How to protect yourself from being blocked on a crypto exchange?

Let’s look at ensuring the security of storing assets on crypto exchanges in the current difficult situation.

Use of p2p platforms.

Some crypto platforms can conduct p2p transactions (users will be able to cash out digital currencies and receive funds to the card from other users in return). However, taking into account the risks, often fraudsters are involved in such operations.

Withdrawal to fiat.

If the currency is located on an exchange and there is a need to withdraw it to a fiat currency, you should use a crypto exchange, but first, you need to withdraw funds to a “hot” or “cold” crypto wallet.

How to exchange cryptocurrency via an exchange:

• choose a suitable crypto exchange;
• specify the name of the cryptocurrency and the amount to be withdrawn;
• in response, the exchange determines the amount received, for example, in rubles, and indicates the address to which it should transfer the coins;
• the user transfers coins to the specified address. In some cases, you will then need to click “paid” on the exchange’s website. If this is not done, it will not transfer the money.

You should pay attention to the fact that when sending digital currencies to the exchange address, you need to transfer precisely the amount specified in the transaction; otherwise, the exchange will not see the transfer.

Most often, the transaction takes no more than 15 minutes. If it fails during this period, you need to contact the technical support service of the exchange.

When making the transaction itself, the size of which depends specifically on the network, it is essential not to forget about the commission directly set by each exchange.

Withdrawal of funds to an online wallet.

The withdrawal of funds to an online wallet – is another way to protect funds from blocking. However, it is worth considering that some online wallets will introduce restrictions for users in Russia, Ukraine, and Belarus. However, it is worth considering that some online wallets will introduce rules for users in Russia, Ukraine, and Belarus.

When choosing the type of wallet, you should consider how private keys are stored in it.

Two types of online wallets can be used for this – hybrid and traditional. The first is a separate Keystore using multi-signature. Secondly, the private keys located in the service are used; and users have access only to its backup copy.

Withdrawal of funds to a cold wallet.

“Cold” wallets are currently considered the most secure way to store digital currencies because they allow you to hold assets on your device (PC hard drive, smartphone or a regular flash drive). Only the owner of the funds can get access to it.

The main feature of the “cold” wallet is that no one has the right to impose any restrictions on the digital currency stored on it. However, there are disadvantages, in particular, the risk of losing the device itself, on which all funds are held, without the possibility of restoring it; and the risk of losing private keys – in this case, even if you have a device, you will not be able to access it.

Binance crypto exchange will not block user accounts.

The ban on access to the crypto exchange for political reasons, according to Binance representatives, does not comply with the principles of the organization and existence of both cryptocurrency exchanges and, in general, the crypto industry, the fundamental of which is independence from the state and decentralization.

Cryptography should provide greater financial freedom for people around the world. In contrast, a unilateral decision to ban people from accessing their cryptocurrency contradicts the principles of the existence of this industry.

Earlier, as it is known, the BTC-Alpha cryptocurrency exchange closed access to users from Russia; the KUNA platform prohibited trading in ruble pairs and closed the input and output of Russian rubles; the CEX IO platform banned the registration of new users from Russia, Ukraine and Belarus.

At the same time, for example, the CEO of Kraken stated that it was impossible to freeze the accounts of Russian clients without a corresponding legal requirement, as well as that such a business option was not sufficiently acceptable for Kraken from a practical point of view.

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