Binance.Com to Stop Offering Services to US Customers Following the Announcement of Binance.US

Leading cryptocurrency exchange Binance has announced that it cannot provide services to any US person, according to its updated terms of use. The announcement follows Binance’s latest foray into the US market with a regulated trading platform Binance.US in partnership with BAM Trading Services Inc.

After 90 days, effective on 2019/09/12, 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 Terms of Use Review Statement

This would be a big blow to US customers who have been using the platform for trading cryptocurrencies. While VPNs could still help circumvent the restriction, there is no doubt that active US traders will feel the pinch of this decision. According to The Block, 15% of Binance.com traffic comes from the US.

However, with the restriction taking effect only on September 12th, Binance has ample time to set up its platform Binance.US. Binance CEO Changpeng Zhao tweeted about the decision earlier in the day:

While an established regulatory platform in the US is good news for Binance as well as the larger ecosystem, markets reacted negatively with Binance Coin (BNB) price dropping by around 12%. At the time of writing this post, BNB was trading at $32.37, down 6.62% in the last 24 hours.

Leave a Reply

Your email address will not be published. Required fields are marked *