Binance wallet --> Haveno Reto wallet --> Monero GUI wallet on local computer

hugeblack

legendary

Activity: 2688

Merit: 3983

When was the last time you visited binance because it seems they removed Monero^[1].

Quote

Starting September 2, 2024, the exchange will convert Monero and 14 other tokens to USD Coin (USDC). This follows the delisting announcement made in February 2024. The conversion process will finish by March 1, 2025, when the funds will appear in users' wallets.

It will be a matter of time before all privacy coins are removed from any KYC exchange so Monero trading will be available for DEX P2P and no KYC CEX.

You can buy Bitcoin from any exchange and exchange it for Monero.

Are the liquidity volumes good at -----> https://haveno-reto.com/?

[1] https://www.binance.com/en/square/post/12082270920489

apogio

hero member

Activity: 560

Merit: 1060

Good News
Monero is a privacy token.
Monero uses stealth addresses, which means that every time a transaction is made, a new one-time address is generated.
Monero uses ring signatures, creating a ring of signatures when a transaction is made, so that it's impossible to tell which was the actual signing key.
Having said all that, it's impossible to trace the actual coins.

Bad News
Binance will always know that the person X (with their true KYC data) bought Z amount of Monero.
They don't know what you did with it, but there is no way for you to deny that you bought it.

Stalker22

legendary

Activity: 1526

Merit: 1359

Quote from: tUnes3 on October 13, 2024, 12:01:53 AM

Question

Can the XMR that I initially bought at Binance be traced back to me?

Well, since Binance makes you give up all your personal info, any coins you buy there are kinda linked to you. But thats only when the coins are still at Binance. Once you move XMR to your own Monero wallet, it gets way harder to connect those coins to you personally. I know the blockchain experts can do some crazy tracking magic and Haveno Reto may keep logs of stuff happening internally. But the point is, if you use Monero the way its designed and bounce your coins around a bit, it gets real tough for anyone to pin down exactly where they came from or where they are going. At least thats how I understand it. Im no expert in how the blockchain forensics works, though.

tUnes3

jr. member

Activity: 56

Merit: 5

Quote from: Stalker22 on November 06, 2023, 04:49:53 PM

They cannot follow the money after that initial transaction though, unless you transfer the coins to another centralized exchange.

Firstly, I wish to highlight that I did thank you when you replied to my original post.

Secondly, there have been some developments.

LocalMonero has closed down (since May 2024).

Haveno Reto is a decentralized exchange that is used in place of LocalMonero.

https://haveno-reto.com/
https://github.com/retoaccess1/haveno-reto/releases/

You wrote that [sic] They cannot follow the money after that initial transaction though, unless you transfer the coins to another centralized exchange

Below is the scenario

Suppose I buy XMR from Binance. As you already know, every Binance customer must submit KYC documents.

I send the XMR from my Binance wallet to my wallet on Haveno Reto.

From my wallet at Haveno Reto, I send the XMR to my Monero GUI wallet which resides on my computer.

Question

Can the XMR that I initially bought at Binance be traced back to me?

P.S. I was prompted by the system of this forum to post a new topic instead of in https://bitcointalksearch.org/topic/m.63116162

Topic: Binance wallet --> Haveno Reto wallet --> Monero GUI wallet on local computer (Read 38 times)