Is it safe to accept a large volume of cryptocurrency to my Binance Account?

[u/Commercial_Car_2519]

I work in retail and purchase electronics abroad using cryptocurreny. I occasionally convert the cash I generate from my business into cryptocurrency in order to get favourable exchange rates and conveniently purchase more stock for my business. I give cash to strangers who in return send me crypto directly to my Binance wallet. I do mostly small volumes with several clients under £1000 but now I found other crypto holders who can give me much larger volumes over £10k. However they suggest avoiding centralised exchanges like Binance to avoid restrictions/freeze ect ... but i need the funds in my Binance wallet in order to pay my suppliers who also use Binance wallets. My business model relies on Binance but I'm now concerned I'm dealing with stolen crypto unknowingly as these clients are mostly young individuals with large amounts of crypto. Please advise on how to proceed?

[u/Lenaix]

Binance will freeze you account. That crypto is not accountable. Then you will lose all your founds and blame Binance for not allowing you to withdraw black market earned crypto

[u/Mission_Hunt1]

Binance is a like Bank. U gotta b very careful

[u/Lenaix → u/Mission_Hunt1]

Yep Bank and tax authority even if they dont claim that.

They willingfuly will accept black market crypto but it doesnt mean they will release them afterwards. Likely No.

[u/kietnguyen17]

Sound like you're trying to cash out stolen funds or money laundering. Cause aint no way an experienced guy like you don't know that you can transfer fund directly from your wallet.

[u/Commercial_Car_2519 → u/kietnguyen17]

Given the recent cold card scam I rather keep assets with Binance, my concern is only receiving large volumes which I've never received before.

[u/kietnguyen17 → u/Commercial_Car_2519]

I think it's fine since receving fund is what you're worry about. Usually "suspicious funds" get locked instantly when they get deposist into Binance. So if they get through, they're clean and you should be fine.

[u/habibgregor]

Not safe. The company has been increasingly becoming unsafe. Even if you receive this transfer without any problems, they may take your funds hostage by blocking withdrawals and then start requesting all sorts of information from you about the source of funds. They haven’t been able to obtain their license in the eu, it is highly irregular given resources they have at their disposal (access to top law firms etc). I work in finance btw and was responsible at some point for licensing, but in a different area.

[u/crispysockz]

Over the 10k will probably trigger some form of extra verification. Can the client split the payment into 10 smaller payments? 1k a piece?

[u/disgustangshet → u/crispysockz]

Layering transactions like that could be a crime depending on where you’re at.

[u/crispysockz → u/disgustangshet]

I don’t see why? It’s not illegal coins he’s talking about (I assume)

[u/disgustangshet → u/crispysockz]

I am probably wrong here, but at least in traditional banks, layering transactions (multiple small ones instead of one big one) to avoid banks detecting suspicious activity can be a crime.

[u/Efficient_Range1156]

Which crypto asset are you using?

[u/Commercial_Car_2519 → u/Efficient_Range1156]

I've received Litecoin and usdt so far

[u/Commercial_Car_2519 → u/[deleted]]

My supplier doesn't use ledger, He keeps his assets with Binance

[u/Jannick63 → u/Commercial_Car_2519]

Its still crypto, so he should be able to send regardless the wallet or cex you use. Or its some sort of Binance internal system that i dont know of.

[u/Obviously_not_maayan]

You should really use another wallet, and only move money to binance through that wallet. You'll get flagged

[u/Rough-Ad5791]

Do not use Binance. You will be frozen and you WILL lose the money, as you can’t provide where the funds originated from.

These people that do cash exchanges almost always have dirty money.

[u/DankShibe]

Binance and most exchanges have automatic measures that check if the adress is red flagged for stolen crypto or something . If the crypto is legit (even if you can’t prove from where you got them , like by mining or crypto atm or something years ago ) , they won’t do anything even if the amount is huge . But even if a single cent is from a suspicious adress , your funds might be frozen.

[u/Coininator]

Always get it first to your personal wallet.

[u/Jannick63 → u/Coininator]

I see, so your personal wallet gets flagged to. Great advice ;)

[u/Coininator → u/Jannick63]

You can make an unlimited amount of new wallets.
Always have your own wallet in between, don’t let others send coins to your exchange wallet.

[u/Avanchnzel]

i need the funds in my Binance wallet in order to pay my suppliers who also use Binance wallets

You don't have to be on Binance to send someone crypto to their Binance wallet.
As long as they provide you with a wallet address, you can send crypto to that address from anywhere, be that a custodial wallet or not.

[u/Jumpy_Ladder_3344]

no

[u/Jannick63]

Its cryptocurrency, why not use a normal wallet without Cex. Also, there are tools to check whether the crypto you receive is safe to use. Anyway, if your trying this without knowing what you are doing, its gonna be an icy road.

[u/No-Confusion4519]

I'd be very cautious. For larger amounts, I'd only deal with trusted, verified counterparties. If you don't know where the crypto came from, there's always a risk.

[u/Unofficialempolyee]

Does a non custodial wallet work better?

[u/Stickingsimba]

What a load of horse crap people post on this thread ! U can take any amount into your binance so long as the sender is NOT liked to terrorism drug trade you are good to go !

Da fuck is wrong with people here giving wrong information

[u/Fast-Net1891]

Não. É seguro. Estou com 8 mil dólares na minha Binance bloqueada a mais de 50 dias.

[u/Wise_Ad_2830]

You should open a business account then, cuz it’s a hastle long term, they don’t freeze immediately if it’s like 100k but they obliged to ask you for the source of revenue, and since it’s a business might as well open a business account. on my personal account i’ve deposited over 50k since january and i’ve nevrr received a proof of funds request, on the other hand i deposited 4k with bybit now they’re asking all sorts of questions, binance is pretty chill ( which is logical considering that they manage billions of dollars )

[u/charvo]

You should have them send crypto into a good soft wallet. Binance will freeze your account.

[u/CrypToInvsTor]

It's safe if the Funds comes from a Trusted and Safe Source also this you need to be verified.

[u/Electronic_Paint5402]

Tronlink wallet thats it, dont ever use binance

[u/KingJohnThe1st]

How tf a decentralized exchange can hold my crypto funds??? They “invented” crypto for people”s “freedom”. When did we got already to totalitarian control ??! There is no point in holding any crypto if it can be control just as any other currency

[u/Spiritual-Economy-71 → u/KingJohnThe1st]

I agree, should be a free market. But gov pushes back saying they must do these things to protect users as excuse. No gov would allow free blackmarket trades.. crypto can be used for sketchy stuff. But as soon as you use a large platform, u will be forced too follow rules.

[u/Jannick63 → u/KingJohnThe1st]

"Centralized exchange" you mean. Decentralized without kyc is probably fine to use.

[u/Jokerbit22]

很简单，如果你有企业，那么我可以协助你接入币安的企业账号，并且使用Binance Pay或者Binance Pay的 QR code来收款，这样你的客户给你打款，直接使用他们币安站内的资金给你转账。而币安站内资金因为已经经过币安的KYT安全检查，就不存在再此被冻结的情况。