Binance exchange blocks US Customers. The Malta-based exchange announced today that they were going to review user accounts to ensure that Binance’s terms of use was being followed. The chief reason? “Binance is unable to provide services to any U.S. person.”
Binance updated their term of use agreement today – read it here. The implications for US customers are as follows – deposit and trading permissions for anyone in violation of its policies will be removed.
The news from Binance comes a day after they announced that they would be expanding to the US via a dedicated platform. The exchange said that they would strengthen its compliance and security practices through a variety of partnerships, most notably, with Chainalysis and IdentityMind, a KYC/AML tool provider.
From the statement:
“Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements… Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use. Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.”
The exchange gave a hard stop date for US Customers – September 12th, 2019. “Users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”
Binance had previously listed 15 countries and 6 US states (including New York) on a “restricted countries list” page.
What do you think? Do you plan on getting around the US Ban? If not, what’s your plan to try to trade cryptocurrencies that can compare to the volume of Binance? Binance’s DEX has already been blocked off for US customers. Binance exchange blocks US customers – is that something you would have expected to see in 2019? What do you think ! Let us know on our Facebook page!
