sehoon
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June 14, 2019, 12:23:48 PM |
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I think Binance just want to be careful since the regulations of the U.S are becoming more strict. But that doesn't really mean that Americans can not trade at all. Because there are still good exchanges out there that are secure and still do fast transactions. But I hope they don't continue with this because everyone's having a good experience with Binance.
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MidKnight
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June 14, 2019, 12:26:37 PM |
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Hmmmm....I hope that the trade war issue and the huawei ban does not have anything to do with Binance's decision. Because for me, it felt like it was their love for their country is the reason behind it. But man, this is still a huge loss of money on the trading volume because I only know 3 countries that has a lot of money and that is China, USA and Russia.
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Erickan
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June 14, 2019, 12:59:42 PM |
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The United States has very strict regulations on prohibiting nationals from participating in ICO and IEO. Binance will be in big trouble if allowing citizens of the United States to join their platform. I think in the coming time the SEC will have to make clear rules about crypto and it will be easier.
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dothebeats
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June 14, 2019, 01:10:48 PM |
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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. I haven't read CZ's official statement regarding this but as I have seen on their Terms of Service, they cannot serve/cater to customers who are residing in the US and is covered by UN Security Council sanction list: 3. Prohibition of use
By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.
Sure Binance operates on an essentially lawless state for crypto but how about those who they are serving and those using their platforms? No other choice but to block US residents for the mean time and just create the region's own exchange than to incur a lot of penalties and being issued a cease and desist order if someone gets caught doing something fishy on their trading platforms.
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bitcoinuser12345
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June 14, 2019, 01:44:24 PM |
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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.
This is what I want to know. As far as I know since Binance doesn't use fiat (specifically USD) on their site and they are not based in the US then the regulatory laws in the US should not affect them.
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partysaurus
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June 14, 2019, 01:48:56 PM |
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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. like what happend in the poker boom when alot of sites started blocking us customers , and it affected the volume alot, this will happen again, this is not a good thing for binance watch and see they volume plummet.
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enhu
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June 14, 2019, 02:00:00 PM |
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US are always excluded in most ICO. I guess the law says so which is probably the reason they now block US customers. But this is it! We've considered the exchange as an authority to the crypto market now they can dictate where we can go from here. Is there DEX asking for KYC? If not then there is your solution. Must be part of the plan to add volume to the DEX.
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izanagi narukami
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June 14, 2019, 02:01:52 PM |
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When we expect crypto going to stable very soon but the fact is it's difficult to see it happen.
Yes, crypto have their own way for being exist in this world. When people prefer something more risky but in other side, people also make the warning of it !
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fulled
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June 14, 2019, 02:44:42 PM |
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I think binance do the right thing, because its not good for big exchanger like binance to let people from strict regulation like US to use their support, it can hit back binance or any exchanger someday if they still let that peoples
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Pipdips
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June 14, 2019, 02:57:28 PM |
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This is disconcerting news.
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Pipdips
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June 14, 2019, 02:59:26 PM |
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At first I thought this was a rumour but now it’s confirmed that Binance is indeed closing it’s door for US customers, and now US customers will be able to use Binance US to use their services. This has created lots of confusion in people’s minds, but it’s been clarified they need to do this to be in compliance of US laws. If you’re from US do not worry as you’ll be able to use their services on Binance US.
Thank you for bringing more clarity to the announcement, but it is still unsettling news.
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MIner1448
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June 14, 2019, 03:30:08 PM |
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apparently this news has had a good impact on the price of the BNB token, for today -9% I hope it will soon be decided for the better, many users will simply leave.
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b3llsf1l3s
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June 14, 2019, 04:06:28 PM |
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It seems like there are a lot of misunderstandings here, I also heard this information because Binance is developing for a special exchange for USA residents. Approximately within 3 months. Just join the telegram group ( https://t.me/binanceexchange) and search for the keyword "Binance.us"
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javainn
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June 14, 2019, 04:14:48 PM |
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I think binance has a special reason to prohibit US citizens from trading. we know that if the US is one of the countries with large crypto use, I hope the trading volume will not be disrupted by the ban for US countries.
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Fedrey
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June 14, 2019, 07:43:59 PM |
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I think binance has a special reason to prohibit US citizens from trading. we know that if the US is one of the countries with large crypto use, I hope the trading volume will not be disrupted by the ban for US countries. The fact is that such news has long begun to spread in the media, where it was said that the administration of the binance trading exchange announced that they have the ability to block accounts and funds of their users. But What actions will be taken only in respect of fraudsters and people who have crossed the law. In any case, it is necessary to conduct certain proceedings, because If the account is blocked, then this is the reason for the error. One way or another, the user must find out the reasons for blocking the account.
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clair508
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June 14, 2019, 08:18:53 PM |
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Thats bad news for everyone.A major platform stop supporting to large market and million of traders.That surely will impact on market.But they have the time until 12th September 2019.Its time change your platform US users.You can login some ways.But don't use those ways.There are security risks.Using 3rd is not a good idea.Your account will get robbed.
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Kemarit
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June 14, 2019, 08:33:24 PM |
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As far as I know they will create a separate Binance entity for US based customers. So they are not going to Block US customers, but will have a separate trading platform to comply with US regulators. We all know that US has been at the heal of many exchanges now and sure Binance got the message months or even years ago that's why they have to have a contingency plan. Do you think they will go and not cater US? This is business and we all know that CZ won't simply allow that. Crypto sphere is evolving, that's why everyone involves get needs to adapt and that's what Binance is doing. "Adapt or die". So don't consider this as bad news, nothing to worry about.
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1Referee
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June 14, 2019, 09:19:46 PM |
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I think in the coming time the SEC will have to make clear rules about crypto and it will be easier.
They will not. These government bodies thrive on uncertainties because it makes shutting down sites and services much easier. If they're clear with their rules they basically become obsolete because most businesses will follow them. Just look at how unclear the IRS (or basically any other tax agency) is with its rules. It's kept like that for a reason. It's a shame that a country stating to be the country of freedom does everything it can to choke anything it deems a potential threat. Fuck this. Business will move elsewhere eventually. I'm so glad that I'm in Europe despite all the problems here. The banking system here works more efficiently and cheaper too. Coinbase has done everything it needed to do the right way and pretty early on too. Thumbs up for being smart business-wise.
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