Binance to open a separate trading platform for US

[Vaculin]

They will certainly do that, find ways to still retain the market, US market is a big market IMO, so that will hugely affect their income.
Every country has different regulation, some are just overly strict, some are just lax, but to ensure to have a effective business model, they need to adopt with the law all the time.

[klaaas]

They will certainly do that, find ways to still retain the market, US market is a big market IMO

bnb wont be listed so no discount on trades there. Wonder what the price will do without the us traders.

[localcrypto]

With Binance opening separate trading platform in US  we can expect positive development for crypto and Binance will be direct competition to coinbase and kraken

[Laxus215]

They will certainly do that, find ways to still retain the market, US market is a big market IMO

bnb wont be listed so no discount on trades there. Wonder what the price will do without the us traders.

There is still chance BNB will be listed if they pass compliance by the US regulation. If not they US traders can trade BNB on Binance Dex as Binance Dex not going to block US traders.

[aad140386]

The US market is so big that no one just wants to keep it. Moreover, Binance's competitors are working in the USA and they will be happy to entice Binance users to themselves if they leave the US market. I think that this practice will apply more and more and not only to the USA but also to the EU countries and Asian countries. Everything goes to the fact that crypto currency exchanges will be regulated by government agencies. In any case, all the major exchanges.

[Slow death]

It’s now a high time to move everything out of exchange.

Okay, and then how will you do day trade?

One should never trust them will keep their promise. They will always change their policy.

the exchanges created such policies when there was not yet great pressure from governments, today with the great pressure of governments the exchanges will be forced to change their policy. I would not be surprised if in the future the exchanges have to create several exchanges for each country to comply with the laws of each country.


This was already expected to happen.

[Distinctin]

They will certainly do that, find ways to still retain the market, US market is a big market IMO

bnb wont be listed so no discount on trades there. Wonder what the price will do without the us traders.

There is still chance BNB will be listed if they pass compliance by the US regulation. If not they US traders can trade BNB on Binance Dex as Binance Dex not going to block US traders.

I guess USA is already blocked in Binance DEX.
You can read the full details in this article - https://cointelegraph.com/news/binance-dex-will-geoblock-users-from-29-countries-including-the-us

[wxxyrqa]

It seems to me that the new rules for the use of cryptocurrency and cryptocurrency trading in the United States of America may be coming soon.  Certain law enforcement agencies seriously took up the facts of abuse of certain people by the cryptocurrency market in the state, and also use every opportunity to avoid taxation.  Most likely, certain rules for cryptocurrency trading will be implemented, and based on this, various trading platforms can take advantage of this situation.

[joinfree]

This would be a huge breakout for Binance exchange and i think it would also increase the participants that trade with Binance Exchange, hence increasing the value of it's coin as well. Might as well get me some BNB coins to hold for a long term.

[nh0xxpr01]

Oh thanks God coz I was already thinking that I had no chances trading there. I've been using Binance since the beginning and don't want to change an exchange.

[dul48]

That means we don't need to leave binance and binance won in this fight with the gov. Cool.

[squatter]

That means we don't need to leave binance and binance won in this fight with the gov. Cool.

I wouldn't say that. Binance is still allowing daily withdrawal limits up to 2 BTC from unverified accounts. At current prices, that's over $18,000. The new FATF rules (according to earlier drafts) will require KYC reporting at $1,000/€1,000. Sadly, Malta -- Binance's regulator -- is very unlikely to allow Binance to continue operating in this manner. We're already seeing governments enact the FATF draft rules before they are officially released. Lithuania just enacted regulations reflecting the new rules.

[Sithara007]

I still don't understand the logic. Why do they need separate platforms for US and non-US users? They are implementing KYC requirements for the US residents and that should do the job. If they create separate platforms, then the trade can get affected due to low volumes for the smaller altcoins. Or is there any legal issue against the sale of cryptocurrency by US citizens to non-US citizens? That should not be the case, as exchanges such as Bitstamp and Kraken does not force US users to trade on a separate platforms.

[squatter]

I still don't understand the logic. Why do they need separate platforms for US and non-US users? They are implementing KYC requirements for the US residents and that should do the job. If they create separate platforms, then the trade can get affected due to low volumes for the smaller altcoins. Or is there any legal issue against the sale of cryptocurrency by US citizens to non-US citizens? That should not be the case, as exchanges such as Bitstamp and Kraken does not force US users to trade on a separate platforms.

Bitstamp and Kraken don't offer many assets that could be deemed securities. That's the major distinction to make here. Binance has a much longer list of markets, including dozens of such tokens. The SEC doesn't want US investors accessing these markets.

Bittrex has segregated US and international users onto different platforms -- and removed US investor access to lots of tokens -- for the same reason. It's not just about KYC requirements, although I'm pretty sure that'll be mandatory on the new US site as well.

[figmentofmyass]

This would be a huge breakout for Binance exchange and i think it would also increase the participants that trade with Binance Exchange, hence increasing the value of it's coin as well. Might as well get me some BNB coins to hold for a long term.

i'm not sure you've thought this through. have you checked BNB's chart? it dumped 13% against BTC the day this news dropped. that's because holders know this is terrible news for binance.

high volume and liquidity is what attracts traders and drives growth. losing USA liquidity on binance.com does the opposite. by segregating the two regions, each site will have a smaller combined liquidity as traders move elsewhere.

[gonzalezdaryl]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

We can also try out other exchanges. I know Binance is one of the good exchanges out there, but we should keep in mind that one must come and go and there will be an another option for us..

[Nellayar]

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Wow, that's an excellence move and a cunning one, they knew that the US is such a huge market and they don't want to lose this market, they want to maintain their status as the number one exchange in the market that can cater to everyone, great move for this exchange but with the regulation they are going to trade in a limited pairs.

This is a news that pertains with the importance of US citizens as well as its fiat in cryptocurrency. Imagine, they separated us dollar from cryptocurrency, what a good deal from them. I know that us investors are good and wealthy. So, they must acknowledge their existence also.

[ljane]

This is a very interesting news I have heard today. All this while US residents has been restricted to partake in ICOs and IEOs and even not able to trade on exchanges. This is a nice idea by Binance and I think will increase the number of people interested in crypto.

[krb91]

Binance seeks to continue being the number one exchange platform, this being the reason for its development of a decentralized system also. It realizes that it needs to be able to serve the US markets, hence, the development of a Binance which is compliant with the regulations of US. It's a good business move though.

[sehoon]

This is a good step for both sides. I hope there are no limits on this trading platform so the US citizens can move freely with trading. Even though there are other exchange sites out there, having Binance is the best trading platform you have right now.