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binance futures access via offshore entity

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ggfirefox

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Nov 11, 2022
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#1
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Hi, I live in new zealand and like many others have just been shafted by the whole ftx fiasco. Binance NZ started in September and ever since then futures have been banned from the country (which fucking sucks).

Looking for guidance and help to setup an offshore company for the sole purpose of accessing and trading using binance futures. I have people in Guernsey who I am close with who can help with things on the ground also if required. Any guidance, help or point in the right direction would be greatly appreciated pls dm or comment back. thanks
 
#2
If all you need is crypto and no access to banking ie you will only use the corp to register at Binance and then send the profits to your personal account at say Coinbase and then cash out

then any classical offshore jurisdiction will work. Seychelles, BVI, etc.

Again, ONLY if you dont need banking. Crypto ONLY.

If you need banking, most people will go with an Emirates FZCO or Singapore LLC
 
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#6
ggfirefox said:
Hi, I live in new zealand and like many others have just been shafted by the whole ftx fiasco. Binance NZ started in September and ever since then futures have been banned from the country (which ******* sucks).

Looking for guidance and help to setup an offshore company for the sole purpose of accessing and trading using binance futures. I have people in Guernsey who I am close with who can help with things on the ground also if required. Any guidance, help or point in the right direction would be greatly appreciated pls dm or comment back. thanks
Click to expand...

Hey,

You might consider Dubai as an option, which has some major advantages in comparison to the majority of other offshore jurisdictions: advanced crypto legal environment, zero tax, and not black listed from a tax perspective.
 
#7
TheCryptoAnt said:
If all you need is crypto and no access to banking ie you will only use the corp to register at Binance and then send the profits to your personal account at say Coinbase and then cash out

then any classical offshore jurisdiction will work. Seychelles, BVI, etc.

Again, ONLY if you dont need banking. Crypto ONLY.

If you need banking, most people will go with an Emirates FZCO or Singapore LLC
Click to expand...
Sorry OP to piggyback on to your thread, but this something I want to do also

@TheCryptoAnt Just to make sure my understanding is correct here. If I'm only interested in using Binance Futures from the UK, and then withdrawing any profits to my fiat offramp (Coinbase UK), then I wouldn't need any banking and therefore any offshore entity would be fine? Would this be fine because I would still be paying taxes in the UK from whatever I send from Coinbase to my UK bank account?
Also, lets say I have a entity registered in BVI, but I am always logging in and trading from the UK. This would still be fine because I am trading from the foreign entity based account?

Thanks
 
#8
PumpMyBags said:
Also, lets say I have a entity registered in BVI, but I am always logging in and trading from the UK. This would still be fine because I am trading from the foreign entity based account?
Click to expand...
No, the BVI company would be resident in the UK and you'd be doing tax evasion as far as HMRC is concerned.
 
#9
PumpMyBags said:
If I'm only interested in using Binance Futures from the UK, and then withdrawing any profits to my fiat offramp (Coinbase UK), then I wouldn't need any banking and therefore any offshore entity would be fine?
Click to expand...

Yeah if you dont need banking any 0% tax offshore jurisdiction is good.

PumpMyBags said:
Would this be fine because I would still be paying taxes in the UK from whatever I send from Coinbase to my UK bank account?
Also, lets say I have a entity registered in BVI, but I am always logging in and trading from the UK. This would still be fine because I am trading from the foreign entity based account?
Click to expand...

You are technically operating an offshore entity from another country, so CFC applies.

Now will you encounter issues because of it? Most likely not.
As you are gonna pay taxes at the personal level it is very unlikely that HMRC will go asking for your set up.

Even if they did, I'd just show them the transactions and never mention the offshore entity.
 
#10
TheCryptoAnt said:
Yeah if you dont need banking any 0% tax offshore jurisdiction is good.



You are technically operating an offshore entity from another country, so CFC applies.

Now will you encounter issues because of it? Most likely not.
As you are gonna pay taxes at the personal level it is very unlikely that HMRC will go asking for your set up.

Even if they did, I'd just show them the transactions and never mention the offshore entity.
Click to expand...
Do you have any recommendations for setting up in BVI? Saw you recommended that the most.
Have you already done this yourself as a UK resident may I ask?
 
#13
TheCryptoAnt said:
If all you need is crypto and no access to banking ie you will only use the corp to register at Binance and then send the profits to your personal account at say Coinbase and then cash out

then any classical offshore jurisdiction will work. Seychelles, BVI, etc.

Again, ONLY if you dont need banking. Crypto ONLY.

If you need banking, most people will go with an Emirates FZCO or Singapore LLC
Click to expand...
Hey guys im in the US and looking to get a binance account kycd.. I looked at binance business accounts and it seems like an insane amount of paper work is required. What's the best way for a US citizen to get it done? Thank you!! I'm assuming it's making an offshore entity- if so whats the best way?- And also gives you all the docs needed that binance requests?
How much would it even cost to get it done.. I'm desperate since ftx is done. Thank you guys! Would appreciate any advice!!!

TheCryptoAnt said:
Then you are free to choose from all the classical offshores jurisdictions.

Id personally go with BVI but as I said Seychelles, Belize, Caribbean islands, etc are all good to use.
Click to expand...
Have you done it? I have so many questions. Do I need someone that isn't a us citizen to be on the offshore entity? If so how exactly should it be formed? He's a driector and I am what? All these q I have. Perhaps if you can walk through it please in short that would be huge! And if you can advise which placr offers these services to make it properly so that I can submit all proper paperwork for binance
 
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#15
Hey! Thank you for response. I didn't understand what you wrote there - "Your best bet here is to buy a dark and then rather trade on your name or through the structure"
Buy a dark what? Through what structure? Can you elaborate more on your reply because I didn't quite understand it. Thank you.!!

JohnnyDoe said:
Intershore Consult (BVI) is good. Also OMC Group.
But any local service provider/law firm is fine, as long as it’s not a one man show. Just make sure the nominees they use are easily reachable and not in some deep tropical forest where the mailboat passes once per month.
Click to expand...
Can I do this as a US citizen if so how would you recommend? Setting up the offshore entity comes right docs etc. - binance has an entire list of insane amount of docs that it required for opening an entity account. So what I'm asking is do these places that set up the offshore entity provide the proper docs? I have been trying to navigate opening a binance account via offshore entity as a US citizen and I am going in circles.. I'd truly truly appreciate any help to finally get finalize how to properly do this
 
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#18
TheCryptoAnt said:
Even if you set up a structure they wont onboard you cause of you US passport.
Your best bet here is to buy a dark and then rather trade on your name or through the structure.
Click to expand...
Can we confirm that Binance.com won't onboard an institutional account if the Ultimate Beneficial Owner has a USA passport? As a USA citizen I was able to use FTX.com with a BVI LTD company, which was fully owned by a USA LLC, with a USA UBO. FTX was clearly aware of the USA UBO and USA passports/structure. So I'd love to be able to use that setup on Binance.com. If not, I'm open to another way to do so safely and legally. Appreciate the help.
 
#20
silverdisc said:
Can we confirm that Binance.com won't onboard an institutional account if the Ultimate Beneficial Owner has a USA passport? As a USA citizen I was able to use FTX.com with a BVI LTD company, which was fully owned by a USA LLC, with a USA UBO. FTX was clearly aware of the USA UBO and USA passports/structure. So I'd love to be able to use that setup on Binance.com. If not, I'm open to another way to do so safely and legally. Appreciate the help.
Click to expand...

For what Ive seen no, Binance wont accept it.

But you can ask them at their .com site.
Try to get transferred to Compliance rather than general customer support cause the later turbo sucks.

If they say yes please report back.
 
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