Friday, June 14, 2024

“Binance does not give information to tax entities, but they will not take long to ask for it”


Key facts:
  • Although they collaborated in specific cases, they have not provided information “in piles,” said Bryan Benson.

  • Less privacy for users is one of the problems of the growth of exchanges, he said.

Bryan Benson, director of operations of the cryptocurrency exchange Binance in Latin America, referred to the requests of the authorities of each country to provide information on their users. “At the moment, Binance does not provide information to tax entities, but I do not think that is very far.”

According to what he expressed in a interview With the YouTube channel Best Investments, Benson thinks that Latin American tax agencies “will not be long” in requesting this type of data. Consulted specifically by Argentina, the interviewee preferred not to respond because he was not informed about this specific case.

As CriptoNoticias reported on previous occasions, Binance has had operational difficulties in various countries as a result of legal compliance issues that earned him warnings from regulators. Therefore, the company proclaimed that it would all efforts possible by complying with the laws of each nation.

Benson confirmed that in this new dialogue. “It is not a message that I love to pass on, but Binance is going to the side of being more regulated and seeking compliance in all these environments,” he said.

He also explained that the exchange “always cooperated in investigations and specific audits, but we did not give information in piles just to give it.”

Security or privacy? This is how Binance sees it

Recently, Binance started requesting the full compliance by KYC (‘Know your customer’) to all of your users. This aligns with its premise of increasing security on the platform and preventing illicit practices, but it contradicts the philosophy of freedom and privacy that reigns in the cryptocurrency ecosystem.

How can security and privacy be combined, two aspects that seem opposite? Benson confesses that it is something he asks himself every day, but the answer “is very simple.” “The products that go the most towards regulation are the least decentralized. People who want more privacy are going to have to look for other products, some within the Binance ecosystem and some not, “he said.

Benson was consulted on topics such as the data that he discloses to the tax entities and the privacy and security when operating on the platform. Source: Best Investments /

This need to request so much data from users is “one of the problems of growth”, both on Binance and on other platforms, says the interviewee. “If you look at other exchanges, they are all trying to integrate with banks and financial institutions under the scrutiny of the regulator,” he added.

The Binance debit card, a project for 2022

Ultimately, Benson was also consulted about the development of a Binance debit card. “It is the question that they ask me the most,” he assured.

Although the card it was already launched in some European countries on a trial basis, in Latin America we will still have to wait. The representative of the company in the region said that “there is no date for that” despite the fact that they are working “hard” to achieve it by 2022.

«The card technology is good but it is blocked in the regulation. It requires compliance systems that Binance does not have fully developed in all markets. It is not a question of technology “, Benson explained on this subject, which interests both the users of the platform and its own developers.

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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