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Binance P2P Profits - ACRA? License?

Binance

Cryptocoins Exchanges / Binance 308 Views

Hi.

I made $500~$1000 profits a day buying and selling coins on Binance, and all payments made through Paynow.

My bank then decided to freeze my account in suspicion of money laundering because of high transaction volume in 2 days.

My account was unfreezed after their bank IO explained that it could be a hassle if I’m involved with customers related to money laundering. They warned me that if they see me doing transaction on Binance again, they’ll freeze it again.

And they suggested me to open up a corporate bank account instead.

My question is, if I register business on ACRA: 1) what’s the primary & secondary business? 2) what other license do I need to operate this business? 3) will corporate bank account allow me to do this? 4) will I be taxed based on every transaction or only profits?

I’ve thought of registering as sole-proprietor since I’m doing it all by myself.

submitted by /u/ajotw
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