any profit arising from the disposition. You may avoid income-tax liability if you close your cryptocurrency-exchange account without disposing of the cryptocurrency within the account. An inter-account transfer doesn't constitute a "disposition" because the taxpayer does not thereby relinquish ownership of the underlying cryptocurrency.
The crypto assets simply flow from one account held by the taxpayer to another account held by the same taxpayer. So, when closing a cryptocurrency account, Canadian taxpayers should, if possible, arrange for a direct transfer of their crypto assets from the soon-to-be-closed account to their new account without liquidating any crypto assets in the interim.
A cryptocurrency-trading business that lacks proper records will fare poorly during a CRA cryptocurrency tax audit. If selected for a cryptocurrency tax audit by the Canada Revenue Agency, a Canadian cryptocurrency trader will typically receive a page cryptocurrency-audit questionnaire, which includes over 50 questions on a range of topics, such as:.
The taxpayer must also turn over bank-account statements and any other records allowing the Canada Revenue Agency's tax auditor to verify the taxpayer's answers. Cryptocurrency traders must therefore keep records of their cryptocurrency transactions.
If you use a cryptocurrency exchange, you should periodically export your transaction information to avoid losing it. Notably, Ontario-based users of Binance should export their Binance account records before losing all access on December 31, You should also maintain the following records about your cryptocurrency transactions:.
If you mine cryptocurrency, you should keep the following records in addition to your cryptocurrency-transaction records:. Our Certified Specialist Canadian tax lawyer can provide advice about record-keeping and proper reporting of your cryptocurrency profits to ensure that CRA doesn't fault you for misrepresenting the information in your tax returns.
You may, for example, benefit from a tax memorandum examining whether your cryptocurrency profits should be reported as capital gains or as business income or as a blend of both. The Ontario Securities Commission isn't the only Canadian administrative agency that has been targeting cryptocurrency exchanges. Coinsquare must also list its 16, largest Canadian cryptocurrency-account holders by trading volume, and Coinsquare must release the cryptocurrency-transaction records for each affected taxpayer.
These developments should definitely concern Canadian taxpayers with unreported profits from cryptocurrency transactions. If you filed Canadian income-tax returns that omitted or underreported your cryptocurrency profits, you risk facing not only civil monetary penalties, such as gross-negligence penalties, but also criminal liability for tax evasion. If your VDP application qualifies, the CRA will renounce criminal prosecution and waive gross-negligence penalties and may reduce interest.
A voluntary-disclosure application is time-sensitive, however. The CRA's Voluntary Disclosures Program will reject an application-and thus deny any relief-unless the application is "voluntary. Our experienced Canadian tax lawyers have dealt with many Canadian taxpayers involved with cryptocurrency and can carefully plan and promptly prepare your voluntary-disclosure application.
A properly prepared disclosure application not only increases the odds that the CRA will accept your disclosure but also lays the groundwork for a judicial-review application to the Federal Court should the CRA unfairly deny your disclosure. To determine whether you qualify for the Voluntary Disclosures Program, schedule a confidential and privileged consultation with one of our expert Canadian tax lawyers.
Solicitor-client privilege prevents the Canada Revenue Agency from learning about the legal advice that you received from your Canadian tax lawyer. Yet your communications with an accountant remain unprotected. So, if you seek tax advice but want to keep that information away from the CRA, you should first approach a Canadian tax lawyer.
If an accountant is needed, your Canadian tax lawyer can retain the accountant on your behalf and extend legal privilege. The content of this article is intended to provide a general guide to the subject matter.
Specialist advice should be sought about your specific circumstances. All Rights Reserved. Password Passwords are Case Sensitive. Forgot your password? Free, unlimited access to more than half a million articles one-article limit removed from the diverse perspectives of 5, leading law, accountancy and advisory firms.
We need this to enable us to match you with other users from the same organisation. It is also part of the information that we share to our content providers "Contributors" who contribute Content for free for your use.
Learn More Accept. Your LinkedIn Connections with the authors. To print this article, all you need is to be registered or login on Mondaq. Introduction: Binance pulls out of Ontario; Ontario-based users must close Binance accounts In June , facing the threat of regulatory sanctions by the Ontario Securities Commission OSC , the cryptocurrency-exchange giant Binance updated its terms of use, declaring Ontario, Canada, a "restricted jurisdiction.
Canadian Income-Tax Implications for Canadian Taxpayers when Forced to Close or Switch a Cryptocurrency-Exchange Account Any "disposition" of a "property" will potentially trigger tax liability for the Canadian taxpayer who disposed of that property. So, each of the following transactions constitutes a "disposition": The sale of a property; A gift or donation; The redemption or cancellation of a loan; The expropriation or confiscation of a property; Destruction of a property; and Theft, loss, or abandonment of a property.
If selected for a cryptocurrency tax audit by the Canada Revenue Agency, a Canadian cryptocurrency trader will typically receive a page cryptocurrency-audit questionnaire, which includes over 50 questions on a range of topics, such as: The timeline of owing or using cryptocurrency; The source of the cryptocurrencies purchased; The use of third-party exchange wallets; The source of funds used to purchase cryptocurrency; Transaction record-keeping practices of the taxpayer; Participation in initial coin offerings ICOs ; Whether any cryptocurrency holdings generate passive income for the taxpayer e.
You should also maintain the following records about your cryptocurrency transactions: The date of each transaction; Any receipts for purchasing or transferring cryptocurrency; The value of the cryptocurrency in Canadian dollars at the time of the transaction; The digital-wallet records and cryptocurrency addresses; A description of the transaction and of the other party e.
If you mine cryptocurrency, you should keep the following records in addition to your cryptocurrency-transaction records: Receipts for purchasing cryptocurrency-mining hardware; Receipts for expenses associated with your cryptocurrency-mining operation e.
David Rotfleisch. Artificial Intelligence Comparative Guide for the jurisdiction of Canada, check out our comparative guides section to compare across multiple countries. Canada's Income Tax Act contains five basic foreign-reporting rules.
As anticipated in our year in review, there were significant and notable developments in the Canadian Fintech industry in The Organisation for Economic Co-operation and Development "OECD" is due to release a recommended policy framework for cryptocurrency reporting standards in the upcoming months.
Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email. Register For News Alerts. Article Tags. Fin Tech. More Tags. FEB US Private Client Planning in More Webinars. Artificial Intelligence. Aviation Regulation. Banking Regulation. Mondaq Advice Centres. Tax Assistance. Competition and Antitrust. Environmental Law. Labour and Employment. More MACs. More filters.
Please Login to Mondaq or Register for unlimited free access and a complimentary news alert. News Alert.
Binance Review - Is It Still The Best Altcoin Exchange In 2021?
IF you're a Binance customer, and you suspect the crypto exchange is down or that payments are suspended, we explain how to check. As of April, Binance was the world's biggest Bitcoin and altcoin crypto exchange by volume. However, potential investors should be aware that it's not a guaranteed way to make money and you could actually lose all the cash you put in. Cryptocurrencies are highly volatile, meaning their values can go up or down with no notice. In other words, never invest more than you can afford to lose and don't put money into something you don't understand. Binance is currently operating as normal, with no users reporting issues, according to outage tracker DownDetector. Binance doesn't have a service status page for users to check whether it's down or not.
Binance Withdrawal Suspended? See Why & How To Fix It
Fan token site Socios sued the Argentine Football Association AFA for unilaterally terminating a sponsorship contract with it and signing a similar one with crypto exchange Binance. AFA recognized the injunction but told CoinDesk it is provisional and will be appealed by the association. The legal actions came just days after the AFA announced that it had signed an agreement with Binance to sponsor its national soccer teams and professional soccer league for five years. The deal includes the development of a fan token that will be released to the market "shortly," the crypto exchange said in a statement. The AFA alleges that Socios had defaulted on a payment four months ago, the association told CoinDesk, without disclosing the exact amount. According to the AFA, Socios received repeated notices but didn't make the payment. In addition, the AFA said that there were "several breaches" in the use of the image of the national team and the professional soccer league by Socios, without disclosing details.
Binance is facing an unconventional new legal claim over May 19th outage
And due to the said maintenance issues, trading activities were said to have been paused until further notice. As at the time of writing this piece, the undescribed maintenance effort was still in progress as the CEO of Binance keeps updating its customers with the situation report. As Binance Pauses Trading, CZ in his series of tweets maintains that the maintenance process does not affect its futures trading platform and that normal trading activities are actively ongoing there. In a separate statement, Binance said it has suspended deposits, withdrawals, spot trading, margin trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets. But estimates are not accurate to the time.
Change Log
Cryptocurrency exchange Binance will temporarily suspend euro bank deposits from one of Europe's key payments networks, it said in an email sent to users on Tuesday. The move was due to "events beyond our control", the exchange said in the email. SEPA withdrawals are unaffected by this suspension", Binance said. The network, which is a European Union project that aims to harmonise euro payments across the region, allows consumers to send euros across three dozen countries. Binance typically accesses SEPA through payment intermediaries. Thailand's financial watchdog filed a criminal complaint against the cryptocurrency exchange on Friday for operating a digital asset business without a licence, and Britain's financial watchdog recently barred the company from carrying out regulated activities in the country.
Wallet Maintenance for Multiple Networks - 2021-12-21
JavaScript is required. Please enable JavaScript in your browser. The above graph displays service status activity for Binance. The blue bar displays the response time, which is better when smaller. If no bar is displayed for a specific time it means that the service was down and the site was offline. We have tried pinging Binance website using our server and the website returned the above results.
Fan Token Site Socios Sues Argentine Soccer Association for Signing Competing Deal With Binance
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. Our articles, interactive tools, and hypothetical examples contain information to help you conduct research but are not intended to serve as investment advice, and we cannot guarantee that this information is applicable or accurate to your personal circumstances. Any estimates based on past performance do not a guarantee future performance, and prior to making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators
RELATED VIDEO: 6 СПОСОБОВ \With recvWindow, you can specify that the request must be processed within a certain number of milliseconds or be rejected by the server. Here is a step-by-step example of how to send a vaild signed payload from the Linux command line using echo , openssl , and curl. Note that the signature is different in example 3. Account data stream info is not guaranteed to be in strict chronological order. Please use the E field for sorting.
Crypto exchange Binance says sterling withdrawals reactivated after outage
One of the biggest advantages of this centralized exchange is the fact that users can sign in, verify their account, and get a fiat withdrawal completed in no time. The withdrawals function is one of the most widely used by the people who access this exchange on a daily basis, so having this feature available at all times is a must. Nonetheless, the platform might get the feature for processing withdrawals temporarily disabled in case there are some issues going on. If you are having problems using the withdraw function in Binance, then continue reading this blog post to get more information about the following matters:. If you want to make a transaction related to the crypto world, probably the Binance website is your top choice as well. In November , the exchange announced that withdrawals were briefly suspended. But, why did this happen?
The platform is an … Copy link to Tweet. SHIB is up 0. Withdraw your asset s by choosing the type s of asset s you intend to withdraw from your Hotbit account. It allows close to 0.
I fully share your opinion. A good idea, I agree with you.
I apologise, but, in my opinion, you are mistaken. I suggest it to discuss. Write to me in PM, we will communicate.
mmm Right.