the borrowed money into fiat similar to a nexo loan?
For me personally to get GBP in my U.K. bank account, I borrow BUSD in Kava Loan, send the BUSD to Binance, convert to USDT, send the USDT to Uphold then convert to GBP and withdraw to my bank account.
in the us if we go through a cex we have to pay taxes but if u simply borrow against ur crypto holdings u pay a fee but no taxes since u are not cashing out
No, it's a crypto bank
Binance is an exchange and Nexo is a bank
so if a US citizen change crypto to usd on nexo do they pay taxes?
Of course. The IRS always gets its taxes due.
only if interest n trade
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