Binance to block US customers

[IIV]

Binance, the largest exchange by volume is now going to leave behind it's US based customers. Anyone verified as US citizen won't be able to trade while the IP from US would be blocked by default effective from 12th September, 2019.
Binance Dex is also blocking US IPs.

https://www.theblockcrypto.com/2019/06/14/us-customers-to-be-blocked-from-trading-on-binance-com/

[meanwords]

But why? US, according to the chart is giving them the most traffic so far and banning them doesn't make sense to me. I know I'm lacking information so I hope someone would fill us with this topic.

[Nalbo]

But why? US, according to the chart is giving them the most traffic so far and banning them doesn't make sense to me. I know I'm lacking information so I hope someone would fill us with this topic.

Most probably because US has strict laws regarding cryptocurrency and when you get into the US money laundering or tax accusation, you're f**ked.
That's why most of ICO's and exchanges blocks them. And they are particulary not happy when foreign company deals with their citizen without their consent.
Every business are afraid of US. Wherever you stay or operate, US is going to f**k you anyway.

[TopTort777]

If Binance blocks access to US customers, where else can they trade ? As a European, I'm not familiar with American crypto exchanges. What are the most popular ?

Anyway, they can always use OKEx.

[dothebeats]

This is taken out of context. CZ has announced a year ago that he is planning to create 10 crypto exchange in total, 2 for each continent that is, which means that the US will have its own dedicated platform. It seems that Binance is geographically isolating traders, or just complying to regulations for each region they are working on. Honestly though, it's hard to work on a platform and consolidate regulatory compliance since one rule might differ from region to region and perhaps that's what CZ and the team is trying to avoid. Anyhow, I see it as an okay solution for the rampant manipulation still going on. Traders can still use other platforms for cross-region trading though, so I don't see anything wrong with this.

[stfN2128]

I understand that their "normal" exchange bans users from us caused of the strict laws.
But i don't understand why a "dex" bans users... ok but same with cryptobridge. all DEX which restrict some users cause of their ip arent real dex to me...

[Apes]

based on the article, it would be very unfortunate this limitation would clearly reduce Binance trading volume because traffic in the last 6 months showed the highest Binance consumer coming from US compared to other countries.
the suggestion to use a VPN to bypass the restriction will make US consumers as easy targets for criminals because there is no internet traffic security guarantee.

[roosbit]

Is this the consequence of the US-China trade war being taken to another level or Binance just trying to avoid any legal infringements? To the extent of blocking us customers from its dex this sounds more serious than it is!

So where are people from the US expected to be trading their altcoins that are not listed on us exchanges? I know for sure coinbase can't handle this alt trading business for now.

[klaaas]

If binance blocks the usa ips i fear it is a matter of time or more and more countries will be banned in the future with tighter and tighter crypto rulings each year.

[fiulpro]

You will be able to still access your wallet though and at the same time it's not hard changing the VPN .

Even they are planning to geo-filter and geo-ban more than 50 countries altogether.

I have no idea why they are doing this but the owner quoted saying *it's essential for the long term plans *

They get 15% of the income from US , therefore it will also take a toll on them too.

[Shenzou]

Binance, the largest exchange by volume is now going to leave behind it's US based customers. Anyone verified as US citizen won't be able to trade while the IP from US would be blocked by default effective from 12th September, 2019.
Binance Dex is also blocking US IPs.

https://www.theblockcrypto.com/2019/06/14/us-customers-to-be-blocked-from-trading-on-binance-com/

Bitcoin and crypto may be accepted in the US but they are heavily regulated and monitored and the law is very strict towards them, and anyone could be using them for tax deprivation and money laundering and or other illegal matters , most of the ICOs and IEO also have restricted their customers from the us from participating in them, and i probably think that is why the Binance exchange is also doing so, but at least they are blocking IP and peopele can still use VPN to use it.

[Slow death]

So where are people from the US expected to be trading their altcoins that are not listed on us exchanges?

maybe this is an option to consider:

In the wider crypto sector, the Huobi Group — operator of the flagship Huobi Global crypto exchange — launched a U.S.-based strategic partner trading platform last year, initially dubbed HBUS, but later rebranded to Huobi.com.

Huobi.com now is https://www.hbg.com/en-us/markets

If binance blocks the usa ips i fear it is a matter of time or more and more countries will be banned in the future with tighter and tighter crypto rulings each year.

I believe it's just problems with the US and the restricted countries


this was already expected to happen in the long run

[butt_coin]

Binance isn't really

If Binance blocks access to US customers, where else can they trade ? As a European, I'm not familiar with American crypto exchanges. What are the most popular ?

Anyway, they can always use OKEx.

Bittrex, Bitfinex, Kraken, Coinbase if they count... but it's hard to say what "most popular" means since volume isn't necessarily popularity and neither is number of registered users.

[stompix]

Honestly though, it's hard to work on a platform and consolidate regulatory compliance since one rule might differ from region to region and perhaps that's what CZ and the team is trying to avoid. Anyhow, I see it as an okay solution for the rampant manipulation still going on.

How are other exchanges still operating in the US and Binance sees no other way than blocking?
Remember that they are the liars who said everything was perfectly ok, denying rumors while making their suitcases and fleeing Japan because they couldn't meet the regulations. And of course, others could.

They are currently residing in Malta, the most lawless and less regulated country in the EU, when the government will start looking into their business they will probably head for the Bahamas.

It's pretty obvious they are doing everything they can to avoid regulations and to avoid a country where they could be prosecuted for not taking measures to secure clients funds (like Japan demanded).
If they think they can play this cat and mouse game forever they are mistaken.

If binance blocks the usa ips i fear it is a matter of time or more and more countries will be banned in the future with tighter and tighter crypto rulings each year.

I believe it's just problems with the US and the restricted countries

As long as other exchanges are operating inside the US or allow US customers I have a feeling the problem is with Binance, not the US.

[Nadziratel]

Binance, the largest exchange by volume is now going to leave behind it's US based customers. Anyone verified as US citizen won't be able to trade while the IP from US would be blocked by default effective from 12th September, 2019.
Binance Dex is also blocking US IPs.

https://www.theblockcrypto.com/2019/06/14/us-customers-to-be-blocked-from-trading-on-binance-com/

Not just Binance, all major exchange are. I think US government decided something. Something wrong.
But it can't stop who want to trade cryptocurrencies. So many DEX are working right now. They can't leave anyone out. (ALL VPN ON)

[aad140386]

I also think that all this is connected with the tough US laws regarding cryptocurrency and obtaining permission to operate in this country and for its citizens. That is why in almost all ICO projects there is a ban on the participation of citizens of the United States. I did not go into the study of this problem, but I think that all the exchanges that are located in the United States are forced to provide reports to local authorities and are subject to strict regulation. In other countries, the attitude towards stock exchanges is more liberal.

[Beerwizzard]

But why? US, according to the chart is giving them the most traffic so far and banning them doesn't make sense to me. I know I'm lacking information so I hope someone would fill us with this topic.

Most probably because US has strict laws regarding cryptocurrency and when you get into the US money laundering or tax accusation, you're f**ked.
That's why most of ICO's and exchanges blocks them. And they are particulary not happy when foreign company deals with their citizen without their consent.
Every business are afraid of US. Wherever you stay or operate, US is going to f**k you anyway.

Probably every shady business is afraid of US. We all seen a huge amount of exchange hacks that may be artificially made by the exchange stuff. So if you add different kinds of scam ICOs then the general picture would show that some kind of strict control is desperately needed in crypto field.
It seems like binance also have something to hide.

[Tipstar]

But why? US, according to the chart is giving them the most traffic so far and banning them doesn't make sense to me. I know I'm lacking information so I hope someone would fill us with this topic.

Most probably because US has strict laws regarding cryptocurrency and when you get into the US money laundering or tax accusation, you're f**ked.
That's why most of ICO's and exchanges blocks them. And they are particulary not happy when foreign company deals with their citizen without their consent.
Every business are afraid of US. Wherever you stay or operate, US is going to f**k you anyway.

Probably every shady business is afraid of US. We all seen a huge amount of exchange hacks that may be artificially made by the exchange stuff. So if you add different kinds of scam ICOs then the general picture would show that some kind of strict control is desperately needed in crypto field.
It seems like binance also have something to hide.

Maybe or may not be.
US is know for overusing its power on anything they find challenging to them. Look at Huawei, its just plain whining.
Binance is getting over 15% of it's volume just from the US. It's one of their largest revenue source and blocking US must be their last resort.

[mindrust]

If Binance blocks access to US customers, where else can they trade ? As a European, I'm not familiar with American crypto exchanges. What are the most popular ?

Anyway, they can always use OKEx.

The US citizens can use gemini and coinbase. Both of them are located in the US.

The US has a strong dirty money/money laundering paranoia. Binance don't want to deal with endless demands coming from the authorities in the US. Many online casinos also follow the same idea.

[AjithBtc]

As few users stated it would get separate trading platform for different continents. Coinbase recently mentioned its separate exchange service for Asia. In such a way US might get its separate exchange service from Binance. US having hard regulations too is a reason for such a decision of trading services getting blocked for US ip.