Tax Articles - Binance Blog

CZ’s Response to the CFTC Complaint

<img src="https://public.bnbstatic.com/image/cms/blog/20230327/79047548-6511-4aa8-9dd3-726c18e12872.png"> Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years.Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint. While we will only be able to give full responses in due time, we will address a few key points below.Technology for Compliance & US Blocks. Binance.com has developed best-in-class technology to ensure compliance. Binance.com is the first global (non-US) exchange to implement a mandatory KYC program, and remains today to have one of the highest standards in KYC and AML. We block US users by nationality (KYC), IP (including commonly used VPN endpoints outside of the US), mobile carrier, device fingerprints, bank deposit and withdrawals, blockchain deposits and withdrawals, credit card bin numbers, and more.We are aware of no other company using systems more comprehensive or more effective than Binance.Cooperation and Transparency with Law Enforcement. Binance is committed to transparency and cooperation with regulators and law enforcement (LE) — in the US and globally. Binance currently has more than 750 people in our Compliance teams, many with prior law enforcement and regulatory agency backgrounds. To date, we have handled 55,000+ LE requests, and assisted US LE freeze/seize more than $125 million in funds in 2022 alone and $160 million in 2023 so far.We intend to continue to respect and collaborate with US and other regulators around the world.Registrations and Licenses. Binance.com holds the highest number of licenses/registrations globally, 16 and counting, and is well regarded by our user community.Trading. Binance.com does not trade for profit or “manipulate” the market under any circumstances. Binance “trades” in a number of situations. Our revenues are in crypto. We do need to convert them from time-to-time to cover expenses in fiat or other crypto currencies. We have affiliates that provide liquidity for less liquid pairs. These affiliates are monitored specifically not to have large profits.Personally, I have two accounts at Binance: one for Binance Card, one for my crypto holdings. I eat our own dog food and store my crypto on Binance.com. I also need to convert crypto from time-to-time to pay for my personal expenses or for the Card.Binance.com has a 90 day no-day-trading rule for employees, meaning you are not allowed to sell a coin within 90 days of your most recent buy, or vice versa. This is to prevent any employees from actively trading. We also prohibit our employees from trading in Futures. Further, we have strict policies for anyone with access to private information, such as details of listings, Launchpad, etc. They are not allowed to buy or sell those coins.I observe these policies myself strictly. I also never participated in Binance Launchpad, Earn, Margin, or Futures. I know the best use of my time is to build a solid platform that services our users.At Binance, we look for amicable solutions to all problems. We are collaborative with regulators and government agencies all around the world. While we are not perfect, we hold ourselves to a high standard, often higher than what existing regulations require. And above all, we believe in doing the right thing by our users at all times. In this journey towards freedom of money, we do not expect everything to be easy. We do not shy away from challenges.We thank you for your unwavering support!CZCEO @Binance

2023-03-27

Binance to Airdrop up to $3 Million in BNB to Users in the Morocco Earthquake Region

<img contenteditable="false" src="https://public.bnbstatic.com/image/cms/blog/20230912/25e4a2d0-3b23-4402-b95f-e97d86fdbf13.jpg" naturalwidth="1600" naturalheight="900" adaptive="true">In response to the devastation caused by the recent earthquake in Morocco, <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.charity/" customevents="[object Object]">Binance Charity</a> will airdrop up to $3 million in BNB to Binance users identified as living in the areas affected by the tragedy. Identification of the users will be based on Proof of Address (POA) completed before September 9, 2023, in Marrakesh-Safi Province, which has suffered the most significant impact. Users who have completed POA before this date in the Marrakesh-Safi Province area will each receive $100 in BNB directly to their Binance accounts.We recognize that many users in the affected area may not have yet completed POA. Therefore, for any existing user who completes POA after September 9, 2023, and before September 30, 2023, we will donate $25 in BNB directly to their Binance account.Furthermore, for our active transacting users across Morocco who are not in the affected area, we will airdrop $10 in BNB to each of them. We expect our efforts to reach around 70,000 Binance users living in Morocco. The funds will be reaching our users starting September 12, 2023.In the aftermath of natural disasters, people often lose access to traditional banking at the exact moment when extra funds are needed to help cover medical supplies, food, and other essential needs.Crypto transfers are now increasingly being used to deliver financial aid to disaster victims as they provide fast, low-cost, borderless, and transparent transactions.Binance founder and CEO CZ said: “The impact of the earthquake on the Moroccan people is devastating. We hope we can bring some support to those affected. For Moroccan users who receive these donations but are unimpacted by the earthquake, we ask them to pass the funds on to those most in need.”Binance Charity has also launched a <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.charity/projects/43/Morocco-Earthquake-Emergency-Appeal" customevents="[object Object]">public donation</a> address for anyone to contribute. We will donate the total crypto amount received on this address to an authorized NGO (to be named soon) to help people in need. Donations to the Emergency Earthquake Appeal will be accepted in BNB, BTC, ETH, USDC, USDT, or BUSD.In these difficult times, Binance stands by our users, and we will continue to work on additional ways to help our community in Morocco.

2023-09-11

Join the Binance Affiliate Program

Recommend Binance to your audiences and earn up to 50% of referral commission on every qualified trade. <figure data-block-id="9416d8f3-c381-4d35-8a71-8afe725823b3" data-type="imageFigure"><img contenteditable="false" src="https://public.bnbstatic.com/image/cms/blog/20221021/262adfe9-7b8d-44fd-a024-29b25bf5a270" naturalwidth="1600" naturalheight="900" adaptive="true"><figcaption></figcaption></figure>Do you believe cryptocurrencies and blockchain technology can change the world for the better? Join the Binance Affiliate Program and earn special rewards when you introduce new users to Binance, the world’s leading cryptocurrency exchange.<h2 data-block-id="c723452a-f0cd-420e-bfc1-dabe8f80c01a">How to Join the Binance Affiliate Program?</h2>To apply and start earning commission, visit the <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/activity/affiliate" customevents="[object Object]">Binance Affiliate website</a> for more information.<h2 data-block-id="0ef89153-7c20-4f2f-814e-da4ddc586d73">What Is the Binance Affiliate Program?</h2>The Binance Affiliate Program lets you share your unique referral link with audiences to earn up to 50% commission on every qualified trade.Users who sign up for a Binance account using your unique referral link will automatically be attributed as a successful referral. You’ll receive commissions on every trade your referrals make – across Binance Spot, Futures, Margin trading, and even Binance Pool. Start earning commission with no maximum cap or time limits – all through the same referral link.Choose to be a Spot Affiliate, Futures Affiliate, or both! If you would like to be considered for both a Spot and Futures Affiliate, just select “Both” when the question is asked during your application process.<h2 data-block-id="1d2d5419-9950-4a10-b270-c006187510f4">How do I Start Earning Commission?</h2><h3 data-block-id="c0bdaa86-4350-4bd4-a7be-aa47c7206e7a">Step 1: Become a Binance Affiliate</h3>Submit your application by filling out the form on the<a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/activity/affiliate" customevents="[object Object]"> Binance Affiliate website</a>. Once our team evaluates your application and ensures you meet the criteria, your application will be approved.<h3 data-block-id="86a0e4c4-ae3d-45fe-afe2-86bd40ad1f36">Step 2: Create and share your referral links</h3>Create and manage your referral links right from your Binance account. You can track the performance of each referral link you share, generate custom referral links for each of your channels, or for different discounts you would like to share with your community.<h3 data-block-id="345a3bf0-4a2d-4909-b50e-58f6b8836baa">Step 3: Sit back, relax and earn commissions</h3>When someone signs up for a Binance account with your referral link, you can earn up to 50% commission every time they complete a trade.<h2 data-block-id="536f5136-15c8-4b9b-bb4f-511fe2d30f2e">How Do I Qualify to Become a Binance Affiliate?</h2>Individuals<ul data-block-id="09b51d28-4dc6-4ee4-a128-4d653d57104d"><li data-block-id="d6dee640-18c7-4115-bcd0-75de58966975">Social media account with 5,000+ followers or subscribers on one or more social media platforms (Youtube, Twitter, Facebook, Instagram, etc.).</li></ul>Crypto Communities<ul data-block-id="72a9f276-3968-46d1-bbff-806c8e3811c9"><li data-block-id="fbff7987-ccee-482a-b111-1b6acd9f349c">Financial leaders or opinion leaders with a community of 500+ members on one or more community groups (Telegram, Facebook, WeChat, Reddit, QQ, VK, etc.).</li></ul>Businesses and Organizations<ul data-block-id="abeab9e7-2c4c-42fc-ad39-59867318c55c"><li data-block-id="00b90967-b6ad-459c-8c3e-5b756edf0293">User base of 2,000+</li><li data-block-id="43575677-da1c-41cc-9598-0a9d1df2b87b">Market analysis platform with 5,000+ daily visits </li><li data-block-id="6bd0fc93-3719-45b3-a580-6d07c3a81df3">Industry media platform</li><li data-block-id="38f3cb1c-d6ff-41e5-b4c5-c5c424cacdd5">Crypto fund</li><li data-block-id="10501607-30e2-4271-9c40-0b34adc1599a">Aggregate trading platform</li></ul><h2 data-block-id="4407e674-1bfe-4a7e-ad4f-47c4a22769f2">What Are the Benefits of Joining the Binance Affiliate Program?</h2>Binance Spot Affiliate<table data-block-id="1ef71193-dd7d-414e-b599-deff84ed3358"><tbody><tr data-block-id="6b4c242f-970a-42d3-98b2-b45b687769bd"><td data-block-id="2d62329f-b633-4cc7-93ef-f88bb5ddea57" colspan="1" rowspan="1">Category </td><td data-block-id="92cce04b-7d3c-4b35-bd61-1a25d9683462" colspan="1" rowspan="1">Total Referred Traders*</td><td data-block-id="cf0236da-8e61-4b60-993a-a63f3c4103b4" colspan="1" rowspan="1">Commission</td><td data-block-id="41a9f0a4-0ccf-425d-b9bf-d45dc627df59" colspan="1" rowspan="1">Note</td></tr><tr data-block-id="8199c044-6e61-4161-86bd-d73307510626"><td data-block-id="c53b7073-0612-4d29-8021-614b56c8cb1f" colspan="1" rowspan="2"> Spot Affiliates </td><td data-block-id="789da981-5c6d-4d04-a62c-d47aff31c81b" colspan="1" rowspan="1">< 500</td><td data-block-id="fa645439-8cf6-45c8-b6bb-a2877be3e21d" colspan="1" rowspan="1">41%</td><td data-block-id="e9391754-3322-48c2-8204-afa9a4ebb2fa" colspan="1" rowspan="1">BNB holding requirement waived</td></tr><tr data-block-id="4b0563fc-a674-4efe-a7f7-9850996b3b2f"><td data-block-id="5a8eff74-a71a-42db-8b05-1392f62ea70d" colspan="1" rowspan="1">≥ 500</td><td data-block-id="0920e73a-effa-48d2-afd5-23824aed28c4" colspan="1" rowspan="1">50%</td><td data-block-id="e0fafb98-c65f-4aab-b73f-4fcb9a2d16be" colspan="1" rowspan="1">BNB holding requirement waived</td></tr></tbody></table>*“Total referred traders” refers to the number of users registered with your referral link and completed a Spot, Futures, Margin, or mining transaction. All of our approved spot affiliate partners receive a 41% commission rate (increased from 20% default for regular partners) on Spot trading. On top of that, those who invite more than 500 traders receive an increased commission of 50%.Binance Futures AffiliatesYou will receive a 40% base referral bonus when you join the program. This means you get 30% of the trading fees from the users you invite, while they can receive a 10% discount on trading fees. Please note that this 10% discount will only be valid for 30 days from the date of Futures account activation. *The referral commission for the Futures market is limited to one year starting when the new user opens their Futures account. Please note that you can only receive Futures referral commissions from Regular - VIP 1 users you referred.Additional Benefits <ul data-block-id="6af6dfa3-797f-4dde-8ea4-79152a9c8d43"><li data-block-id="22eeeaac-da70-464d-8753-401aa64d76e8">Get an additional Futures bonus of up to 72,000 USDT every month. Visit <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/blog/421499824684900492/Binance-Futures-Affiliate-Bonus-Program" customevents="[object Object]">Binance Futures Affiliate Bonus Program</a> for more details. </li><li data-block-id="ebf1da9f-a02e-4e91-9d16-ef7abd35c72e">Qualify for a dedicated account manager.</li><li data-block-id="cce7ac8d-347f-4c50-8ba4-a12d96e9350c">Get free Binance merchandise, Futures vouchers, and more to further incentivize your audience.</li><li data-block-id="0c3cf305-2a08-4bed-8018-f546910bd6c7">Get priority access and testing for new features.</li></ul>Minimum Requirements for Quarterly EvaluationYour referral commission rate will be reviewed and adjusted every quarter (90 days). Existing Binance Affiliates that meet the requirements below can continue to receive referral commission benefits, which will be valid for the next 90 days from the day of evaluation.Binance Affiliate Program Membership Requirements<ul data-block-id="d724e15e-0f0b-4d8b-adee-964689bf95b5"><li data-block-id="5601ac3d-7f9e-48c5-b9d4-55e8ffa15b71">Spot (41%) and Futures (30%): You onboarded 10 new traders, and they generated 50+ BTC in trading volume. </li><li data-block-id="e42ccbe4-ca2e-4ff0-85d9-db3bce1e04af">Spot (50%) and Futures (30%): You onboarded 100 new traders, and they generated 500+ BTC in trading volume. </li></ul>For example, User A currently enjoys a 50% Spot referral commission rate. In the last quarter, User A only onboarded 50 new traders, and they generated 100 BTC in trading volume. His Spot referral commission rate will be lowered from 50% to 41% for the next 90 days.If User A onboarded 100 new traders, and the new traders generated 500 BTC in trading volume. User A’s Spot referral commission rate will be increased to 50% for the next 90 days.Notes:<ul data-block-id="7a9fbcb2-0cd5-4e85-94b7-a8cd6a1badba"><li data-block-id="6ccc77c3-a759-4b88-8c37-1718b2c331fe">For first-time applicants: To be eligible for the 50% Spot referral commission rate, you must have onboarded at least 500 traded referrals to Binance. Please contact your account manager or Customer Support to apply.</li><li data-block-id="a8e45a50-9a30-489c-9687-d574a123802a">“Traded referrals” refer to new users that registered for a Binance account with your <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/faq/6233094e540b4ea4ac50387d1518911b" customevents="[object Object]">referral link</a> and completed a Spot, Futures, Margin, or mining transaction.</li><li data-block-id="ee663147-214c-4ba2-ab5d-ffc6b9aef06f">For more details on the Binance Affiliate Program, please check out this<a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/faq/cbf9ab9a11fa44a293d44607803c6c2d" customevents="[object Object]"> FAQ</a>. </li></ul>* Please note that Binance Affiliates are subject to the same basic set of Binance referral terms and conditions. Additional Resources <ul data-block-id="52cafe18-b32c-49eb-a913-598e0ef8a818"><li data-block-id="b3640f47-11df-4e63-843d-6dadd8372357"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/activity/referral" customevents="[object Object]">Binance Referral Dashboard</a></li><li data-block-id="891f6bf8-7e1b-457b-a171-e0d7ff6726cb"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/faq/cbac15853b0243cda4a90c9c03ca0c38" customevents="[object Object]">Binance Referral Program Guide</a></li><li data-block-id="71e6be77-6a3b-48f0-a570-e84b7c45711c"><a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/faq/6233094e540b4ea4ac50387d1518911b" customevents="[object Object]">Referral Program FAQ</a></li></ul>Rules:<ul data-block-id="4dd9d186-e7dc-4d07-931a-7425a83fb66c"><li data-block-id="79ace8fe-f886-4584-97ae-ad1b11992b79">Binance does not allow any affiliate member to solicit an existing Binance user to create a new account with the sole purpose of becoming their referee. If Binance determines that an affiliate has manipulated the referral process, then the affiliate’s membership will be downgraded, and the commission rate will be reduced to 20% for Spot and 10% for Futures.</li><li data-block-id="e3702bc2-a556-446a-ba37-3f0bb0891e94">Binance does not allow any affiliate member to offer any additional referral kickback (share referral commission with invitee) privately. If Binance determines that an affiliate has offered any referral kickback privately, then the affiliate’s membership will be downgraded and the commission rate will be reduced to 20% for Spot and 10% for Futures.</li><li data-block-id="266c1632-06fa-4ff7-8051-2d655dc53097">Binance will void the qualification for any referral commission of the member’s account if any referral violation listed <a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/support/announcement/360001155692" customevents="[object Object]">here</a> is found (all commission rates will be reduced to 0%).</li><li data-block-id="1143e41b-94c6-402e-adf6-7d92231ce5e9">If Binance determines that an affiliate conducts any damaging and/or defamatory behavior to Binance, their membership and qualification will be terminated, with their commission rate reduced to 0%. Binance reserves the right to retrieve all referral commissions that have been distributed to affiliates’ accounts. Including but not limited to the following scenarios: 1. Affiliate posts false Binance-related information or negative comments about Binance on social media; 2. Affiliate directs users to claim compensation from Binance; 3. Affiliate endorses themselves by using misleading words, especially Binance related, including but not limited to terms such as "partnership", "cooperation", "association", etc.</li><li data-block-id="d2616672-2c2b-4b5d-9a5a-67bc28e246a7">Binance reserves the right to disqualify users from participating in the Affiliate Program and revoke any commissions from users who engage in dishonest or abusive activity to earn commissions. This includes bulk-account registrations to obtain additional bonuses, using phishing websites containing referral links, posting referral links as advertisements on search engines, and any other activity that can be deemed unlawful, fraudulent, or harmful.</li><li data-block-id="cc546744-cd64-41db-8e0d-e3f8e01cc3ce">Binance reserves the right to cancel or amend the Affiliate Program or program rules at any time at its sole discretion.</li><li data-block-id="58029eab-adba-4fc7-9689-42408e6a15b5">All users must strictly abide by the<a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/terms" customevents="[object Object]"> Binance terms of use</a>. Any breach of the terms of use will disqualify the user from earning affiliate commissions.</li><li data-block-id="95a2fc4d-c956-4948-9773-1426713d5daf">Binance has the sole discretion to decide and determine whether an affiliate will be entitled to earn any commissions and reserves the right to amend these terms and conditions from time to time. If you have any questions, please contact<a target="_blank" rel="noopener noreferrer nofollow" appurl="" href="https://www.binance.com/en/chat" customevents="[object Object]"> customer service</a>.</li><li data-block-id="b0d669f4-a633-4e92-8590-abc9e412668c">If the system detects that a user has deleted their existing account to create a new one so they can benefit from the referral program, Binance reserves the right to terminate all referral commissions earned by this user.</li></ul><figure data-block-id="dda51549-fa10-4edd-aacc-b4b3025860c4" data-type="imageFigure"><img contenteditable="false" src="https://public.bnbstatic.com/image/cms/blog/20221021/2e66aa08-e3ce-4822-a314-1c62dcb2dfb1" href="https://www.binance.com/en/activity/affiliate" naturalwidth="1600" naturalheight="412" adaptive="true"><figcaption></figcaption></figure>

2020-04-10