Exciting Times: LeoFinance, CUB, bLEO, Binance — Legal Restrictions and Frustrations!

in LeoFinance3 months ago

As we excitedly wait with bated breath for the LeoFinance launches that are Coming Soon™, there has also been preparations to be made.

CCL0007LeoCubLogo.jpg

Having gone through various steps over the past few days, I can only say:

I Hope This All Comes With Good Instructions!

Being neither a techie nor a cryptomaniac — I'm a CAT, remember? — what lies ahead has the potential to be both exciting and daunting.

Without a doubt, we're on our way towards LeoFinance becoming quite the powerhouse community!

The "daunting" part is that I only loosely understand the tangible workings of what's about to happen, even though it sounds great, on paper.

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Precariously balanced...

I Thought it Might All Be Moot...

My starting point for saying that is that we live in the US state of Washington. Washington has all kinds of regulations when it comes to cryptos... they are by no means outlawed here, but they can be very difficult to deal with because exchanges are required to jump through all manners of regulatory hoops, KYC requirement shenanigans, tariffs and taxes and reporting to even serve customers domiciled in this state.

When the LeoFinance announcement first surfaced, Binance did not serve customers in the State of Washington, period.

Which I felt might be relevant, since my presumption has been that in order to participate in the fun involving Binance's smart chain, one would at least need to have access to a Binance account... but maybe not? That's one question...

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Pondering my predicament...

Then Maybe NOT...

Then — by some stroke of fortune — Binance dropped Washington state from their "no fly zone" list in the last couple of weeks.

That's actually a pretty cool development, because most of us crypto enthusiasts who live here have previously had only a choice of Bittrex and... and... well, Bittrex. They happen to be based in Seattle so they've gone through all the regulatory hoops necessary to serve their local customers.

Well, not entirely true... there are a number of small, fringe dwelling, low volume exchanges available to residents of this state, but they may simply be flying under the official radar, due to lack of volume.

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Feeling a little annoyed...

It Might All Be Moot, Part II?

So anyway, what's available here, now.. is the Binance.us "version" of Binance, so I created an account there — easy enough — and figured that would be that.

In case it were needed.

Maybe it isn't. Maybe you just have to have a wallet that handles BNB tokens. I just don't know...

Of course, then there's a new wrinkle: Binance.us only offers a tiny fraction of the trading pairs and services available on Binance proper. So, all other things being equal, I still wouldn't even be able to trade Hive there...

So that left me not with answers, but with questions.

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I'm listening...

Plan B: Will CUB "Vouchers" Be Transferable/Tradeable?

This now all leaves me pondering whether I just don't understand how this is all going to work — which is entirely possible — OR if some of us in certain areas/regions will just be left on the sidelines...

Regardless, that might be an important point for @khaleelkazi and the @leofinance team to address in their FAQ/User Guide. If not that, then this post is perhaps a good illustration of how a "normie" might get completely lost in this process...

"Not Available in Your Region" tends to be a bugaboo most organizations bury in fine print, written in invisible ink, in Aramaic... which is always really annoying.

And this, of course, also begs the follow-up question:

IF the whole CUB/bLEO program in fact will be Not Available in Your Region to some, will these hybrid-coupon-tokens be tradeable or transferable, so we can at least trade/sell our bit to someone who CAN benefit from them?

Well, those are my Saturday morning thoughts, so far... Hopefully some of the Wise Elders in the community can help me get a clue!

Thanks for reading!

=^..^=

CuratorCat 06-MAR-2021

Posted Using LeoFinance Beta

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I am unfamiliar with the Coming Soon™ developments, lol, but are you able to use Hive-Engine there?

The core "token-coupon drop" will come to Hive-Engine, but you have to exchange the "coupon" for the actual tokens elsewhere.

So far, it's a little beyond my "Crypto pay grade," but I am learning... and asking questions!

=^..^=

Posted Using LeoFinance Beta

Ohhhh I see! Thanks for the clarity.

I’m using MetaMask for the airdrop. However this airdrop is appearing to be newbie unfriendly. You might want to read some tutorials regarding MetaMask /Binance chain access.

Posted Using LeoFinance Beta

Thanks for the advice @automaton, I appreciate it! I already have MetaMask set up for ETH, so I'll read up on how to access Binance.

=^..^=

Posted Using LeoFinance Beta

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