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The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Changpeng Zhao said it's going to be a fiat-crypto exchange. It'll probably be more like Binance.je than Binance.com, but hopefully I'm wrong and there will still be lots of available markets for US traders.

I believe part of this has to do with offering security tokens not registered with the SEC, and Binance's unwillingness to register as a national securities exchange. Bittrex and Poloniex have made similar moves. It's possible that most markets will still be available on the .US domain, minus a few dozen of the obvious securities.

Yeap, this is definitely most likely. Unfortunately for the Americans, it looks like the coins/tokens that would be able to trade will be very limited. Binance Jersey is pretty much only limited to BTC/ETH/BNB/FIAT pairs. The US version is most likely to be the same.

Wow, that's an excellence move and a cunning one, they knew that the US is such a huge market and they don't want to lose this market, they want to maintain their status as the number one exchange in the market that can cater to everyone, great move for this exchange but with the regulation they are going to trade in a limited pairs.

I think this is good news for the people in America, I already saw people who wanted to move to Europe because of the strict rules for ico's and now Binance to.
I don't understand why they are so strict in the first place maybe they should handle their real problems first, like the gun laws, innocent people getting killed with guns probably every day, and the huge gap in income, their always increasing debt (still spending the most out of all countries on the military)

And now they cant even trade on Binance anymore,(Free Country Btw) for some people their Money is actually stuck on there and it will take some time to get it off Binance.
I imagine it's not a fun time for them!   

i see two possibilities here.

1. binance is segregating USA from international customers the same way bittrex did with their international platform. the reason bittrex did so was to comply with the SEC by ceasing to offer securities to americans. as a result, USA customers on bittrex don't have access to most IEO offerings + a few dozen security token markets, but we still have access to hundreds and hundreds of altcoin markets.

2. the binance jersey route. this doesn't make as much sense to me but is obviously possible. i don't see why binance would bow out of the USA market like that if bittrex and poloniex aren't going to.

i don't think they can take that much of the market share if they open up a new "fiat" based bitcoin exchange targeting US only while there is a much bigger and better exchange called Coinbase exists which has most of the market in its control.

The Bittrex move is what I had in mind when I first heard of the news about Binance US.

It's interesting to see what happens to the entire Binance volume after this. With limited trading pairs available to the US market, I expect a huge decline in volume but that remains to be seen.

And it could be because of SEC suing KIN https://www.sec.gov/news/press-release/2019-87. So Binance stay one step of the game by offering a separate trading for US residents only. It's a bold move, but at least they have dodge another bullet in doing that.

Probably US citizen wouldn't have any access to most of the alts Binance was originally offering. Market is reacting negative over it although its uncertain that how US users were in Binance since. The separate trading platform would mostly like direct competitor to coinbase, still BNB is doing good simply because BNB has alot of incentives like ICO, discounts and variety of quality coins, i think binance.us wouldn't be a great alternative but lets see how things goes out

I look forward to Binance offering a platform specifically for U.S. customers, since the options currently are somewhat limited. I registered to Kraken and perhaps will do so with Gemini soon. My main concern, besides the integrity of the platform, is how resilient it is to hacks. The unfortunate thing about Binance is it's proven itself to be resilient, so it's a bit annoying that U.S. regulators have made it go through these hoops. I am hoping there will be a seamless or near seamless transition.

That is a good move to take for the binance team knowing that US residents are somehow restricted in other cryptocurrency trading or investment so binance is reaching out these people. Binance also knows that with the US residents having Binance would let Binance grow. But of course it also needs license to operate so Binance team nust secure a license first before they can start operating for the US residents.

maybe this is a good way for the people of the USA who want to go back to trading at binance. but I doubt if binance only opens a special trade only for the USA people, will it disrupt the decreasing sales volume? explanation please

I think the current pump (%5) caused by binance. They had lots of US citizen customers and they are just selling their alts and buying btc.

I wonder how things will happen from now on. Binance volume will drop obviously but binance US will get the difference or it won't be used by US citizens much.

It’s now a high time to move everything out of exchange. One should never trust them will keep their promise. They will always change their policy. I’m glad to escape the hassle to comply with kyc bs requirement, and now they impose yet another region lock bs, I’m not interested to wonder what’s next, exchange tariff? Levies? Finger print? Eye scan? Certainly not a chance.

Can't blame them indeed. Now US people will be forced to seek OTC methods or even just find ways online. Get some Bitcoin from ATMs maybe and then go online to gamble, and use those internal exchanges. I simply see no easier or cheaper way with the way things are going. Coinbase will love this development won't they?

I think the first one is more likely, but I don't think they will have access to hundreds. I'm gearing more towards like what Huobi did; with Huobi Global having the hundreds of cryptocurrencies, while Huobi(US) only has access to like more or less 20.

It's due to SEC of USA categorizing most of the crypto as securities and having a different set of regulations that is difficult for a crypto exchange to fulfill. Binance US would also be in full compliance with SEC and consist of few number of crypto but most probably have an option of fiat deposit and withdrawal.

Before this article came out, I've read from a different discussion that it's likely that they will do this. Creating separate domain and website just for the US market. CZ is smart and he won't just leave a huge market just like that without any alternative solution.

That caused also a dump for Binance coin but that dump doesn't really affected itself because it has recovered immediately as it joins the market to be green again.

Well, the Bitcoin dominance has slightly increased from 55.5% to 56.5%, and that may support your claim. But at the same time, the BNB prices have remained roughly stable. In case what you are saying is true, then we should be witnessing at least 10%-15% drop for BNB (versus Bitcoin). It may be one of the reasons, but not the main reason.

I like the move, we don't want to see the US financial compliance department destroy binance. Instead, binance should have US friendly and compliance exchange in the States soil. Wise step by CZ again. 

I mean, that's pretty much CZ's only possible move as far as I know if he wants to continue to serve their users from the US. It's either they create a separate Binance version for the US(just like some other exchanges did), or they'd just completely stop accepting US customers.

I knew that they would find a way to solve this situation, once again I am convinced that binance proves its status as "TOP".I hope this will happen quickly and will not affect the interests of users.

That seems like a pretty interesting idea, we'll see what comes out of it and how it works.

Probably the same thing with separate compliance rulings(Terms of service and privacy policy). So the ones who prefer it are being really lucky then.

I personally didn't find it too appealing before, let's see how their other platform is.

I think this should be a good news for the United States since they are still going to be able to use Binance services. Even though they can still use other trading platforms, I think Binance is still the best trading platform you can ever use right now. But I think due to the strict regulations of their government, their will be limitations that will be implemented.

Binance continues to build up a very good reputation. It was only recently when the exchange lost 40 million dollars worth of money. And yet they decided to cover the losses of their users in full amount. And now that there are issues with additional requirements for US residents, they are making sure that everyone is able to use the exchange nevertheless. I hope they succeed in following the requirements and keep up with great actions like these. This way binance stands out among other popular exchanges. It's beneficial both for users and for the exchange.

A cheering news at last for the citizens who loves crypto. I look forward to the time where all these will end and the populace would be free to transact anywhere anytime

If the US platform is anything like their Jersey platform, it'll be a total flop. US traders use Binance for the abundance of markets and lack of KYC. If the US site doesn't offer those things, nobody will use it.

People think this is just bad news for US traders, but it's also bad news for token markets. With US traders being increasingly fenced off from token markets, there will be less demand and liquidity for tokens. Maybe ICOs, IEOs and STOs will therefore take a back seat and the market will return to the good old days of pumping altcoins.

I think they will.I don't think Binance wants to loss such a huge market like US.Million of customers,Millions of money they want to loss no.I think they already preparing for the launch some similar platform under the federal law of US.If they follow the rules government wanted they do not need to need against it.

Yes indeed the US is a country that is quite strict in regulating taxation and business affairs. But I am quite happy because binance has a way out of regulations issued by the US, although binance will be a national scale exchange but I don't think it will lose to the main binance. But my question is, will the volume be accumulated later with binance.com?

So sad actually to see this news because the US become one of the most citizens that much influence the market. However, I also think the US really has a very strict rule and regulation for the crypto world. And the plan to make a different market for US citizens, I think it will give impacts on the general market. Hopefully, it still provides the advantages for the market enough

So that was the reason that blocked USA citizens from trading seems Binance want to be the biggest exchange in the world which has its local exchanges for every region the CEO of the exchange really has a strategy and do it great as a business.

I guess Binance did the ban because of the strict laws of the US, Yes its unfortunate for them that they will get only a limited trading pair and will miss some big opportunities on trading in the Binance platform but it is better than nothing right? :) I do hope that the US government will be lighter on the rules and regulations about Crypto Currencies in the future so everyone will get the opportunity to trade with fewer restrictions.

On the one hand, this might be one of the effects brought about because of the trade war between the US and China so CZ also participated in giving a special place for users from the US or maybe the Chinese government who gave CZ advice like this.
However, the impact Binance got was not too strong especially to bring down the BNB

Even if such exists in the USA, likely, IMHO it would still not allow 'Tokens' like LISK to be traded. Why bother, at that point a year or so down the road by the time

this exchange exists in the USA. Such token issues would already be resolved or still banned. Binance, IMHO would still have to be 'completely' disconnected from its

the overseas counterpart for this to work, just no way, IMHO, you can have an unregulated foreign exchange still have connections with a KYC fully vested USA exchange of the same

name etc. That just is NOT gonna fly in any manner, IMHO.

Great this pretty brilliant idea from the binance company trading exclusively separate platform for US citizen using crypto currency.
Good luck to US crypto ethusiasm and for binance hoping this moves can give possible big impact to the crypto community.

   

This would start a trend of global exchanges creating local versions to accept fiat and bank transfers along with crypto exchanges that comply with the local laws.
It would be going to be another coinbase for US citizens. But for a real crypto exchange, they require to look elsewhere, and here is where decentralized exchange comes to spotlight. One's that does not require user to verify anything as they'd just be facilitating user to user trade.

here's my guess. they are aiming for the bittrex model, not the coinbase model: create a modest fiat gateway service that reinforces liquidity on the exchange, then focus on hundreds of altcoin markets. unlike coinbase, that's their bread and butter.

it may be an unpopular opinion, but i believe binance's USA site will still have a huge number of listed altcoin/token markets. perhaps several dozen less than binance.com but i don't think it will be the barren wasteland everyone expects it to be.

compare bittrex to bittrex international. that's the comparison to make, not binance.je to binance.com.

I don't think that they even dream of creating the .us platform without KYC.
It will be like asking from the first second to get in trouble.
As for tokens, bad news for them is good news for the markets, those shitcoins need to be isolated and I would be happy if the only place they are allowed to be traded is some sinking atoll in the Pacific.

Binance was great as it was a wild west, no kyc, full of pump and dumps, every shitty token you could ever dream, once they start cleaning and meeting requirements they will turn to a desert.

Yeah definatly  this is a good news for all American  citizens.. this increase the future of bitcoin..

They will certainly do that, find ways to still retain the market, US market is a big market IMO, so that will hugely affect their income.
Every country has different regulation, some are just overly strict, some are just lax, but to ensure to have a effective business model, they need to adopt with the law all the time.

bnb wont be listed so no discount on trades there. Wonder what the price will do without the us traders.

With Binance opening separate trading platform in US  we can expect positive development for crypto and Binance will be direct competition to coinbase and kraken

There is still chance BNB will be listed if they pass compliance by the US regulation. If not they US traders can trade BNB on Binance Dex as Binance Dex not going to block US traders.

The US market is so big that no one just wants to keep it. Moreover, Binance's competitors are working in the USA and they will be happy to entice Binance users to themselves if they leave the US market. I think that this practice will apply more and more and not only to the USA but also to the EU countries and Asian countries. Everything goes to the fact that crypto currency exchanges will be regulated by government agencies. In any case, all the major exchanges.

Okay, and then how will you do day trade?


the exchanges created such policies when there was not yet great pressure from governments, today with the great pressure of governments the exchanges will be forced to change their policy. I would not be surprised if in the future the exchanges have to create several exchanges for each country to comply with the laws of each country.

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This was already expected to happen.

I guess USA is already blocked in Binance DEX.
You can read the full details in this article - https://cointelegraph.com/news/binance-dex-will-geoblock-users-from-29-countries-including-the-us

It seems to me that the new rules for the use of cryptocurrency and cryptocurrency trading in the United States of America may be coming soon.  Certain law enforcement agencies seriously took up the facts of abuse of certain people by the cryptocurrency market in the state, and also use every opportunity to avoid taxation.  Most likely, certain rules for cryptocurrency trading will be implemented, and based on this, various trading platforms can take advantage of this situation.

This would be a huge breakout for Binance exchange and i think it would also increase the participants that trade with Binance Exchange, hence increasing the value of it's coin as well. Might as well get me some BNB coins to hold for a long term.

Oh thanks God coz I was already thinking that I had no chances trading there. I've been using Binance since the beginning and don't want to change an exchange.

That means we don't need to leave binance and binance won in this fight with the gov. Cool.

I wouldn't say that. Binance is still allowing daily withdrawal limits up to 2 BTC from unverified accounts. At current prices, that's over $18,000. The new FATF rules (according to earlier drafts) will require KYC reporting at $1,000/€1,000. Sadly, Malta -- Binance's regulator -- is very unlikely to allow Binance to continue operating in this manner. We're already seeing governments enact the FATF draft rules before they are officially released. Lithuania just enacted regulations reflecting the new rules (https://cointelegraph.com/news/lithuania-to-regulate-cryptocurrency-exchange-sector-with-obligatory-id-checks).

I still don't understand the logic. Why do they need separate platforms for US and non-US users? They are implementing KYC requirements for the US residents and that should do the job. If they create separate platforms, then the trade can get affected due to low volumes for the smaller altcoins. Or is there any legal issue against the sale of cryptocurrency by US citizens to non-US citizens? That should not be the case, as exchanges such as Bitstamp and Kraken does not force US users to trade on a separate platforms.

Bitstamp and Kraken don't offer many assets that could be deemed securities. That's the major distinction to make here. Binance has a much longer list of markets, including dozens of such tokens. The SEC doesn't want US investors accessing these markets.

Bittrex has segregated US and international users onto different platforms -- and removed US investor access to lots of tokens -- for the same reason. It's not just about KYC requirements, although I'm pretty sure that'll be mandatory on the new US site as well.

i'm not sure you've thought this through. have you checked BNB's chart? it dumped 13% against BTC the day this news dropped. that's because holders know this is terrible news for binance.

high volume and liquidity is what attracts traders and drives growth. losing USA liquidity on binance.com does the opposite. by segregating the two regions, each site will have a smaller combined liquidity as traders move elsewhere.

We can also try out other exchanges. I know Binance is one of the good exchanges out there, but we should keep in mind that one must come and go and there will be an another option for us..

This is a news that pertains with the importance of US citizens as well as its fiat in cryptocurrency. Imagine, they separated us dollar from cryptocurrency, what a good deal from them. I know that us investors are good and wealthy. So, they must acknowledge their existence also.

This is a very interesting news I have heard today. All this while US residents has been restricted to partake in ICOs and IEOs and even not able to trade on exchanges. This is a nice idea by Binance and I think will increase the number of people interested in crypto.

Binance seeks to continue being the number one exchange platform, this being the reason for its development of a decentralized system also. It realizes that it needs to be able to serve the US markets, hence, the development of a Binance which is compliant with the regulations of US. It's a good business move though.

This is a good step for both sides. I hope there are no limits on this trading platform so the US citizens can move freely with trading. Even though there are other exchange sites out there, having Binance is the best trading platform you have right now.

They have taken this a good step. Actually Binance is better now. And one of the trusted exchanges. It's a good system to trade in. I think their arrangement is so beautiful. And they will be able to use more of their market.

It always seemed to be very strange: they are really restricted to participate in these projects, but despite this prohibition, the USA is exactly this country, where the biggest percentage of people in involved in cryptocurrencies deals, trading or investing.

Binance well done. Smart decisions lead to great success. But it seems to me that the SEC securities Commission can get to them there. It will be interesting to watch how the company led by CZ will have a conversation with them.

Bloomberg reported that Binance would "immediately receive customers to convert digital tokens into fiat currencies", Binance representatives clarified to Cointelegraph that "Binance.com uses pure crypto-to-crypto." A local company opened in Malta opened. Binance Malta expects that it will start the fiat trade with the euro-Bitcoin (BTC) pair, this representative told Cointelegraph. Zhao told Bloomberg that Binance would also open crypto exchanges in Jersey on the Channel Islands with around 100 office staff, signing a memorandum of understanding with the authorities in Jersey.
In early June, Binance announced the establishment of a $ 1 billion cryptocurrency-based fund, seeking 20 partners with at least $ 100 million in managed assets.

Binance always gives the best for crypto users, therefore this exchange is the best exchange at the moment. Binance has a different concept with other exchanges, I am sure as soon as possible, the Bnb will also rise after Binance US is launched. Binance will be a trading road for US citizens to trade crypto.

They only transfer technology and the way of doing business and all the tokens listed will be subject to US regulations.  The most important thing is still the business strategy.  But with Binance's reputation I think that is the advantage.

The US government has strict rules that regulate the use of cryptocurrency usage. I know a lot of bounties that require KYC reject the US citizens and do not allow them to participate. I think its a good idea to create new exchange for these citizens to enable them trade too.

Binance exchange is always spearheading great innovatives in the field of exchanges. The United States is  a large market which cannot just be taken away from crypto trading due to their laws. It's great that Binance Team have planned to create an exchange which would comply with all US laws so that citizens of US can trade on that exchange.

Binance reaction is very fast in anticipating laws in America. American market is one of the largest markets in the world and almost all exchanger targeting to enter American market, by opening special exchangers for Americans, and this provides binance opportunity to maintain daily transaction value