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