Bitcoin bull run due to Binance no longer serving US customers?

[carrigan]

Personally, I'm still confused about the relation of Bitcoin bullrun and the new condition of Binance not serving the US citizens again.
However, this new rule is as the impact of strict regulation by the US, isn't it?
Whatever the new condition, I really hope that the market will be better again, we know that Binance is the biggest exchange for now and it probably gives some impacts

[hatshepsut93]

I don't see a reason why this can be viewed as bullish, both supply and demand on one exchange will be reduced, and Binance does not have a monopoly on Bitcoin market, so it shouldn't cause such a big price change alone. Also, Binance said they will start enforcing it one September 12, so there's plenty of time until some potential effects will come into play.  Overall it's most likely just a coincidence, Bitcoin has entered a period of big price movements, so naturally people try to find explanations, but the real explanation is that we are simply in a new bull cycle.

[wwzsocki]

...I know that this news isn’t the only factor that made Bitcoin’s price go up, but could this be a major reason nowadays?...

Personally, I think that this information stopped the BTC price run to 10.000$ and not the other way around.

You are assuming OP that all these people in the U.S started buying as crazy because Binance gets closed in 3 months?

I think this will be an issue and we lose some volume but still, I repeat after you: there are enough Dex and other exchanges that U.S citizens will able to buy BTC.

[rdluffy]

I don't think this is the reason, we are in a good trend and BTC is growing in a good pace
US customers will trade altcoins on other exchanges, there are other ways to do that

[muratsink]

BTC has a large trading volume at Binance.  Binance's DEX system makes Binance get a positive rank from crypto users.  I think this is good news.  and that affects the price of BTC.  but I see BTC creating a bull run, but the altcoin creates a bear run.

[creeps]

while this could have been one of the reasons of the bull run
I highly doubt Binance refusing to serve US customers was the cause for sucha  growth
besides the trending started much earlier , this is simply a coincidence
but I do not like how the top exchanges simply cut a solid part of their customer base off
there must be troubles with the US financial and other institutions so Binance chose not to bother and risk anymore

There must be a good reason to cut the service to the US customers but I don’t think this one as the reason of breakout. Its not a direct news about bitcoin so its hard to say that, we can be more positive by looking at the chart and it say the uptrend is still good. Binance continues to develop, it can also be the reason of pump but no one really knows it.

[NeverSop]

Indeed. I personally think that is just one of the reasons to push bitcoin up again at $ 9k. But it is difficult to really consider whether this is the main reason? I think it originates from the trade war between the US and China. along with the latest statements for the G20 meeting. I would not be surprised if bitcoin continues to rise and touch $ 10k in the near future.

[pooya87]

i don't see any connection between the rise and Binance news at all.

- the price started going up after the news came out and with a big space between them. usually when news is  the reason for a rise or fall, it starts before the news or at best right after the news not a long while after!

- Binance is still an altcoin exchange and not a bitcoin exchange so whatever they do will not have any significant effect on bitcoin price and this news was so small that it could not have any effects. lets not forget that despite all the speculation, Binance hack had no effects on price so why should this news?

- price was already on an uptrend trying to break $9k. the rise above it just coincided with this news alongside a ton of other news that the article shared in OP is deliberately ignoring!

- and finally it is such a small rise (4%) that you can simply ignore it since it is categorized under daily fluctuations.

[pieppiep]

Bitcoin bull run could be from many options and not just from binance or else. We know that the bitcoin price can go to a higher price without any notice, and we could only see what will happen later. So I don't think that it is from the binance itself and I think that the time for bitcoin to increase is come although after we reach the higher price before, the price now is down again. But still, the chance for bitcoin price to increase higher still wide open and we should be patient to wait. So let's wait for what will happen with this week and hope that bitcoin can increase more than $9500.

[maxreish]

I know that this news isn’t the only factor that made Bitcoin’s price go up, but could this be a major reason nowadays?

Yes, it is not the only reason. Their are many big news regarding bitcoin that may bring up to increased it's price. Some said the price hike of bitcoin is related to the near halving event of litecoin. Honestly, I do not if this kind of news really affect the price since I am hearing such expected $9000-9500 price speculates by some crypti enthusiasts.

This is the news: https://www.forbes.com/sites/billybambrough/2019/06/14/bitcoin-suddenly-bounces-heres-why/amp/

[figmentofmyass]

It is also important to say this is only affect users who are not verified, others can mask their IP by VPN / proxy and still use this exchange because there is no obligation for KYC for withdrawals under 2 BTC.

i'd be surprised if that lasts for long. with FATF guidance coming out in a few days, we're gonna see renewed pressure on exchanges to implement stronger AML/KYC. they're talking about regulatory transaction reporting on anyone who moves $1000+. if binance doesn't comply, malta is gonna show them the door.

[veleten]

It is also important to say this is only affect users who are not verified, others can mask their IP by VPN / proxy and still use this exchange because there is no obligation for KYC for withdrawals under 2 BTC.

i'd be surprised if that lasts for long. with FATF guidance coming out in a few days, we're gonna see renewed pressure on exchanges to implement stronger AML/KYC. they're talking about regulatory transaction reporting on anyone who moves $1000+. if binance doesn't comply, malta is gonna show them the door.

definitely not going to last , I fully expect them to cut the daily withdrawal to some retardedly low sum
or introduce KYC on the first withdrawal over a total sum of , say 0.05
Binance can not just ignore what the US says , heck almost none can ( except China ,Russia ,Iran ,North Korea , India ... well some can )
and the course of action here is simple - cut the ways that money can flow in and out of the US economy
control it and tax it , or confiscate it when needed

[Genamant]

i heard binance will be launching a new US fiat-crypto exchange similar to coinbase
so i think this booting of US customers from the current platform does not have reclining effect
its not a bad news at all

[Artemis3]

That's strange coz if binance suffers all the market suffers. US citizen distriction is suffering for sure.

It also shows the US market isn't as important, this is the worlds's leading exchange after all, and the most people moving bitcoin are Chinese, with Europeans and Russians not too far behind.

Given that the regulations are for US citizens, it makes perfect sense to separate it, to not annoy their main customer base.

Otherwise you would have to attempt to discriminate users by country, and that means kyc...