Recently I had a payment to Binance rejected and returned back to my account (less their fee), which I thought was strange as according to their last communication, the payments are ok to make until the 25th Sept.
Although they mention they are just changing their provider, it seems they don't have a new one yet. Not only that, they also will not allow people to convert EUR fiat balances to crypto in the future, which seems strange. So you could only buy crypto at fixed prices with fiat in future. One of the things I liked about Binance were the fiat markets.
On-ramping without SEPA bank transfers could now be more expensive with Binance by a factor of 10-15 times depending on how much you are depositing. Although they still seem cheaper than some of the non-SEPA competitors fees.
In the meantime I have been looking for some alternative solutions and got a couple of recommendations that I am testing out. I usually don't like to have lots of accounts and doing lots of KYC and remembering usernames and passwords.
Anyhow, so I initiated a couple of test payments of 100 EUR and unlike to Binance, the payments via bank transfer have arrived the next day and I could buy the crypto at pretty good rates that I had not expected.
I was testing the prices offered against Live Coin Watch and they were bang on the money which was pretty good. The only bad thing is that Binance have a pretty liquid Hive market and this was good to on-ramp directly there and buy Hive. Now I will need to add an extra step before doing that, although I do like the new services so far, it is good to add some extra options to onramp.
Are you affected by the removal of SEPA payments by Binance?
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Well, that sucks... The last time I was buying BTC (2-3 years ago), I had similar problems that my deposit failed... But, I think it was a different problem as at that time, I suppose Spain was messing things up and forbidding people from buying crypto in general...
It looks like the battle continues...
Yeah I think the battle continues, but I was surprised the other providers worked and it is still possible to on/off ramp.
I dont go to the external market much, but I tend to do it via Nexo - I find it pretty good. You cant buy HIVE there, but I tend to buy LTC and then move it to hive engine, and then sell it there for HIVE. Works for me. Can provide a recommendation link for Nexo if needed.
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Nexo is pretty good, I have used them a bit before. They seemed to have survived some scares pretty well.
Really weird... I got also a notification that they will change BUSD for FDUSD.
yeah its really weird. I used Swissborg today though and it was pretty good.
I will check that. I could imagine that Binance has to do it because of some new regulatory rules.
At least zero fees for BTC/FDUSD for a while.
Support for BUSD will be discontinued in February 2024 because of SEC's actions. I suppose FDUSD will be their new stablecoin they will support instead of BUSD.
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It's a new one from June 2023, backed 1:1 by USD or liquid assets, from what I read, and it's issued by a Hong Kong firm, instead of a US-based one. Exactly what Binance said they would do. Except it's still US-pegged, they initially said they might peg it to another currency in the world but looks like they gave up on that rather silly idea. So, most likely, it's Binance's stablecoin, just like BUSD was. The difference is it doesn't have any history and it isn't issued from a US-based jurisdiction.
Thanks. Another smart move from Binance.
I will wait for hive-engine to develop a card like a credit card with which we can make crypto payments all over the world 😜
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Im sure there is a proposal for this somewhere.. lol
Without KYC 🤣
Of course :D
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That's how things are starting to look in the US. Not many on ramps or off ramps to crypto. It's pretty much Coinbase and Crypto.com. It is kind of sad how we are going down this road. There is some good news though that I will be writing about on Friday.
Yeah I was thinking they tightening the noose like in the US. We also have crypto.com and now I have these other 2 luckily. Looking forward to your Friday Finance/Food update :)
I don't know if I will have any food to include this time. I'm running out of stuff! It's gonna be a long winter if I can't find more content between now and then!
Are there any good restaurants you could visit? A few take-away places even?
I'm not sure. We are going to be on the road this weekend quite a bit I think. Probably next weekend I might have a chance. We have a bigger trip on the horizon which will hopefully supply me with a bit of content. It's a ways away yet though.
I feel you Bozz. I hope you manage to put something together.
o.o nope cuz i have no money to onramp lol. just whale problems as usual ~
Everyone needs to on and off ramp bro!
o.o that only works if u have money
Wow!
I have seen people complain about this a lot of times and it is very crazy but it has never happened to me
Why does that happen?
It is sad
Yeah I cant understand it. They called me earlier very bizzarely from an unknown number too.
I do not use Binance myself but I know a lot of other Hivers do, all of this might also be a contributor to Hive losing value in addition to the bear market as Binance is such a big market for Hive, thanks for sharing Steve and enjoy your day.
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Thanks Erik. Yeah it will be more inconvenient if it is harder to access Hive's biggest market. Have a great day too!
Yes that is true, but maybe we will have more options down the line because of it.
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Wow didn't knew you could buy hive directly from binance. I can only buy usdt I think then convert to hive.
yes they have a Hive market there.
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I wasn't aware they removed SEPA payments. It doesn't affect me personally, since I refused to KYC my Binance account and I can't deposit or withdraw anything from there.
Yeah it is a pain with no sepa payments, but I have found a few alternatives now and some P2P ones that I will test out.😉
Some P2P options will probably be viable alternatives. I will be interested in your findings.
I think so too. I will do a write up about them soon.
Binance is not the only CEX messing around with removing SEPA payments and allowing only credit / debit card payments. I expect more on-/off-ramp options to come to Hive as we move forward.
Yeah, it seems things getting trickier. Looking forward to in ramp easier.
Seems you guys are having the same issues with Binance as we are. From the summer it is now a nogo from the UK.
Sorry to here that Ed. I do not recommend to try yield.app. either, they charged me 20€ to withdraw 100€ of bitcoin.
WOW! That is crazy, I used to use CEX and only used Binance as HIVE was listed there, so now back to CEX which is UK based.
Yay! 🤗
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I don't use Binance (you already know that) but this sounds and looks very strange... there's obviously something going on, and we don't know what.
I resent another transaction and it seems to have gone through this time. But I think Binance are facing some regulatory pressures in the EU now.
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