ZenLedger
· ·

Binance to block customers in the United States from trading, plans to launch Binance.US “soon”

Binance to block customers in the United States from trading, plans to launch Binance.US “soon”

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.

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.

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.”

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.

Start trading cryptocurrency on Binance.US

Sign up now CryptoSlate will earn a small commission when you join.
Posted In: , , Crypto Exchanges
Invest with AMFEIX

Like what you see? Get more Binance.US news in your inbox

Subscribe to CryptoSlate, our daily newsletter containing the top stories and analysis.

Sign up to stay informed
Ali Martinez
Author

Ali Martinez

Technical Analyst @ CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

View author profile

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.