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If I had 1million USD worth of foocoin in Binance and I wanted to take it out, what would that process look like considering one of the following? (1) I want t

If I had 1million USD worth of foocoin in Binance and I wanted to take it out, what would that process look like considering one of the following? (1) I want to move to another exchange (2) I want to convert it to USD and deposit into a local US bank account in my name (3) I want to put it onto into a 'wallet' which I then put into my safe (4) I want to put it in an account that is not in my name (company, tax shelter, relative, etc)

ranguna 4y ago
You sell your crypto to usd, then there's a button to withdraw fiat to a credit/debit card or you can wire to a bank account. Laws around this depend on where you live. Binance UI is good, I'm not sure where your question is coming from tbh.
- Eisenstein 4y ago
  > I'm not sure where your question is coming from tbh. Curiosity.
  - ranguna 4y ago
    That's fair.
WeylandYutani 4y ago
Depends on how many people have the same idea. A bank run without government interference is death for any exchange. They do not have the money to cover their customers.
- nly 4y ago
  An exchange should make money trading assets, nothing else. They should have custody of 100% of all the assets they notionally hold for their customers. There's an argument there's a problem when it comes to levered derivatives, if you let people trade on margin, but even then there's really no excuse.
yieldcrv 4y ago
1, 3, 4 click the withdraw button like everyone else in the article. It works flawlessly and most exchanges are not fractional reserves, 100% can be withdrawn and the exchange still functions. It’s happened before, there hasn’t been interest in articles about everything that works properly in crypto space, it’s quite boring. You’re not supposed to use crypto exchanges as storage, and most exchanges are set up with that in mind. 2 sell into liquidity if there is enough, or over time, just line with the stock market. click withdraw on your USD to your connected bank account.

ranguna 4y ago

You sell your crypto to usd, then there's a button to withdraw fiat to a credit/debit card or you can wire to a bank account. Laws around this depend on where you live. Binance UI is good, I'm not sure where your question is coming from tbh.

Eisenstein 4y ago
> I'm not sure where your question is coming from tbh. Curiosity.
- ranguna 4y ago
  That's fair.

WeylandYutani 4y ago

Depends on how many people have the same idea. A bank run without government interference is death for any exchange. They do not have the money to cover their customers.

nly 4y ago
An exchange should make money trading assets, nothing else. They should have custody of 100% of all the assets they notionally hold for their customers. There's an argument there's a problem when it comes to levered derivatives, if you let people trade on margin, but even then there's really no excuse.

yieldcrv 4y ago

1, 3, 4 click the withdraw button like everyone else in the article. It works flawlessly and most exchanges are not fractional reserves, 100% can be withdrawn and the exchange still functions. It’s happened before, there hasn’t been interest in articles about everything that works properly in crypto space, it’s quite boring. You’re not supposed to use crypto exchanges as storage, and most exchanges are set up with that in mind. 2 sell into liquidity if there is enough, or over time, just line with the stock market. click withdraw on your USD to your connected bank account.