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Binance to Stop Serving US Traders Following Announcement of US-Dedicated Platform
cointelegraph.com
Major crypto exchange Binance announced today, June 14, that it has updated its terms of use, which notably includes a restriction of services to United States-based individual and corporate traders. The restriction follows yesterday’s news that the company is launching a separate, fully regulated fiat-to-crypto platform for the U.S. market.
Today’s announcement provides a timeline for the new terms to come into effect, specifying that:
“After 90 days, effective on 2019/09/12 [12th September 2019], 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.” While the use of a virtual private network could ostensibly allow U.S. users to circumvent the new restrictions, withdrawals for non-verified users remain capped at up to 2 bitcoin (BTC) per 24 hours— worth $16,482 to press time. Sums above this threshold would require users to provide evidence that they are complying with the platform’s Terms of Use.In a tweet published yesterday, Binance CEO Changpeng Zhao ( CZ) said of the new exchange’s evolving global structure:
“if central banks are gonna be this aggressive, then alternative currencies do start to become a bit more attractive." </snip> Read the rest here: cointelegraph.com |
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