Why USA users can't use Binance exchange

[hani20980]

As i heard USA peoples are not allowed anymore to use binance exchange is that because of the regulations
in the US or something else do you have any infromations abou this ?

 

[Niftyyem]

I read the news a while back and it was reported that it was probably due to Binance trying to evade adherence to regulations made by the US government about KYC of customers that landed Bitmex in legal battles. Binance is trying to avoid such legal issues and the US residents have been given 90 days to empty their accounts.

 

[hani20980]

I read the news a while back and it was reported that it was probably due to Binance trying to evade adherence to regulations made by the US government about KYC of customers that landed Bitmex in legal battles. Binance is trying to avoid such legal issues and the US residents have been given 90 days to empty their accounts.

that's really bad so if most of countries use such regulations it will end with binance ban all their users

 

[Niftyyem]

that's really bad so if most of countries use such regulations it will end with binance ban all their users

According to what I read, this is not happening for the first time, Binance has been shifting its services from places where the regulations aren't favourable to its business.

 

[hani20980]

According to what I read, this is not happening for the first time, Binance has been shifting its services from places where the regulations aren't favourable to its business.

i think that's only applies to their ICO's because a lot of countries are not able to participate in binance ICO's

 

[Vladv26]

I heard binance is thinking about creating a different exchange available just for the US traders because more than 15% of their users are from US

 

[hani20980]

I heard binance is thinking about creating a different exchange available just for the US traders because more than 15% of their users are from US

where you heard this news i don't think binance will create another exchange that will cost them a lot

 

[Kamon c4]

As regards the statement released by binance, the USA has the largest number of it user and they’ll like to create a new platform where the tax on transactions is reduced for USA users and the change is only for now and it’s advised that users who has money in their wallet shouldn’t panic as their money is safe and secured

 

[Chumzy]

The US has the most advanced economy, that means that more people are exposed to trading in crypto currency, as compared to other countries.
That means, there are a lot of exchanges to take advantage of. Binance is thinking of creating a new echcnage for the US citizens because there are too many people.

 

[Erik4150]

The reason USA users can use binance exchange is because in July 2019 Binance accused its United States users of violating Binance's terms of services, then Binance barred them from trading and depositing on their exchange.

 

[btaliat]

The reason USA users can use binance exchange is because in July 2019 Binance accused its United States users of violating Binance's terms of services, then Binance barred them from trading and depositing on their exchange.

Whao.. So we have violators in the United States as well. Anyway most of this wallets restrict some users because they don't are running away from tax from the countries' government.

 

[BrolySSJ]

The US has the most advanced economy, that means that more people are exposed to trading in crypto currency, as compared to other countries.
That means, there are a lot of exchanges to take advantage of. Binance is thinking of creating a new echcnage for the US citizens because there are too many people.

I think that branching off in binance to create a specific exchange for the US users is not a bad idea. This will give the exchange more control over the users that are making trades and be able to more effectively monitor them, whilst at the same time it will also be able to try and manage the traffic to the exchange better so there are less frequent down time for the exchange as well.

 

[zagzagi]

Binance has been under the oversight of regulators for a long time. In September 2019, the Financial Task Force (FATF) published a report on the Maltese-based exchange, stating "it is changing the operation center to avoid regulations."

Due to legal requirements, it cannot provide services to US citizens or residents of this country.

 

[BrolySSJ]

Binance has been under the oversight of regulators for a long time. In September 2019, the Financial Task Force (FATF) published a report on the Maltese-based exchange, stating "it is changing the operation center to avoid regulations."

Due to legal requirements, it cannot provide services to US citizens or residents of this country.

Would this not affect the portability of the exchange drastically as there is quite a large populous on most of the exchanges that actually originate from the US. and therefore if there is legal implication for USA users, then the exchange could be suffering from this lower user base? Perhaps it may be a better idea to rather abide by the regulations for the country and get that user base rather than lose out on potential users and profit?

 

[Ralphjoe]

Well I don't think the delisting of American users that are on binance exchange platform would actually affect the platform that much because aside the United States of America. There are millions of other users on the platform.

 

[Nomad]

Binance has been trying to do business illegally. It even did not register in the country where its headquarter was based. These days binance is blocked in many countries.

 

[Chibson]

I don't really know why that is the case but I believe that binance is definitely the best cryptocurrency exchange in the world because of its so many features.

 

[Kelly5]

Was the united states citizens ever allowed to use binance at any one time in the past? I also have noticed this restriction months ago but don't know if it still exists

 

[Rhapsody]

I heard binance is thinking about creating a different exchange available just for the US traders because more than 15% of their users are from US

If that is the case. Then the US government are been selfish. They want to generate money in every area.
This will bring big reduction in profit that binance exchange do make.
But why are countries just bring different fight just for the existence of crypto currency. If a country ban crypto currency, another country will bring there's.

 

[GIFTMICHAEL]

They have their own official Binance website which is accessible only to the U.S people. They once had beef with the main Binance site before, which led to Binance shutting them off.