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Author Topic: Privacy enhancing strategy on centralized exchanges possible?  (Read 380 times)
LoyceV
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June 13, 2021, 11:41:11 AM
 #21

Interestingly, their coin (Binance Coin/BNB) is used on several gambling website which make me think gambling activity is only partially/selectively allowed. If they strictly forbid gambling, they would already freeze/take the BNB since Binance control the network.
They could be waiting for the amounts used in gambling to go up, so the can freeze a few billion dollars worth of their own centralized coin at once.

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UserU
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June 13, 2021, 02:50:36 PM
 #22


I don't think they have anything in their ToS against gambling sites but you may want to check it yourself and not take any risks even if they didn't.
Also it may depend on the gambling site that was used to acquire that address. You see the blockchain analysis has never been accurate and some transactions can easily fall through, sometimes the gambling site being not that popular also makes it easier to go unnoticed.

Never seen any complaints, but if Binance is against Wasabi as a mixer then it kinda sends mixed signals.

Speaking of gambling, I googled and apparently BPlay casino is somewhat officially partnered with, or part of Binance. Nani?
https://www.bplay.org/

EDIT: I checked the mobile app and it seems you could deposit with it too.

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June 14, 2021, 06:53:08 PM
 #23

There is no true delete button in the virtual or internet world. So I don't believe Binance will erase your information although you delete the account. If that question about privacy, then still you are at risk. When you use your card to buy Bitcoin means you already expose your identity. Create an account then buy Bitcoin and delete, mix, and so on is too much harassment. And you have to spend fees for that. If you struggle then you may buy peer-to-peer or from your local exchange. Once you come to the centralized, then you can't save your privacy by the way.

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June 15, 2021, 02:52:26 AM
 #24

There is no true delete button in the virtual or internet world. So I don't believe Binance will erase your information although you delete the account.
You can believe or not in the Delete / Erase button on the Internet space but in real life, all documents will be stored for a while. In any agency, any personal identity document, certificate, QA/QC documents will be stored for a while (should be years) before they will be burnt out. When you leave a company, all your records in that company will never be erased from their database after one night. It takes years to be completely erased or it will stay there forever.

We don't know companies whether will follow the rule on Internet space but if will do follow that rule, a few years of storage is risky enough.

Example is Binance but you will find similar terms on other exchanges in their ToS.

Quote
If that question about privacy, then still you are at risk. When you use your card to buy Bitcoin means you already expose your identity. Create an account then buy Bitcoin and delete, mix, and so on is too much harassment. And you have to spend fees for that.
Don't submit your identity for KYC if you're worrying about risks.

Quote
If you struggle then you may buy peer-to-peer or from your local exchange. Once you come to the centralized, then you can't save your privacy by the way.
Not all peer-to-peer exchanges don't require KYC. Bisq.network is one of non KYC P2P marketplace but their volume is not high.

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July 07, 2021, 12:35:10 PM
 #25

I am a new member on this forum but I have been using Centralised exchanges like Binance, Polinex since 2020 and I know one thing, they are pretty costly as compared to decentralised exchanges. Another thing which I undestand is that they do not reveal your private key for your wallet, that is the primary reason why they fall under the risky zone.

Upto a certain amount in Bitcoin in transaction they do not ask for KYC but when you purchase any cryptocurrency using your debit card or credut card they do save your card details. I know this because I have been purchasing Bitcoin from Binance using my debit card every month. I have now come to the conclusion that it is better to use p2p vendors to purchase Bitcoin. There are still risk in using p2p system but if you are careful enough you will be able to use the p2p service without any issue.

Nothing on the internet gets deleted everything gets stored in the hard drive and hackers do know about it. The only solution is to avoid centralised exchanges is to start using those which are decentralised.

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