As recently as May 2021, Binance was under investigation by the U.S. government for tax fraud and money laundering, according to reporting by Bloomberg.
Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto — along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totalling around US$80 million since October.
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Although cryptocurrencies like Bitcoin are virtual currencies, they are treated as an asset for capital gains tax purposes, and “ordinary” investors who purchase Bitcoin as an investment will experience a capital gain or loss when they exchange it for traditional currency, products, or services.
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Although mining periodically produces new cryptocurrency units, most cryptocurrencies are designed to have a finite supply — a key guarantor of value.
Over the last few weeks, rumors have been gaining traction on the internet that GameStop is partnering up with Loopring to launch an NFT marketplace.
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Cryptocurrencies’ finite supply makes them inherently deflationary, more akin to gold and other precious metals — of which there are finite supplies — than fiat currencies that central banks can, in theory, produce unlimited supplies of.
There are also individual withdrawal fees for moving your crypto holdings from your Binance.US account into your own crypto wallet. These fees vary based on the type of cryptocurrency.
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Billed as the main rival to Bitcoin, Ethereum’s rise has been nothing short of spectacular. You’ll find all the Ethereum news and guides you’ll ever need right here…
Binance U.S.’ trading algorithm suffered from a bug that resulted in a Bitcoin flash crash on Oct. 21. Although prices recovered quickly, both cryptocurrencies are now trying to hold support to avoid further losses.
An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists.
When bitcoin was rising last year, it seemed like a trend everyone from your grandmother to your barista was suddenly becoming hip to. Of course plenty of folks cautioned that it could be a bubble, but it’s always hard to realize such a thing when you’re in the midst of it. It’s free money, right? Why not get in on it? (Just don’t remortgage your house!)
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If you’re merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight.
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