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Content of article:
Is there Life After Death? That was always a huge question of the humanity since the Prehistoric Ages and the modern religions such as Christianity, Hinduism or Islam provided the that when the "Body" rottens, the "Spirit" or the "Soul" of a human being will continue to exist somewhere else...
Life After Death by Katherine Lucke
The previous months have been very difficult in terms of my crypto-activities. Since BINANCE decided to discontinue most of its Earning products from the UK residents as it was explained in my articles "The Binance Redemption" and the "Binance Redemption No2" due to regulation adoption of British financial laws, I found myself in that dark tunnel of uncertainty; should I just keep my cryptofunds on Binance idle without interacting with the platform comleting waiting for a miracle or quit my hobby, exchange them for FIAT money and withdraw the profit into my bank account? Here's the question. Casualties ?n this battle from regulation institutions were heavy. All of my Binance Earn investments have been redeemed into my Binance SPOT wallet and I was so disappointed that I almost lost any interest about my cryptoassets and the financial revolution of Satoshi Nakamoto. Visiting the Binance app to check my Binance earn investments and participate in Binance LaunchPools and LaunchPads was my favourite daily activity first thing in the morning... even before or while visiting the restroom.
What an irony - few months after the regulation obsession of Binance Founder Changpeng "CZ" Zhao, the same CZ pleaded guilty for violating Money Laundering Rules after providing support and cover over Binance transactions linked with the organised crime. As a result CZ stepped down as the CEO of Binance and paid $4.3 billions in fines, penalties and forfeits to the U.S. Department of Justice, another $3.4 billion to Financial Crimes Enforcement Network (FinCEN) and another $968 million to the Office of Foreign Asset Control (OFAC) ahead of his trial on Feb. 23rd 2024.
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What a huge disappointment for the top cryptocurrency exchange that used to be my favourite cryptoplatform! Now huge dark clouds, Fear, Uncertainty and Doubts (FUD) are surrounding my Binance SPOT account, even though the new CEO, Richard Teng provided Binance's Proof of Reserves on social media. Yet, similar assurances were leaked on the press and social media from FTX and SBF just before the collapse of his empire.
They say that "intelligence is the ability to adapt to difficult situations". This is why the first human beings managed to dominate on Earth until today. Therefore I decided to follow the difficult path of retaining my cryptofunds idle instead of withdrawing their FIAT profit into my bank account. Slowly, slowly, I managed to adapt myself on this situation, finding that light in the end of the tunnel and achieving Life after Binance, by diverting part of my cryptofunds to other investing channels.
In fact, there are two actual paths to take; Find another Centralised Crypto Exchange CEX that would offer similar levels of security and Earn products with Binance or take the costly road of Decentralized Binance DeFi ?
The CEX path of Crypto.com
Finding a CEX crypto-platform with reliable earning opportunities and comfort to use has been a very difficult task and as the song says, things will never be the same again and I would never feel that sense of security about my cryptofunds that I felt on Binance. On my website https://cryptomonkey.weebly.com/trading-platforms.html i mention several trading centralised platforms that I tried in the past. you name it Okex, Huobi, Bitfinex, StormGain, Nexo, BitTrue, Blockchain.com, Bitcoin.com, Gate.io, CEX.io and although i might still keep small amounts to some of them, noone fulfilled 100% my needs for usability, reliability and the suitable EARN products to stake my cryptofunds there as they are all ranked as 2nd and even 3rd Tier CEXs. Even KUCOIN promoted from Publishox as an earnings withdrawing option, i never sympathised its interface and my friend PVM wrote an article about that with title "Seven Reasons Why I Think Kucoin Will Always Be Second Tier Exchange". So what is left? I remember one of my friends when discussing about cryptoassets during a Christmas meeting almost a year before the "Binance Regulation Saga" that instead of using Binance and earn BNB through my referral link he replied:
"I use CRYPTO.COM and I collect CRO"
His answer sparkled my curiosity and I decided to give it a go and create an account on crypto.com an all-in-one cryptocurrency platform for consumers offering services such as exchange, wallet, brokerage, debit cards, borrow/lend, payments, NFT marketplace and DeFi, even thought I had promised myself to opening new accounts in CEXs that eventually don't fulfil my needs and specifications and stay idle
My first impression was strange and disappointing as there were no opportunities on crypto.com apart from the famous SUPERCHARGER service. This is a hybrid rewarding system between an AIRDROPLAUNCHPOOL as we know it from Binance with several back to back campaigns where the user commits his/her CROnos native tokens for a period of time and receive rewards daily in the charged cryptocoin which it might be BTC, ETH or any other altcoin. Therefore, I have decided to buy the cheap and affordable CROnos token in a respectful quantity and commit them to receive the rewards of the campaign for almost a year before the Binance Redemption crisis emerged for the UK users of the platform. but apart from that, there was no need to move my major cryptoassets into crypto.com.
To my great surprise, Crypto.com realised soon the gap that emerged from the ban of Binance EARN products in the UK and started providing similar earning and staking opportunities to its users. The only trouble is that so far it provides only a limited selected list of tokens.
Without further hesitation, I decided to transfer my Bitcoin, PolkaDOT, Solana, Ethereum funds from Binance to crypto.com and started earning interest from the products. Although for STAKING the staking time is unlimited and you may keep your funds there for ages and re-stake the profits, for the products you get 3 tiers of interest in proportion of how many months you would like to keep your funds locked. For example for BTC for a 3 month term lock you get just 1% which is better than nothing and you can re-stake up to 0.005 BTC in several holdings according to the following screenshot.
Crypto.com offers also a Loyalty programs called where the user collects Diamonds for completing several tasks i.e. for a daily login you receive 1 diamond and when you collect 25 you can exchange them for a Silver Box containing 9 extra CRO that you can withdraw them to your CRO wallet.
Surprisingly there is no referral program on the platform. Still, you can always choose to apply for a Crypto.com Debit Card for your everyday purchases on the high street using crypto but i haven't applied for it yet. Nevertheless, obtaining a Debit Card isn't an easy thing as you need to fulfil 3 important prerequisites:
- Purchase and Hold for 180 Days 3,500 EUROS worth of CRO !!!
- Accept Card Terms & Conditions
- Verify Residential Address
Crypto.com and Regulation
Crypto.com is a Singapore-based platform and although I have never been there, Singapore an ex British colony and a major hub of crypto-companies such as the TRON Empire of Justin Sun, doesn't seem to demonstrate strict crypto regulation laws and it is more progressive and crypto-friendly than the United Kingdom allowing the promotion of crypro-assets and Staking and Earning products. The only major restriction has to deal with the famous TRAVEL RULE regulation in Singapore for anti money laundering purposes imposed by the Financial Action Task Force (), a global international anti-money laundering and counter-terrorist financing watchdog. This means that each time there is a request for withdrawal or deposit of cryptoasset the user has to confirm the originator's and beneficiery's identity, origin and the type of wallet which it can work perfectly if the recipient and the sender are the same person (the user) and transferring cryptofunds for example from Binance. However, when the user will try to withdraw cryptoassets from his other cryptoactivities such as GPT/PTC and Faucets websites for example CoinpayU.com or your non-custodial wallet, into his/her Crypto.com account, he is unsure of this information and there is danger of providing false information. So a better idea is to transfer these amounts into your Binance SPOT account which at least doesn't require any TRAVEL RULE information for the time being (even after the huge sanctions imposed to its founder) and then move them into crypto.com wallet.
Mind that there is also a warning that the user should declare any profits from the earning activities on his tax assessment (if he is entitled to do so on his residential country) but without any restrictions in the use of these products.
Final Thoughts
The fact that I was obliged to withdraw my major cryptoassets of BTC, ETH etc from Binance, it was a great loss for the platform and I am sure many other British users have fled away from there. Certainly, it isn't the UK users fault rather than CZ's decision to move towards regulation and Binace has to pay that calculated price for that decision. The troubles of CZ with the law will make it even harder for the Binance users and whales to retain their funds in the platform according to the Top100 Richest BTC address watchdog
Yet, crypto.com finally managed to satisfy my needs at least in a very big percentage although I haven't built the same sense of security and enjoyment that I used to have with Binance in the past even this statement might sound weird to some anti-Binance supporters. In the past i have encountered some problems with my 2FA authentication there and difficulties to change my phone number but the Support Team helped me to resolve all these technical difficulties very well after requesting the necessary authentication of my account and i believe that in the future they will manage to optimise their platform.
At least crypto.com is a decent alternative, it does what it has promised to do with success, I feel safe keeping my major funds there and earn interest from them and i am happy with that.
Disclaimer: All information found on this article is for informational purposes only. I do not provide any personal investment advice so please make your own research before proceeding to any investment/trading actions
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