facebookIs it illegal to buy crypto currencies off someone instead of an exchange like Binance or CoinHako? - Seedly

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Anonymous

10 May 2021

Cryptocurrency

Is it illegal to buy crypto currencies off someone instead of an exchange like Binance or CoinHako?

I know of someone who functions kind of like an unregulated crypto exchange. He provides better usdt rates as compared to buying on exchanges. Should I be worried or just stick with buying from CoinHako/Binance ?

Discussion (2)

What are your thoughts?

Liew Jia Jun

Liew Jia Jun

04 May 2021

Community Manager at Crypto.com

While it is not illegal, you need to be careful of where the source of the crypto is from. Most exchanges are using on-chain analytic tools as part of their compliance practices to ensure anti money-laundering and to counter terrorism financing.

If you are flagged by exchanges, you can risk having our funds locked as part of investigations.

Not illegal ,,, it is like money , but u dont get same security n protection like exchange ... safest by exchange

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