How to sell my bitcoin in binance
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. Disgruntled users are taking their case to international arbitration. A group of disgruntled investors is pursuing a formal claim against the cryptocurrency platform Binance for allegedly causing millions in damages through an unanticipated outage earlier this year. Filed in an international business arbitration court, the case represents the largest investor action ever brought against a cryptocurrency platform, and a major test of the rights of investors speculating in digital currency markets. The case stems from a widespread service outage on May 19th , which coincided with a massive drop in the price of Bitcoin.
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Content:
- The 5 Biggest Mistakes You Can Make When Buying Binance Coin
- Sell BNB Binance Coin
- Two Easy Ways To Convert Bitcoins Into Cash
- Brave and Binance Partner to Bring Cryptocurrency Trading Directly Into the Browser
- How to Sell Bitcoin on Binance: Step-by-Step Guide
- How to Cash Out Bitcoin: How to Do It Easily
- Crypto giant Binance restricts 281 Nigerian accounts
- 3 Ways You Can Sell Your Bitcoin Into Cash: A Quick Guide from Binance
- Binance restricts Nigerian crypto accounts on security concern
- Bitcoin ban: These are the countries where crypto is restricted or illegal
The 5 Biggest Mistakes You Can Make When Buying Binance Coin
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. As anticipated in our year in review, there were significant and notable developments in the Canadian Fintech industry in Canada's Income Tax Act contains five basic foreign-reporting rules. Cybersecurity Comparative Guide for the jurisdiction of Canada, check out our comparative guides section to compare across multiple countries.
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Sell BNB Binance Coin
Binance, the world's biggest cryptocurrency exchange, has been issued a warning by the UK's financial regulator. It also advised people to be wary of adverts promising high returns on cryptoasset investments. Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance. Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies. The FCA does not regulate cryptocurrencies, but requires exchanges to register with them.
Two Easy Ways To Convert Bitcoins Into Cash
Following our recently-updated guide on how to buy Bitcoin , we now provide you with various available options on how to convert BTC into fiat currency on Binance and our partner platforms. While we at Binance advocate for everyone to buy crypto, we understand that you sometimes need to sell crypto because you might need cash. With crypto becoming more prominent day by day, there are a lot of ways for you to pay for your transactions using the crypto you have. Ask yourself the following questions:. Explore converting your crypto into stablecoins such as BUSD. Using stablecoins protects your cryptos' fiat valuation without needing to cash out and incurring fees in the process. If yes, then we suggest opting for those methods. Most of the time, opting for crypto payments can end up costing you less than going through the hassle of converting crypto into fiat. One great way to use crypto to pay for your expenses is the Binance Card , which allows you to use the crypto on your Binance account to pay for your bills anywhere in the world. The card is now available in many countries in Europe, with more areas to follow soon.
Brave and Binance Partner to Bring Cryptocurrency Trading Directly Into the Browser
March 24, Announcements , New Features , Press. The new Binance widget in the new tab page of the Brave desktop browser makes Brave the only browser that offers integrated functionality for buying and trading cryptocurrency. With the Binance widget, Brave users can access the Binance. US for US-based users sites, buy and sell crypto assets, view asset balances, and obtain deposit addresses all without leaving the browser. The Binance widget will give Brave users various options to manage cryptocurrencies, including buying, depositing, trading, and viewing summaries.
How to Sell Bitcoin on Binance: Step-by-Step Guide
Learn all the ways you can convert Bitcoin and other cryptocurrencies to cash with Binance P2P. With Binance P2P, you can create your own ad to buy and sell cryptocurrencies, filter for—or request—in-person cash transactions, use our handy convert crypto feature in select regions and more. Find out how you can start buying and selling cypto on Binance P2P. I f you're interested in converting some of your crypto funds to cash, Binance P2P offers one of the best methods to sell your Bitcoin and crypto. Trusted by millions of users, Binance P2P is a leading peer-to-peer marketplace where you can sell Bitcoin and crypto for cash using your preferred payment method, currency and even price—while paying zero fees!
How to Cash Out Bitcoin: How to Do It Easily
Jump to navigation. Cheat sheet: Python 3. There are a lot of commercial solutions available, but I wanted an open source option, so I created the crypto-trading bot Pythonic. As I wrote in an introductory article last year, "Pythonic is a graphical programming tool that makes it easy for users to create Python applications using ready-made function modules. This hands-on tutorial teaches you how to get started with Pythonic for automated trading. It uses the example of trading Tron against Bitcoin on the Binance exchange platform. I choose these coins because of their volatility against each other, rather than any personal preference. The bot will make decisions based on exponential moving averages EMAs.
Crypto giant Binance restricts 281 Nigerian accounts
Finder makes money from featured partners , but editorial opinions are our own. Advertiser Disclosure. Robinhood Cryptocurrency Exchange. Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering.
3 Ways You Can Sell Your Bitcoin Into Cash: A Quick Guide from Binance
RELATED VIDEO: How to Sell Cryptocurrency and get LKR Binance Sinhala - Bank එකට සල්ලි ගමු 2021Founded by Changpeng Zhao, Binance is one of the best-known cryptocurrency exchanges in the world. Whether you're a seasoned or beginner crypto trader, our cryptocurrency review will help you discover if Binance Australia is the right platform for you. While it is best known as an exchange, Binance is also at the heart of the crypto ecosystem. It boasts a suite of products, spanning from a launchpad solely designed for budding entrepreneurs to data-driven insights, a trusted wallet, a community-backed blockchain software programme, an academy, and even a charity. In terms of design, the platform is aimed squarely at those who have been in the cryptocurrency game for some time now.
Binance restricts Nigerian crypto accounts on security concern
Every hour, both day and night, brought wild price fluctuations. A friend strongly warned me to move my bitcoin to an alternative digital wallet to avoid being hacked after publishing an article about my holdings. And the sage advice of my two investment gurus -- Warren Buffett and my wife -- continued to ring in my ear: " stay away. But the only thing more nerve-racking than buying bitcoin right now may be trying to get your money out. I experienced this firsthand on Monday when using Coinbase, a leading service for trading bitcoin. The exchange suffered a brief crash just as I was gearing up to sell. Coinbase reminded its users of this risk last week on the day it became the most popular app in the U.
Bitcoin ban: These are the countries where crypto is restricted or illegal
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In my opinion you have been misled.