Copy link
Increase text size
Decrease text size
Link copied

Binance US Soon to Serve As Main Trading Hub For US Traders, Former Platform Restricting Service

Binance.Marco Verch Professional Photographer and Speaker/Flickr

Sat, 15 Jun 2019, 00:45 am UTC

It would appear that US traders who prefer Binance as their cryptocurrency trading platform will no longer be able to use it in the coming days. The platform recently updated its Terms of Service and noted that it would no longer serve US customers. On the other hand, a US-specific platform is on the way and traders can simply go there.

“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,” the new terms read.

The new terms are set to take effect on Sept. 12 and users are already being advised to take appropriate measures to protect their investments. Following the terms going live, the only way to access the main Binance hub for US traders would be to use a VPN. However, this would effectively cap their withdrawals to only two Bitcoins per day, Cointelegraph reports.

Binance CEO Changpeng Zhao did address the matter on Twitter, emphasizing that this was a necessary step in helping the company grow. The US version of the Binance HUB will be a fully-regulated platform that will specifically cater to customers in that market.

“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,” the Tweet reads.

The upcoming Binance US platform will be formed in partnership with BAM Trading Services. This essentially allows the company to circumvent the restrictions imposed by the Financial Crimes Enforcement Network (FinCEN). As a result, there is more room for growth and the potential to corner a huge slice of the US market. In any case, at least US clients have been given ample time warning.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,107.96 (-0.03%)
  • Ethereum (ETH) $142.03 (+0.05%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.77 (-0.03%)
  • Litecoin (LTC) $43.39 (-0.89%)
  • Bitcoin (BTC) $7,107.96 (-0.03%)
Dec 14, 2019 (Saturday)
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
Terra launches stablecoin-powered payments service in Mongolia
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
Twitter looks to blockchain to decentralize social media
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
ING bank developing custody project for digital assets: Report
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
Franklin Templeton leads blockchain-based social impact platform’s funding round
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.