Binance Blocks US Customers From its Main Platform

[mlawson71]

Binance, which is among the largest crypto exchanges in the world, announced that it will begin blocking American clients from its main platform. All clients in that jurisdiction have 90 days to withdraw their money.

The exchange will enforce this rule by blocking people based on their IP-address. American clients who click on the “I’m not American” box in the registration form will receive the following email:

We noted your account may be associated with the U.S. due to an IP address you connected from in the past. In-line with regulatory requirements, we are unable to provide services to U.S. citizens or residents”.
Source
Binance has been hinting at these intentions for over a year now, apparently. I wonder what caused this decision, however. Does anyone know?

 

[Cuddles]

i dunno but gotta pull my money now

 

[Russell Shuffle]

yeah, the writing was on the wall with this one when they uncovered the firm had actively/intentionally been skirting the laws. Now they'll be under much deeper scrutiny. It's the early 2k's FX all over again... Everyone saying "you can't regulate us" and the SEC and CFTC saying "really, hold my regulatory beer". I've got a small account with Coinbase Pro (15k), but have pulled out of the space until some of the regulatory dust clears. I went through a major financial groin kick in mid 2k's when Refco tried to hide bad debt that ate +90% of their valuation in fake hedge funds.

 

[Sprout]

Binance, which is among the largest crypto exchanges in the world, announced that it will begin blocking American clients from its main platform. All clients in that jurisdiction have 90 days to withdraw their money.

The exchange will enforce this rule by blocking people based on their IP-address. American clients who click on the “I’m not American” box in the registration form will receive the following email:

We noted your account may be associated with the U.S. due to an IP address you connected from in the past. In-line with regulatory requirements, we are unable to provide services to U.S. citizens or residents”.
Source
Binance has been hinting at these intentions for over a year now, apparently. I wonder what caused this decision, however. Does anyone know?

KYC and the US policy hostile to crypto derivatives.
Now folks are funneled to
binance.us which uses USD as the base for any trading pair.

 

[JSOP]

For some reason, I read "Biden Blocks US Customers From its Main Platform".

 

[Centuriona]

The US wants monopoly on everything. What want to control every god damn business with stringent rules. Its sad many businesses are pulling away for a breathe of fresh air.

 

[legend4life]

What's a good alternative for US traders, for perpetual/longer term holding bitcoin contracts with leverage/margin?

 

[shriekpurser]

That is bad news. People might have started pulling their money out.

 

[outhoe]

Yes, I heard. Doesn’t seem that good to me.

 

[hilfspaul]

Binance is going to lock US user’s accounts in the coming time. The US users have already been getting notices with the warning to remove their funds from the platform as soon as possible.