As of September 12, 2019, users accessing Binance from the US will be unable to trade using their account and may need to transition over to its upcoming Binance.US platform.
Although the recent update doesn’t explicitly specify that US users will be barred from using its services, it does state the following:
Binance Banning US Users
[bctt tweet=”Binance will be closing its doors to US users on September 12. Be sure to close your trades and withdraw your funds in advance to avoid any hassle.” username=”beincrypto”]
Currently, it is unclear what will happen to any orders that are open after this point, but presumably, they will be automatically closed once trading is disabled.
New Segregated Platform
Not only this, but it appears that its new Binance.US platform is undergoing development, and will likely become the only Binance platform accessible to users in the US.
Unlike the standard Binance platform, it is extremely likely that the new US domain will feature much more stringent identity checks to better comply with laws and regulations.
According to a status message on the new domain, Binance.US will instead be operated by BAM Trading Services — a vague company that was recently registered as a money services business with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).
The new site also notes that it will be using the same matching engine and There are many different types of cryptocurrency wallets. Still, unlike the physical wallet in your back pocket, a cryptocurrency wallet... More technologies from the original platform, meaning it should feel familiar to any users shafted under the new rules.
After Binance closes its doors to users in the US, which exchange do you think users will migrate to? Let us know your thoughts in the comments below!
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