Binance Cryptocurrency Exchange will Prohibit US Customers to Trade on the Exchange

Binance Cryptocurrency Exchange will Prohibit US Customers to Trade on the Exchange

Binance, the largest cryptocurrency exchange in terms of trading volumes, announced its intention to stop serving US customers.

According to the updated Terms of Use, the company “is unable to provide services to any U.S. person”. Users who do not comply with the rules of Binance will have access to wallets until September 12, without the right to trade or deposit on the platform.

Binance.com receives approximately 20% of the traffic from US customers each month, which is two times less than in early 2018.

Source: theblockcrypto.com

Unverified clients will probably still be able to bypass the restrictions and trade on Binance.com using a VPN. Although the new rules suggest that “some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use”.

As a “consolation prize”, the company will launch a separate exchange that meets all the necessary regulatory requirements of the US market.

Changpeng Zhao, CEO of Binance, wrote:

A new ban followed the news of blocking Binance DEX customers for geolocation from the United States and 28 other countries.

Binance has already launched exchanges in Uganda, Singapore and Jersey, which support only BTC, ETH and BNB.

We want to remind you:

Two Stablecoins were Launched on Binance Blockchain at Once

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