I use three of them. Just stagger your start day with each one and you can get paid weekly.
Thought about you guys after I read this today. Ridiculous. Be more grateful for your protection!
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Sorry, I just realized itâs gated. Hereâs the text:
Americans are circumventing bans intended to stop U.S. customers from accessing overseas cryptocurrency exchanges, new research suggests.
A report released Friday found that hundreds of Americans are trading risky crypto derivatives on offshore exchanges such as FTX and Binance. The report sheds light on an open secret in the industry: U.S. crypto enthusiasts can easily bypass measures that seek to block them from offshore exchanges.
Crypto derivatives allow traders to place leveraged bets on whether bitcoin, dogecoin or other digital currencies will rise or fall. In the U.S., such products are regulated by the Commodity Futures Trading Commission. By operating outside of the U.S. and not serving American clients, exchanges can avoid numerous CFTC rules, including investor-protection requirements and safeguards against money laundering and market manipulation.
âU.S. customers will likely have little or no protection if they trade with unregistered firms that operate outside the U.S.,â the CFTC said in an emailed statement.
The report was written by Inca Digital, a data firm whose technology is used by the CFTC for investigations and market surveillance.
Inca reached its conclusions by scouring Twitter for activity by crypto traders, including those boasting about successful trades. In such tweets, the traders often share screenshot-like images generated by exchanges to certify the authenticity of customersâ trades. In other cases, traders tweet ID numbers for exchange referral programs that let them earn rewards if their social-media followers sign up for that exchange. Such digital fingerprints allowed Inca to link a Twitter account to a trader on one of seven offshore exchanges: Binance, Bitfinex, BitMEX, Bybit, FTX, Huobi and OKEx.
In all, Inca found more than 2,000 Twitter accounts used by crypto derivatives traders, including 372 belonging to Americans. The firm used several techniques to identify which country a trader was from, including analyzing tweets for geographical clues. Other common countries of origin included Turkey, Indonesia, India and the U.K.
The U.S. traders identified by Inca represent a tiny portion of the millions of users on offshore crypto exchanges. Inca may not have found all U.S. traders active on such exchanges, though, since traders donât necessarily broadcast their activity on Twitter.
Of the Americans identified by Inca, 240 were users of FTX, far more than on the other six exchanges. FTX, whose main office is in Hong Kong, recently raised $900 million from investors including SoftBank Group Corp. and Silicon Valley venture firm Sequoia Capital.
After being contacted by The Wall Street Journal for this article, FTX said it was tightening its procedures to block U.S. users.
FTX reviewed a portion of the Twitter accounts identified by Inca and took steps to remove suspected U.S. users from its exchange, FTX Chief Executive Sam Bankman-Fried said in an email. Those users accounted for just 0.01% of the exchangeâs trading volume, and some of the users identified as Americans by Inca were âmistagged,â he added.
Still, FTX entered into a deal with Inca to use the firmâs technology to detect future cases in which U.S. customers try to bypass its controls, Mr. Bankman-Fried said. Inca CEO Adam Zarazinski confirmed the arrangement. The deal was agreed in late June, after the Journal first asked FTX to comment on Incaâs findings.
Americans can access offshore crypto exchanges by using virtual private networks, tools that can be used to mask the country where an internet user is based. Many crypto websites and online forums feature information on using VPNs to access non-U.S. exchanges.
U.S. traders can also slip past user-identity checks that aim to filter out Americans, sometimes by lying about where they are from. At FTX, for instance, until this week users signing up for the lowest level of trading access only needed to provide their names, emails and country of residence, with no requirement to provide documents to confirm their identity. Such âlevel oneâ access gives users a daily withdrawal limit of $9,000. Customers seeking greater withdrawal limits must provide FTX with government ID and proof of address.
Following the Journalâs inquiries, FTX added a step where users seeking level-one access must also give a phone number, whose country code must match the country where the users claim to be from.
Four of the other exchanges featured in Incaâs reportâBinance, Bitfinex, Bybit and OKExâsaid in statements that they blocked U.S. customers. A BitMEX spokesperson said the exchangeâs user-verification program, implemented in December, was âdesigned to meet the highest international standards and to set the benchmark for the crypto industry.â Huobi declined to comment.
Recently, U.S. regulators have stepped up their efforts to police offshore crypto exchanges. The largest such exchanges handle tens of billions of dollars of trades daily, mostly in derivatives.
Last year, federal prosecutors filed criminal anti-money-laundering charges against executives of BitMEX, which is incorporated in the Seychelles. In parallel, the CFTC sued the exchangeâs parent company for multiple regulatory violations, including running an unregistered trading platform. The CFTC said in its lawsuit that BitMEX took bitcoin deposits worth more than $11 billion from at least 85,000 user accounts linked to the U.S.
BitMEXâs spokesperson said the firm has always sought to comply with applicable U.S. laws.
I donât trade crypto, but the CFTC says something similar about offshore forex brokers as well. They should always follow that sentence with âU.S. customers will have horrible conditions if they trade with a registered firm that operates within the U.S. but in exchange for those horrible conditions, they will still have little or no protection.â
Itâs half the story always, anything the government says. Like today the screaming headline was âŚ
LEAKED DOCUMENT FROM THE CDC SAYS BLAH, BLAH, BLAH. Thatâs just their way of saying less and less people arenât falling for our crap, so more people will believe it if they think it was a âsecretâ. All the sheep will now be sayingâŚâOh my God, better get a vaccineâ
Sorry for the rant, was just using an analogy.
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Your tax-dollars hard at work, folks. Youâd think that they would have better things to do.
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. the good side of the that it takes pressure off our offshore brokers
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The downside is that most (if not all of us) use crypto in our business. Crypto restrictions are going to be an increasing headache for us and the brokers we use. Almost ten years now of this constant bureaucratic and political BS with no end in sight.
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jesus the entire wallstreet article talks about us like we are trafficking for the cartel, treated like a total criminal for just wanting to trade fairly, I canât see how a normal person can read an article like that and not believe that its the american consumers who are getting screwed on that deal
narced out by a skiptracer company, granted because people on twitter are stupid and braggadocio
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The skills that are developed from years of trading are not something that any government, regulatory group or even any broker can take away from us.
Such skills have opened doors for me, personally, and will likely continue to do so, should current options cease to be viable.
And even if the very offshore brokers and prop firms that we currently use become reachable targets, I will always have the option to renounce, just waiting for me on the back-burner. As a still-single man with no children that loves to travel, it would not be that difficult of a choice for me.
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Ah if only I had discovered trading in my youth lol
The power of hindsight aye? I look back to even my uni years and canât believe how much time was wasted.
Uniswap has (maybe had) a REST API.
I know StellarX has a nice REST API. I havenât logged into StellarX for a while because of no leverage, but the platform showed a lot of promise.
the financial markets is regulated and with these regulation they set guidelines like margin and contract size, spot forex is not regulated so the free market should dictate margin and so on but some how the regulators around the world put a cap on margin on a market that not regulated
When i`ve tested them it took a couple of hours.
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If crypto transfers become more difficult/impossible in the next few years, it will be game over for offshore trading since very few offshore brokers that still accept US citizens do wire transfers.
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maybe the regulators know hurting crypto transfers will put a serious dent in offshore brokers that except U.S. Traders
Sorry if you canât understand
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for people who donât know the coinbase crypto-visa debit card is now available for US. residents. i would be getting one in the mail in a few days
You can use your Coinbase Card virtually anywhere VisaÂŽ debit cards are accepted. Just open the Coinbase app and tap on the Coinbase Card image to see your card information.
Select which crypto you want to spend and which crypto you want to earn. Not sure which crypto to spend? USD Coin might be a good place to start â itâs always worth $1 and thereâs no fees when spending it.
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Varied from a few hours to around half a day for me. The broker themselves processed it in about the same time but depended on the blockchain speed.
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