I live in a region where Binance was recently prohibited from doing business. In a few months, my account will be completely locked out from using Binance. I used Binance as an onramp to buy $WSB and $BNB - am I basically screwed now when it comes time to cashing out? I’m not looking to do this any time soon, but I am curious if I’m totally SOL.
Hi Matt. This might be a slightly more expensive way of doing it, but this is how:
- Connect to a VPN (using something like ExpressVPN)
- Navigate to Binance Bridge
- Change your Network to ETH to swap from BSC to ETH (ex: BNB to ETH).
- Send your ETH to an exchange that allows you to sell for fiat, such as Coinbase.
I’ve done this several times both ways and it works pretty well. It’s one way to get BNB without having a Binance account.
Sounds like I am indeed SOL unless using the method above.
I guess this is part of the risk of getting in early in an environment with considerable regulatory risk.
Thanks for sharing that process, I hope to need it one day when my $WSB bag is so heavy the fees don’t matter,
Actually if you have the SafePal wallet it is even easier than having a Binance account because the SafePal wallet/app allows you to access Binance exchange without an account or VPN
- Install SafePal wallet (I think it is only on mobile currently)
- If needed swap WSB to BNB via Pancakeswap on the SafePal app
- Open the Binance app within the SafePal app
- Send BNB to Binance app
- Exchange to whatever you want
- Withdraw back to your SafePal wallet again through the SafePal App
This is little known secret I have found actually
Aren’t there other exchanges where you can trade BNB for other mainstream cryptos like ETH or BTC? If so, open an account at one of those exchanges, trade BNB for eg ETH and then use another reputable exchange (such as Bitstamp, which I have been using since 2013) to sell the ETH for fiat.
You could create your own Metamask wallet, add BSC to the wallet then go to Binance WIthdrawal. From there you can move all your BEP20 tokens to your wallet. Please be carefull as not EVERY crypto token can be moved to your BSC wallet. You would need to DYOR.
Once you’ve done that, you could wait for a good moment to SWAP (Pancake SWAP and Sushi Swap are the most reliable) them to Stable coins (USDT, USDC, DAI etc).
When having your stable coins and wish to trade for fiat you could move them to Polygon via xPollinate
Once in Polygon you can use Ascendex CEX, given it’s open for your region.
In my experience this is the cheapest way.
EDIT: Hmmm, Ascendex doesn’t have option to sell for FIAT, so I guess this is not good.
Sorry but this needs to be addressed ASAP, Binance is not safe period, we are all at risk, I would look at crosschain solutions asap. Advising people to use a vpn is highly illegal, Binance even pick people up on it and ban their accounts not enabling people to withdraw. Its been a constant issue for US customers. The bots on BSC need to go - they are obviously supressing the price, all new launchpads on Solana, Polygon etc etc have antibot protocols so no individual or dev can manipulate anything. Kinda goes against the whole spirit of a decentralized market. I worry a lot if i were to get a 10x what would happen to my money if someone in Binance customer service flags it… not trying to scare anyone its the truth DYOR. The token itself was for governance - not marketing I thought?
Just discovered the Harmony bridge, wouldn’t that be a viable option? Swap $WSB for $BUSD then take it out from Eth
Guys, if you’re using crypto wallet like metamask you can transfer it to any exchange (supports Deposit/Withdrawal) that is available in your country.