Category Archives: Binance US

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Binance US to Open After Regular Binance Bans US Users

Binance has announced that a cryptocurrency exchange dedicated to United States users called Binance.US, scheduled to open doors in six days’ time.

Binance, one of the most popular cryptocurrency exchanges with 565 trading pairs, does not require identification information to sign up. However, it announced in mid-June that United States customers would be banned as of 12 September due to regulatory uncertainty.

Binance.US is scheduled to open up for registrations and deposits on September 18, and trading will commence soon after that, although the time of trading commencement has not been disclosed yet. Binance.US looks to be far more limited than regular Binance, with only Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and Tether trading available to start. Further, Binance.US will require identification information to sign up in order to comply with regulations.

Apparently, Binance.US will be available everywhere besides New York, due to the New York Bitlicense regulations. At this time Binance has not applied for a Bitlicense.

Overall, it seems probable that Binance.US will be far less popular than regular Binance due to the lack of trading pairs and the identification verification requirements. However, it is possible that the new Binance should be looking to increase the variety of cryptocurrencies it offers in the future.

 

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Binance to Withhold Trading Facilities from US Customers

Binance to Withhold Trading Facilities From US Customers

The world’s largest crypto exchange by volume, Binance, put forth an updated term of use agreement on 14 June 2019, which stated the retraction of trading benefits from the US customers. It stated:

“Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”

Twitteratis believe that this could pave way for a new mega crypto exchange since Binance.com gets about 24% of traffic from the US-based customers.

Binance restricts trading to the US customers

Binance, in an attempt to revamp its internal blueprint, announced that it has been reviewing user accounts in order to accomplish enhanced platform security and to meet the global regulatory requirements. Users will be required to fulfill Binance’s terms of use within 90 days. Effective on 12 September 2019, accounts not in accordance with these terms will be restricted from the ability to trade and deposit on the platform. However, these users will continue to have access to their wallets and their funds.

The news came shortly after the Malta-based cryptocurrency exchange platform announced the launch of a trading platform, Binance US, specifically for the US customers. This platform comes as a comfort to facilitate fiat-to-crypto exchange to serve full-fledged trading abiding by the market regulations.

Recently, Binance DEX announced geo-blocking of 29 countries including the US effective July onward.

Non-verified US customers will perhaps still be able to trade on Binance through a virtual private network (VPN). Currently, users can withdraw up to 2 BTC without any restrictions.

 

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