Pionex; A Club For Bots Only. #Botlife
I have a high degree of confidence in the future of Pionex.us in the United States, here is why!
I have been concerned lately due to a lawsuit on KuCoin exchange by the United States.
KuCoin was one of the first platforms I used for trading bots and it was honestly my favorite at first.
US charges KuCoin crypto exchange with anti-money laundering failures
Federal prosecutors in Manhattan on Tuesday charged KuCoin, one of the world's largest cryptocurrency exchanges, with…
It has many features, it is a very popular app worldwide, and there are many users groups with people discussing their strategies, etc.
It’s a big exchange.
And that is precisely why it is under fire.
They have MANY features that simply aren’t allowed for US customers. Such as earning interest on many obscure cryptos, lending services, futures, staking activities, things considered “securities” under certain conditions.
But what is particularly interesting here — KuCoin is not even available to USA users. It has never officially been, anyway. They stated clearly that USA is not a supported country.
They just didn’t really try too hard to keep USA users off their system.
You see, KuCoin users didn’t officially have to KYC and they were very lax about it, even though they asked for it. They didn’t prevent a user from accessing their exchange, that user could just expect less security for their account and lower limits.
I was using KuCoin for a long time until they finally made an announcement via email in 2023 and started IP blocking.
After that, I officially moved over to Pionex. There was simply no other easy mobile app to use for trading bots.
(I finally got around to getting my Palau Digital Residence ID so that I could sign into KuCoin again, but as a Palau resident, instead of a US resident.)
Still, I am concerned about the future of crypto exchanges that offer many advanced features that USA regulation (or lack thereof) is making difficult to access.
Bye bye USA
For the last several years we have seen exchange after exchange exit the USA.
Some of them try to launch USA based platforms with reduced services to make our regulators happy, but many exchanges just say “goodbye” and don’t seem to be trying. It is a lot of work trying to make ONE country happy when the entire world elsewhere is already moving at the beat of a new drummer.
Binance.us is also about to close due to that being part of the deal it struck with US regulators over their money laundering lawsuit.
Thing is, Binance, KuCoin, etc, offer many services that exist in the gray area of US regulation. Binance.us tried to stay compliant, but in the end, they still came under fire. They were still offering staking services and access to BNB coin.
I am hoping that Pionex has made some smart moves.
Pionex stands out for one huge reason, and I hope I am right on this — I think Pionex stands a pretty good chance of not being disrupted by federal lawsuits and state regulatory hammers.
Here is why:
Pionex has cooperatively sought compliance with all US states, and the majority have approved their status as a legal entity. I live in a state that has been hard on crypto exchanges. Many exchanges have banned Washington state specifically, even though they make their exchanges available to other states. Washington granting Pionex a license is a big thing. Washington isn’t very friendly to crypto exchanges. Here is a list of their licenses, state by state :
https://www.pionex.us/blog/license-information/Pionex US platform does not offer anything other than Trading Bots. Nothing that could be considered a security. No lending, no interest staking. A Trading Bot amounts to a service that buys and sells crypto in an automated fashion, but doesn’t promise profit based on value increase, or make any claims to staking or being a store of value, nor does it sell you a product in exchange for expectation of specific percentage yields.
Pionex does not have their own coin that they are trying to promote with attractive staking returns. There is no Pionex coin.
They implemented KYC and without identity verification you cannot deposit or exchange for US Dollars.
Pionex limits their available crypto list to vetted cryptos that are in good standing, but they don’t provide access to hundreds of obscure coins.
Pionex keeps track of taxes and gives users a downloadable tax form at the beginning of the year. Making it easy for you, and the state.
I am hoping that Pionex has a bright future without much burden from regulators and legislators, because it is seriously one of the easiest ways any individual can get into crypto trading and make a profit.
It is a great platform to get your feet wet with trading bots!
🖥️ My Pionex (USA) referral link : https://www.pionex.us/sign/ref/Nlyjd7Fh referral code = Nlyjd7Fh
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Until next time….
Onward and Upward Everybody!
-Chris
#crypto #cryptobots #lifestyleincome #lifestyle #botlife #tradingbotsforme #automatedtrading