In a major announcement on Friday, it was revealed that the popular cryptocurrency exchange Binance is going to stop allowing customers in the United States to use their service. A new update to the user’s agreement for the site reveals the news, and it appears that U.S. customers will have a specific amount of time before they can no longer use the exchange for trading.
According to Coindesk’s report on Friday (June 14), the terms of the agreement on Binance’s site were revised. The sentence “Binance is unable to provide services to any U.S. person” was one of the newest additions. The site also mentioned that effective Sept. 12, 2019, users not in accordance with the terms can still access wallets and funds on the site but won’t be able to trade or make deposits to Binance.
The Binance website said this past Friday they’d been reviewing user accounts. The reason behind this was to make sure the customers were following the exchange terms of use and “know-your-customers” or KYC procedures. Binance said it planned to remove the deposit and trading permissions for any customers that were violating policies.
Right now, the CoinMarketCap website lists Binance as third in terms of exchanges based on overall reported volume. In addition to providing customers with a range of cryptocurrencies along with Bitcoin, there is also the Binance coin (BNB). The unique coin allows those who hold it on the Binance exchange to save on their trading fees.
While the news of the blocked exchange service may cause frustration and headaches for some U.S. customers, there is also some good news. Binance also announced plans to expand to the United States with a dedicated platform. The Malta-based exchange said that Binance U.S. will be in partnership with BAM Trading Services. There was no timeframe given for the launch of the U.S. trading platform, though.
As the reports arrived on Friday (June 14), Bitcoin and some of the other major cryptocurrencies began moving up in price. As of this report, Bitcoin was trading at over $8,800, while Ethereum was at just over $269. Litecoin had a price of $138.34, as of this report.
Source: https://www.coindesk.com/binance-exchange-to-block-crypto-trading-for-u-s-customers
