Binance to block customers in the United States from trading, plans to launch Binance.US “soon” 🚨 This article is 6 years old...
Binance to block customers in the United States from trading, plans to launch Binance.US “soon”
2 min read
Updated: Nov. 7, 2019 at 6:01 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance, the world’s biggest cryptocurrency exchange by trading volume, announced a partnership with BAM Trading Services to open a US-based division since according to a recent update in its Terms of Use it “is unable to provide services to any US person.”
CZ: “Short term pains necessary for long term gains”
Binance CEO Changpeng Zhao announced on Twitter that it will soon be blocking new jurisdictions including all U.S. visitors from trading on Binance.com.
There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. But some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain. https://t.co/gl1M1cwPYB
— CZ Binance (@cz_binance) June 14, 2019
In a recent blog post, Binance announced that it will be updating its Terms of Use and may require some customers to provide further evidence, if necessary, to validate they are in accordance with the firm’s policies. The revised agreement also mentions that any US individual or corporation will no longer be able to use the platform.
“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.”
Users will have 90 days to adopt the new terms and after Sept. 12, 2019, those who do not comply will continue to have access to their wallets and funds but will lose the privilege to trade or make deposits on Binance.com.
#Binance Terms of Use Reviewhttps://t.co/KjRMpqrR98 pic.twitter.com/ItYZR6milD
— Binance (@binance) June 14, 2019
Although the world’s biggest cryptocurrency exchange will be ceasing trading operations for US citizens, it announced that it will soon launch a fully licensed and regulatory compliant exchange, dubbed “Binance.US,” with the help of BAM trading Services, a FinCEN registered company.
Changpeng Zhao, CEO of Binance said:
“We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America. Binance.US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”
#Binance Announces Partnership with @BAM_Trading to Launch US Exchange (@BinanceAmerica)https://t.co/F6uQE6aUsA
— Binance (@binance) June 14, 2019
Approximately 20 percent of Bincance.com daily traffic comes from the U.S., which may affect the firm’s financial returns in the short-term. Zhao believes the effect may be short-lived and at the end will have a great impact in the long-term well being of its company.
https://t.co/AZwoBOy3iq will provide secure and reliable cryptocurrency trading to users in the United States.
We look forward to opening registrations soon. ?? pic.twitter.com/bQ6sctg3FK
— Binance.US (@BinanceAmerica) June 14, 2019
Mentioned in this article
Latest US Stories
Featured Story
Advertise Here
In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.