Limits of anti money laundering laws (Binance)

Malthusian

Cryto_AL said:

But TBH pretty shocked at the number of people that think this kind of S### can be done lawfully and there is nothing we can do about it.

Anti-money laundering procedures are not only lawful but legally mandatory. As confirmed by the fact you complied with their lawful requests rather than getting your solicitor to sue them. 
Bit strange to ask for advice on a consumer site, take the advice (comply with AML), successfully save yourself thousands in pointless legal fees, and then run around shouting that the advice was "s###" and people shouldn't have given it to you for free. You're welcome.

prowla said: Binance is a reputable company

Up to a point Lord Copper...

artyboy

masonic said:

Type_45 said:

masonic said:

Cryto_AL said:

DannyCarey said:

The exchange are just stealing your money at this point. 
When you load money into an exchange they put your money as an asset on their side (and a liability). 

You actually surrender your money the moment you put it in an exchange. 

They are a bit like an unregulated bookie - very very happy to take your money but they will make it as awkward as possible to withdraw money especially if you are a new user. 

Its legally a trust agreement, you do not surrender anything. As such and as crypto is classed as private property not currency. Any refusal to return the property or seizure of it would surly be a criminal act of conversion.
The problme is regulators and comapanie try to treat crypto as currency one mintue so they can use finacial and tax law against us, then teh next mintue they treat it like private property so they dont have to help us when we get scammed. Saying its a civil matter.

Binance T&Cs appear to be governed by Hong Kong law and disputes are resolved by arbitration by the Hong Kong International Arbitration Centre. The terms state that "You agree that Binance shall have the right to immediately suspend your Binance Account (and any accounts beneficially owned by related entities or affiliates), freeze or lock the Digital Assets or funds in all such accounts, and suspend your access to Binance for any reason including if Binance suspects any such accounts to be in violation of these Terms, our Privacy Policy, or any applicable laws and regulations. You agree that Binance shall not be liable to you for any permanent or temporary modification of your Binance Account, or suspension or termination of your access to all or any portion of Binance Services. Binance shall reserve the right to keep and use the transaction data or other information related to such Binance Accounts."

So while you may be correct that you could report the assets as stolen, I'm not sure how likely it is the directors of Binance would be extradited from the Cayman Islands or wherever in the world they currently reside, to face trial.

Much simpler not to leave assets in their custody to begin with.

I don't think much of anything is physically in places like the Cayman Islands.  It's a legal thing.

Aren't Eurodollars supposed to be based there?  In reality none are actually there.

It certainly gets confusing pinning down jurisdication when you ask a company registered in the Cayman Islands, operating under Hong Kong law, with CEO who at last report was living in Singapore "temporarily", to look after your unregulated digital assets, which only exist on a decentralised ledger.

But that's ok as there are still many crypto evangelists that will argue that this set up is far safer than 'fiat currency' based investments