Bitcoin Forum

Day by day U.S. citizens continue to have increasing limitations on participation in the Crypto space due to antiquated legal policies that have no business being applied to modern technology.

Binance's barring of U.S. trading is the beginning of a ripple effect that we will continue to see unless we take action.

We have the right to financial freedom and congress must hear us.



Take 5 seconds to sign the Change petition at: http://chng.it/ZzVSr7sL

Binance.com stopping to give services to people from US does NOT mean US banned crypto! how do you even come up with that kind of conclusion?!

the only thing that it shows is that Binance.com does not want to or can not comply with US anti money laundering laws, it is possible that they are laundering money specially with all their tokens that they keep creating out of thin air without them being backed by anything (exactly what Bitfinex does with Tether).

it is also because they are creating a new platform for US citizens only https://www.coindesk.com/binance-says-its-launching-a-us-exchange-with-fincen-registered-partner


you gain financial freedom when you use a decentralized currency (ie. bitcoin) not a centralized website/service called Binance.

Let's correct the wrong impression that this is a ban because this is not. All USA customers are to be transferred to another platform still under the management of Binance so they can be complying with US laws. Sure, there can be strict implementation of the KYC requisite but then that is the compromise they need to make in order to continue doing business in that big market. People who are afraid to submit the KYC requirements have to decide whether to stay or just go silently. In our modern and hi-tech world, no matter how complaints we can make, there is no way we can get away from the power of the government and that is the reality.

In fairness, the OP has brought up a good point regarding the antiquated laws of the U.S. in relation to crypto. The U.S. has several agencies that are in conflict over the definition and treatment of cryptocurrencies, and they are simultaneously trying to exert pressure into the space. This has the effect of inconveniencing investors as companies must stop servicing Americans. Unclear regulations also prevent new companies from raising the capital they need to compete.

Fortunately, Binance will offer a website specifically for Americans, but it seems unclear when this will be available. There isn't a ban on crypto, but the lack of regulatory clarity is stifling competition.

These petitions don't do a thing, you can easily use multiple email addresses to sign this petitions so this ain't even a good way to estimate true backers.

But hey, I'm happy to be proven wrong.

US had categorize a lot of popular coin as securities that won't be able to traded freely as other cryptocurrencies inside the US. So, though they get an exchange, it would be limited to few options which too can come into shadow of SEC and define them something else or just illegal.

It is not a complete ban on trading but having a limited number of cryptocurrencies to trade. You can still trade those that are not considered as securities. This is quite the same with happened to Bittrex. I wonder if there petitions back then  ???

The issue with a lot of financial regulations is that they're always being applied under the assumption that every market that exists is the same and that there are no new regulations required (if at all) for the emerging markets. Crypto is just one example of markets that only loosely fit into the existing regulations that most countries have established. There are significant differences between crypto and securities, especially considering the ease of transaction present with every single crypto in comparison to traditional securities.

Binance will find a way around these regulations, or at least there's a decent chance that they'll figure out something to allow for the market to continue, but the lack of interest from policymakers to develop new crypto-encompassing regulations at the very least is worrying. There should be nothing stopping them from taking some time out of their day to develop a very minor addition to existing financial rules.

Binance will have it's own version for US citizens/costumers only. So there is no banning of crypto trading for US citizens, it's just that their government is heavily regulating everything and consider crypto as securities unless otherwise. However, we do really need to go to the extend of having a petition though? For me it doesn't make sense, crypto and regulation could co-exist in my opinion.

I’m kind of expecting it to happen, it’s just a matter of time for US govt to go full retard on btc, because their work to impose economic sanction on the entire world would goes into waste, look at gold today, I’m not telling you what they did, try to read more books, and think why they hoard gold like a retard.

has a change.org petition ever accomplished anything? :P

there's a bill in congress that would amend the securities act and securities exchange act to exclude digital tokens. that would probably solve all this USA segregation we're seeing at altcoin exchanges right now. see here: https://www.congress.gov/bill/116th-congress/house-bill/2144

Binance is only one exchange, use others that don't restrict you based on your Geo-location.

And if the US gov ever does restrict crypto . becoming an expat is always an option.

We are giving too much importance to the Exchange, I wonder instead what they will do when the decentralized ones will have interesting volumes.

These limits imposed by governments (in particular from the USA) are the last attempts to stop "the sea with your hands". Repression will be the only solution, but at the same time an admission of impotence in stopping something that is impossible to stop.

As for the petition, I find it pathetic and useless; nothing has ever been achieved with a petition.

but this doesn't have anything to do with US government and it is not even new.
this news that came out of Binance not the government, was because they were planning on creating a new website platform that includes fiat so that they could enter bitcoin trading (with fiat) and focus on US customers. that is why they started it by first forcing their US customers to migrate to that platform.

Yes, we need regulations - this isn't meant for the hard-core libertarians here - but we need smart regulations. So we need to put pressure through political reprentatives to create laws more accommodating to this industry. Politicians are generally more interested in listening to lobbyists who can fund them than the little guy, which is why this industry must band together to show some force. So I am all for petitions, however symbolic they may seem. Gradually, this industry is getting better and stronger at lobbying.

These agencies have already shown that without pressure they will not change. I think as cryptos become more mainstream the political pressure will begin to mount and force the hand of the politicians. Since bitcoin ain't going away, the politicians will be forced to swallow this bitter pill of reality.

That's how Binance is trying to frame it to save face, but if you read between the lines and look at what Binance's competitors are doing -- namely, cutting US customers off from securities markets and IEOs -- it's clearly about pressure from US regulators. They would never segregate markets if they didn't have to.

Wait so binance is going to ban all us customers?

As others mentioned Binance is just separating their global exchange from USA and starting a separate exchange that comlpy with US regulations. It's not a ban imposed by the US government. Just a strategy to on-board USA traders by complying with USA regulations through their new US site.

I assume that there will not be IEOs in USA site as well as some other tokens that can be classified as security tokens. Furthermore, there may not trading competitions as well. However, Binance may accept fiat deposits and withdrawals for USA customers with the new USA site. We all know that accepting USA customers legally means Binance has to adopt those changes to those customers and personally I don't see it as an issue.

Isn't it the founder of Binance, Changpeng Zhao and it's co-founder Yi He are Chinese Nationals? Does their act of stopping giving services to US citizens are related to the current trade war from China and US? I'm just curious because lately Donald Trump banned Huawei in US then China gets its revenge by doing the same thing with Apple products.

Lol. Binance is easily one of the most respectable and popular crypto exchanges in the market which is your statement doesn't make any sort of sense here. People give it importance since it is one of the top exchanges and not many care about it being centralized.

Hmm. I disagree. Petitions have been successful minority of the time when the numbers were big enough to help the bigwigs notice.

Example : https://www.bustle.com/p/petitions-that-actually-changed-the-world-34309

I really don’t know what USA government and legislators stand to gain by making laws that limits it citizens in crypto space. I have read this news yesterday and I see that this government has not ended its attack on cryptocurrency and all this is been done to reduce the infect of bitcoin on usd but I see that in future any fight against bitcoin and cryptocurrency is a fight against the future and the state will regret this action. Binance is one of the leading exchanges and fighting it is like fighting the future.

yes you're right, the reason why binance stopped supporting US citizens is that they can't comply with AML regulations there. without binance, crypto there will still be. so don't be too fixated on this.

it is difficult to ban crypto even with any regulation, because crypto is an anonymous decentralized currency. so even if one or two markets are banned in the US there will be new markets that will be released either from companies or individuals.

It is irrelevant, Binance could close even now, BTC and the crypts will continue to exist. There are hundreds of other exchanges, and some of them are much more authoritative than Binance, but this is my personal opinion.

Evaluating the importance and reliability of an exchange only by analyzing volumes and the number of users is a huge mistake. MtGox teaches something.

But regardless of all that Binance does, these are corporate choices versus a number of users (US); we can therefore affirm that the petition is a huge useless bullshit.

The crypto world will go on (better) even without Binance.

You should know Binance is planning to launch a US based exchange called Binance.US link: https://www.coindesk.com/binance-says-its-launching-a-us-exchange-with-fincen-registered-partner
 
I don't see the reason why people are over exaggerating some things that can be answered just by browsing the internet
and you can clearly see in the articles the reason why Binance suddenly backed up leaving it's US costumers.

Again, wasn't Binance releasing another platform for the U.S.?

At the end, what will the congress do being realistic? - That is a private company probably not even based inside the U.S.

They can do whatever they want as long as they don't break too many laws. That is a wonderful opportunity for someone willing to take on that market and create a name for themselves in fact.