Cryptocurrency

[d000hg]

I got this today from Santander:

Dear d000hg

We’re stopping payments to Binance for your protection

We want to let you know that from 8 July 2021, we’ll be stopping payments from Santander accounts to Binance wherever possible. This follows the Financial Conduct Authority (FCA)’s recent warning to consumers and is to help protect you from fraud. For now, we won’t be restricting payments from Binance into your account(s).

We’re taking this step as we want to do everything we can to protect you and help keep your money safe. We’ll continue to monitor the situation, and let you know if anything changes.

Investment in crypto assets can be high risk
In recent months we have seen a large increase in customers in the UK becoming the victims of cryptocurrency fraud.

Now, protection against fraud is very important but telling me what I can and can't do with my own money... should that be their call?

[AtW]

It is identical to moving into gilts from shares.

So I could sell my non-ISA shares tax free if I buy gilts with £££ from share sale?

[AtW]

Correct.

But it was just a hedge, your Honour!!





Hopefully IRS/HMRC will catch up with all the dumb people in this thread (and other threads).

[jamesbrown]

Any trade if it's crypto to crypto (including stablecoins) or crypto to FIAT is a taxable event

Correct.

[Jog On]

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

Any trade if it's crypto to crypto (including stablecoins) or crypto to FIAT is a taxable event

[Lockhouse]

Yeah, pretending money were not converted to USD by using USDxx designation label and providing ability to convert it into real USD 1:1, obviously tax evasion - you even correctly stated which tax is being evaded - CGT, you are fully aware what and why is happening there.

No. It's just a hedge against crypto movement. It's not evasion as tax will be paid when it's converted to real USD depending on one's tax domicile. It is identical to moving into gilts from shares. This is my final reply to your posts on this subject as we'll never agree.

[Lockhouse]

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

I've always believed that the CGT becomes due when you crystalise into GBP whether that's an exchange account or otherwise - at least that's how I've been paying mine. Move to GBP, put 20% away.

[d000hg]

Avoidance - as you well know. Trolling again.

Surely if you are converting to fiat within your exchange account it's not liable until you withdraw it? Or is cash not held in your own accounts still liable?

[AtW]

Avoidance - as you well know. Trolling again.

Yeah, pretending money were not converted to USD by using USDxx designation label and providing ability to convert it into real USD 1:1, obviously tax evasion - you even correctly stated which tax is being evaded - CGT, you are fully aware what and why is happening there.

[Whorty]

Yet another, nothingburger -

"Binance ‘temporarily suspends’ payments from EU’s Sepa network

Latest block comes after flurry of regulatory pushbacks against crypto exchange

Binance said it will suspend euro bank deposits from one of Europe’s key payments networks in the latest sign of how the crypto firm is losing key connections to the conventional financial system following a regulatory crackdown. In an email to users on Tuesday, the exchange said that from 8am universal co-ordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes. Its move was due to “events beyond our control”, the exchange said."

https://www.ft.com/content/bf99e9e3-...1-8bd70b884b3f

Of course the irony in all this is those who fanatically support crypto want it to take over and take down the current financial systems and replace FIAT currencies but need those same systems and currencies to allow it to succeed. Crypto currencies are really no different to FIAT in that they have no intrinsic value.

At least if you deal with a commodity like coffee, if the floor drops out of the market you can still make yourself a nice cuppa