Binance.com and Binance DEX will block US users soon

[CryptoKujira]

SEC is bringing the hammer down.

Binance.com to block all US customers Sept 2019, but will open new Binance US exchange soon. They had to partner with someone to pull it off.

Recently, Bittrex decided to block US customers from trading 32 coins.

https://bittrex.zendesk.com/hc/en-us/articles/360028996652

Now, Binance said they will soon block all US customers from using Binance.com and Binance DEX. Simultaneously, they will be opening a new US based exchange called Binance US. This new exchange is likely to have a limited amount of coins available for trading, similar to same set of coins on Coinbase, probably.

Read their updated Terms and Conditions here (Section 3):
https://www.binance.com/agreement.html

"Binance is unable to provide services to any U.S. person. "

Binance US is coming soon
https://www.binance.com/en/blog/346...es-Partnership-with-BAM-to-Launch-US-Exchange

 

[Badboy Enterprise]

Just in time
this will end with the manipulations of Wall Street

 

[Social God]

Wow. I used to be a full time day trader and this is sad news for me :/

 

[CryptoKujira]

Likely changes for US customers with new Binance US exchange.

1. All trades will be reported to IRS, similar to Coinbase, Kraken, and Bittrex.

2. A lot less coins available for trading, since only SEC approved coins will be used. Probably a similar set of coins as Coinbase, to start, or even fewer. Hints by CZ are that it could be only the big three BTC, ETH, and LTC to begin with.

So unless they have cheaper trading fees than coinbase, and/or higher liquidity, then probably no reason to use Binance US over Coinbase. Will have to wait and see though.

 

[Heiko]

Will this eventually happen to all the Cryptocurreny Trading sites for US Users? This will be a hard hit for a lot of Cryptocurrency traders!

 

[nakamura]

"Land of the free"

 

[CryptoKujira]

Will this eventually happen to all the Cryptocurreny Trading sites for US Users? This will be a hard hit for a lot of Cryptocurrency traders!

Likely to happen to all trading sites that allow US customers. I'm only guessing as I don't know their biz strategies.

However, trading isn't going away for US customers. It will just be limited in that we'll have a lot less coins to choose from. Oh yah, and now gov will know every trade you do on Binance US exchange. So if you didn't report your Binance trades before, you better start.

Bye bye BNB coin. Thanks for being so wonderful to me over the years.

 

[guoguo914]

Well this is the end of Binance for US traders right? BTW, does anyone know Binance's user composition? I think US traders is only a small fraction..

 

[CryptoKujira]

Well this is the end of Binance for US traders right? BTW, does anyone know Binance's user composition?

I think US traders is only a small fraction..

Scroll down to traffic by country.
https://www.alexa.com/siteinfo/binance.com

US had 23% of all traffic on Binance. We have more crypto traders than anywhere in the world. We have the most money to invest, and the largest group of wealthy elites.

This is the end for US traders on binance.com yes. But they are opening binance.us which is going to have way fewer coins available for trading, and probably a lot less liquidity. Most of the shitcoins listed on Binance.com would not be approved for trading in the US by the SEC. If you want to see what coins will probably be available on the binance.us exchange, see coins at the following exchanges

• Bittrex (low volume; crap liquidity)
• Coinbase
• Huobi US (low volume; crap liquidity)
• Kraken

Be aware Bittrex just recently blocked US customers from trading 32 of their coins. So you may see the coin listed, but that doesn't mean US peeps can trade it.

 

[GoGuerilla]

Isn't it funny how Binance has to block access to a DEX. They can't really restrict that lmao

 

[JonathanGwrites]

I frequently get emails from Poloniex about them shutting down access to certain coins. I guess they're not the only exchange doing this crap.

 

[CryptoKujira]

I frequently get emails from Poloniex about them shutting down access to certain coins. I guess they're not the only exchange doing this crap.

Now that Binance has pulled the plug, you can bet your bitcoin every exchange in the world is going to take the same measure. Many have already. Nobody wants to risk dealing with SEC, lawsuits from our gov, and potential hefty fines or jail time. And you can now count on every exchange in the US to do a complete review of their existing coins. Those that can't pass the SEC test, they are gone.

Coinbase is the only exchange that has worked with the gov for the past few years, ensuring everything they do is OK'd by the SEC. Now they will reap those rewards.

 

[Tokzy wonder]

Hmmm, so sad.

 

[WatchMaker]

They are about to make an agreement and Binance will launch binance.us for the U.S citezens.