Binance to block US customers

[pixie85]

It's not a bad move by them if they want to make different platforms to tackle different laws. Each platform will have its own TOS and will probably share their database with local law enforcement. It's good because they won't be risking raids on their main platform when a local legislator has a problem with their local exchange.

It's safer for them.

[tomahawk9]

Anyone elese expecting shitcoins to crash by a lot? A lot of people don't even know where to hodl X or Y altcoin/token since most of them rely on Binance to be the "main" wallet for their portfolio (you can still access your coins, but you won't be able to sell, so why hodl on Binance?). I believe some people will move to another exchange, but some others will definitely dump their coins because they don't trust "shady" exchanges.

The new US-friendly Binance platform will most likely not allow the same cryptos they had before so, kinda like checkmate to shitcoins since it'll be Coinbase 2.0.

This is sort of shock to hear but not surprising I think due to bitrex doing it for 32 cryptocurrencies a little while ago
https://cointelegraph.com/news/crypto-exchange-bittrex-to-block-us-users-from-trading-in-32-cryptos

Wow! Didn't know about this...Shitcoins and worthless tokens on suicide watch  

What a world we live in, exchanges blocking US residents, while corporate coins (JPM coin and FB coin, both US based companies) are about to get launched  

[JeromeTash]

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...

Would you want them to suffer the consequences of going against the US laws by providing services to the US residents?
The US government does not give a fuck whether it's a DEX or a centralized exchange. They will sue you.

I support Binance on this.

[thunderbitz2717]

Binance blocking US users to use its platform for trading is a significant evemt that will surely have an impact for the US users due to the fact that most trading were from US. On the other side, Binance is planning to setup a US dedicated platform that might benefited US users. Let's wait for this update.

[bitcoinuser12345]

Anyone elese expecting shitcoins to crash by a lot? A lot of people don't even know where to hodl X or Y altcoin/token since most of them rely on Binance to be the "main" wallet for their portfolio (you can still access your coins, but you won't be able to sell, so why hodl on Binance?). I believe some people will move to another exchange, but some others will definitely dump their coins because they don't trust "shady" exchanges.

The new US-friendly Binance platform will most likely not allow the same cryptos they had before so, kinda like checkmate to shitcoins since it'll be Coinbase 2.0.

This is sort of shock to hear but not surprising I think due to bitrex doing it for 32 cryptocurrencies a little while ago
https://cointelegraph.com/news/crypto-exchange-bittrex-to-block-us-users-from-trading-in-32-cryptos

Wow! Didn't know about this...Shitcoins and worthless tokens on suicide watch  

What a world we live in, exchanges blocking US residents, while corporate coins (JPM coin and FB coin, both US based companies) are about to get launched  

But why do some coins get banned while others are permitted? Don't they all count as digital currency in the eyes of the government?

[tomahawk9]

Anyone elese expecting shitcoins to crash by a lot? A lot of people don't even know where to hodl X or Y altcoin/token since most of them rely on Binance to be the "main" wallet for their portfolio (you can still access your coins, but you won't be able to sell, so why hodl on Binance?). I believe some people will move to another exchange, but some others will definitely dump their coins because they don't trust "shady" exchanges.

The new US-friendly Binance platform will most likely not allow the same cryptos they had before so, kinda like checkmate to shitcoins since it'll be Coinbase 2.0.

This is sort of shock to hear but not surprising I think due to bitrex doing it for 32 cryptocurrencies a little while ago
https://cointelegraph.com/news/crypto-exchange-bittrex-to-block-us-users-from-trading-in-32-cryptos

Wow! Didn't know about this...Shitcoins and worthless tokens on suicide watch  

What a world we live in, exchanges blocking US residents, while corporate coins (JPM coin and FB coin, both US based companies) are about to get launched  

But why do some coins get banned while others are permitted? Don't they all count as digital currency in the eyes of the government?

IMO some are legit projects that are permitted because, well, they are legit (according to them)...The rest that are banned are either vaporware projects, pump and dump coins, or worthless shitcoins, and they raise huge red flags to the authorities. But what's triggering those red flags? You'd have to ask the US authorities and the SEC about that.

[7788bitcoin]

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.

They are restricting the US users for a reason, the authorities are constantly putting pressure on them to comply with regulators and since they are not complying with them, they have to restrict the users and you will see more exchanges succumb to the pressure from the authorities and now we see in the news that bittrex also took the same stance as binance.

[Nellayar]

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/

Why? I think it will cause a big change in the market right now. It inflicts a lot since binance is one of the popular cryptocurrency exchange in the world. Maybe, it will pull out the US investors which may compose high percentage of traders at binance. I think BNB must review this case because US customers are really needed specially they are rich people.

[elisnrj]

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Scammer Beware of offering you offers that are "too good to be challenging". therefore, there are many choices that you must consider to have a safe, reliable, and fast Bitcoin transaction. 

[mitchr4]

Then Binance will experience a massive decline in transactions since US customers dominated the exchange. It is a pity because previously US was also blocked by 2 big exchanges. I wonder why they did that whether US people have a lot of money like Whales can control the market. The use of VPN is very risky to use money transactions and its use can only make your data leak and misuse.

[Pipdips]

Binance is more of a world bank, with a storefront that looks like a currency exchange platform...

[btc78]

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/

This will surely reflect to their trading volume since US brings large amount of investments to their platform and blocking US costumers May drop their popularity

But let’s see what will happen soon.lets get ready for this Binance trader lol

[Pipdips]

While I don't think Binance is quite strict with this right now, I think they will be quite soon. I think they will start locking up accounts with incomplete account information or something(assuming they aren't locking up accounts right now).

The other day I noticed at Binance my account is "Unverified". Binance has an area there that asks for personal information such as: full name, date of birth, and facial info. It is not yet a requirement to give this person identifying information, but this makes me want to exit my funds out of Binance, because the entire reasoning of crypto-currency is to remain secret...

[Tipstar]

Every exchanges seems to be making a two version of themselves. One, a full fledged exchange. Another a striped down version for the primitive people of United States as they are slow in realizing the facts and are generally hostile to science and technology.

[Dontme]

US have the most numbers who uses bitcoin or cryptocurrency. Binance blocking US customers is a gamble and surely half or more than half of binance`s costumer are from US. There will be big effect on this move.

[Fred3030]

Owing to the strictness of sec , Binance is trying to play safe and avoid having issues with sec. Blocking individuals from the united states to me is the best way to go in other to avoid litigation with sec in the future. This issue is not peculiar to binance alone as bittrex has also issued a statement blocking us citizens from 42 trading pairs. https://bittrex.zendesk.com/hc/en-us/articles/360029523891

[Pipdips]

Every exchanges seems to be making a two version of themselves. One, a full fledged exchange. Another a striped down version for the primitive people of United States as they are slow in realizing the facts and are generally hostile to science and technology.

That confuses me. Do you think Binance is on the users sides, or is Binance going the way of the government?

[squatter]

Every exchanges seems to be making a two version of themselves. One, a full fledged exchange. Another a striped down version for the primitive people of United States as they are slow in realizing the facts and are generally hostile to science and technology.

That confuses me. Do you think Binance is on the users sides, or is Binance going the way of the government?

Binance is just doing what's in its best interest. If it carried on offering unregistered securities to US persons while dodging national securities exchange requirements -- requirements it can't possibly meet -- then enforcement actions like this would become increasingly likely.

The fact that Poloniex and Bittrex are both scrambling to comply with SEC requirements at the same time as Binance suggests the SEC is putting pressure on all of them to quickly make these changes.

[vapourminer]

been more or less expecting this.

i pulled everything from binance today (not much) and will join the us version when its up and running.

im not really a trader (well i do a very few trades) so its no big deal but for those usa persons that do.. sucks man.

[DeathProxy]

This news has had an effect on the general crypto market.  As many US investors are now selling out their altcoin and converting it to bitcoin. Bitcoin is increasing while all other altcoin are down