What You Need To Know Ahead Of Binance’s US Restriction

What You Need To Know Ahead Of Binance’s US Restriction

On September 12th, users hailing from the USA will no longer be able to access Binance. Here is what you need to know.

Back in June, following an update to their terms of service, Binance announced that they would no longer be able to offer their services to US traders and would restrict the acceptance of US passport holders. With the statement officially noting that “Binance is unable to provide services to any U.S. person”.

They awarded a 90-day transition period, after which time, users from the States would become unable to deposit to their platform. Allowing time for traders could get their accounts in order. This period ends next Thursday, 12th September. From then on in, they will not be able to use Binace’s main service any longer.

Is this the end to their US operations?

Well, not exactly.  There are certainly what seems like progressing plans to create a separate platform, known as Binance USA, which should facilitate the possibility for traders within this region. The plans for which have been progressively outlined over the last few months.

The platform confirmed that this would be facilitated by BAM Trading Services, with whom they would license their matching engine and wallet technologies. Upon the announcement of this new deal, CEO, CZ Zhao announced his excitement to “to finally launch” the new product. Shortly after though, he also emphasised, that some “short term pains may be necessary for long term gains.”

Where is Binance USA?

While a www.binance.us website has already gone live, so far, Binance USA has not been formally rolled out. Thus, these pains are looking like they are becoming more and more likely. Now, with the clock now ticking, the race is on to see whether they will be able to implement the US service before the deadline for US users. An issue that could be dramatic for the exchange platform, the users of which are around 30% American-based.

This points towards the probability that they are going to fast-track Binance USA into existence. This has been indicated following the announcement last month that the platform has expanded the digital assets that can be made available to users and has considered support for 30 new trading options.

These include Bitcoin (BTC), EOS (EOS), Ether (ETH) and Tether (USDT). Currently, these are said to be under review in accordance with the Digital Asset Risk Assessment Framework the platform has laid out in order to ensure legal compliance.

Will It Make It In Time?

With this considered, the likelihood of the new US-targeted platform hitting the market in the near future certainly looks high. However, earlier today, CZ Zhao was hesitant to announce a full roll-out date.

After being asked on Twitter whether or not the deadline for US players would be extended while waiting for the new US platform, the CEO responded, “@Binance should not have any US users, as per our TOU. We will continue to improve our monitoring and help identified users with a seamless transition to @BinanceAmerica. As a tech partner, we are working hard to support their launch ASAP. No need to worry.”

While this looks promising, with just over a week remaining, it will be tight. Meaning US Binance traders may be at a loss for a place to trade. This could cause them to seek alternatives before Binance US has the chance to go live.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021

Bitcoin On The Rebound Following Elon Musk’s Latest Announcement

The price of the world’s largest cryptocurrency is rising again following the latest comments from Elon Musk. Bitcoin’s price has climbed and stayed above $40,000 on Monday 14th June, following an announcement by Musk that Tesla will, once again, start accepting BTC payments. The latest comments have proven once more what a powerful influence the […]

16 June, 2021

Bitcoin Is Now Legal Tender In El Salvador

The world largest cryptocurrency has become a legal currency in El Salvador. Following a congressional vote held on Tuesday, a significant majority agreed to adopt Bitcoin and use it alongside the country’s other currency, the US dollar. In the words of El Salvador’s President, this decision has made “history”. Within the next 90 days, all […]

10 June, 2021

Google Updates Its Advertising Policy To Allow Crypto Ads

Global search engine giant, Google, has announced that it will be accepting cryptocurrency advertisements targeting customers in the US. This change to the tech giant’s financial products and services ads policy is expected to be made at the start of August 2021. As a result, operators of cryptocurrency exchanges and wallets will be able to […]

8 June, 2021

Coinbase Stock Loses Over 25% Since April IPO

It was hailed as one of the greatest moments in cryptocurrency history. The Coinbase IPO was seen as the tipping point of the sector, a moment when cryptocurrencies will finally find their well-deserved place within the financial industry. Interest was high, and when Coinbase (COIN) began trading on the Nasdaq on April 14, 2021, the […]

26 May, 2021
Bitcoin,Cryptocurrency,Social Media

Bitcoin Drops by Over 30% to $30,000 After Another of Elon Musk’s Tweets

Tesla’s CEO and among the top three richest people in the world, Elon Musk, has yet again sent Bitcoin and other altcoins on a wild ride that saw the markets bleed after massive sell-offs. In a flurry of tweets that begun on Sunday, Elon seems to have implied that Tesla would liquidate its Bitcoin holdings. […]

20 May, 2021

Tune In To The 4th Edition of the AIBC Pitch

On the 25th of May 2021, Dubai will once again play host to the much-anticipated Draper-Aladdin AIBC Startup Pitch. 100 companies operating in the exciting fields of AI, Blockchain, Quantum Tech, FinTech, Big Data and IoT will be showcasing their ideas to investors and other stakeholders. Up to $500,000 can be won by any single […]

16 May, 2021