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, 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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