Are USA traders saying sayonara to Binance? (The Exodus Is Here?)

[Pipdips]

anyway, now that you are planning to pull your coin out, what exchanges are you looking at.

If Binance pulls the plug on USA users, something new will pop up but until then: Coinbase Pro

[Pipdips]

They have until September, they still have a lot of time until September.

Binance to Open US-Based Division With FinCEN Approved Partner

That link is to some site that is not related to Binance. Where is the announcement directly from Binance? I looked at the Binance Announcements page (with literally hundreds of their announcements) and did not find anything about blocking US users or any changes coming.

What traders have time to read hundreds of their announcements? These exchanges are notorious for keeping their clients uninformed about important information.

[jerry0]

What exchanges are US users currently using to trade alts besides binance and bittrex?

[exstasie]

What exchanges are US users currently using to trade alts besides binance and bittrex?

Kucoin, Poloniex. There's also Coinbase Pro if you only want to trade about a dozen of the larger altcoins. Huobi also has a US site now (which I haven't tried yet) with a couple dozen altcoin markets.

I think Kucoin is the only option besides Binance that allows unverified accounts.

[exstasie]

They have until September, they still have a lot of time until September.

Binance to Open US-Based Division With FinCEN Approved Partner

That link is to some site that is not related to Binance. Where is the announcement directly from Binance? I looked at the Binance Announcements page (with literally hundreds of their announcements) and did not find anything about blocking US users or any changes coming.

Binance changed its terms and announced it here but they didn't explicitly mention US persons in the announcement. In fact, the language referenced in all the news articles ("Binance is unable to provide services to any U.S. person") no longer appears in their terms. Weird!

Anyway I'm sure they've done their best to implement the change quietly to prevent a panicked exit of American liquidity, which I suspect is a very significant portion of Binance's total liquidity. They want a slow, orderly exit and presumably they also want some of those traders back trading through VPN.

[Arkham Knight]

What exchanges are US users currently using to trade alts besides binance and bittrex?

Kucoin, Poloniex. There's also Coinbase Pro if you only want to trade about a dozen of the larger altcoins. Huobi also has a US site now (which I haven't tried yet) with a couple dozen altcoin markets.

I think Kucoin is the only option besides Binance that allows unverified accounts.

So now we can clearly see things are not 'goodbye' for our beloved USA traders. Kucoin is not bad but I agree that it has not the charm and huge volume of Binance and CZ. I think this will also serve as an opportunity for Kucoin to step up on their service and they can be the top exchange for USA traders. And like the others said, VPN will always comes in handy.

[Distinctin]

This is just temporary, Binance are finding ways to comply with the USA regulatory requirements, they won't just easily give up the US market, they are the most popular and maybe trusted in the crypto space so if there is a chance to retain the customer, they'll always find a way.

[exstasie]

Kucoin, Poloniex. There's also Coinbase Pro if you only want to trade about a dozen of the larger altcoins. Huobi also has a US site now (which I haven't tried yet) with a couple dozen altcoin markets.

I think Kucoin is the only option besides Binance that allows unverified accounts.

So now we can clearly see things are not 'goodbye' for our beloved USA traders. Kucoin is not bad but I agree that it has not the charm and huge volume of Binance and CZ. I think this will also serve as an opportunity for Kucoin to step up on their service and they can be the top exchange for USA traders. And like the others said, VPN will always comes in handy.

Yeah, I will probably take a two-pronged approach once the new Binance terms take effect in September. I'll make a new VPN account for Binance and then split my capital 50-50 between Binance and Kucoin. If Binance forces verification and catches us for violating terms, I think they would still allow us to withdraw in most cases. But reducing my exposure by 50% will make me feel safer.

I just hope stablecoin liquidity on Kucoin improves. Then I could move more funds there.

[Skyrune13]

I am very concerned with this latest venture from Binance myself. With the U.S. overstepping their boundries it is becoming difficult for it's citizens to find a decent exchange. Coinbase and Pro suck. Kraken is only a little better. Most of the U.S. exchanges I have found they charge and absurd amount in fees or a spread fee base. Of course that really only begins to tip the scales as to why U.S. users choose Binance.
I will be curious to see if banned users can get away with a VPN for the time being. I know I use one all the time on my home computer anyway. I don't think anything negative about Binance for the decisions they've made due to the fast regulations being implemented by the United States and other countries. I, personally, think they have made this decision to begin to cooperate with U.S. regulators to open an exchange there and to also not be invaded by authorities who really have no right to do so. Of course, we all know that wouldn't stop the strong overreach the U.S. and other countries give themselves. Honestly the best situation may be, as a U.S. citizen, to invest in citizenship in another more tax and crypto friendly country. Of course that is just my opinion. Nothing more, nothing less.
 

[exstasie]

I will be curious to see if banned users can get away with a VPN for the time being. I know I use one all the time on my home computer anyway.

It's worked for Americans on Bitmex for years. So it'll probably work for a time......how long is anyone's guess. The CFTC is digging into Bitmex for allowing Americans to trade there, so all eyes are on that investigation.

Sadly, this kind of meddling by the US government will keep pushing exchanges into requiring KYC. Bitmex already blocks American IP addresses and prohibits them in their terms, so if this still isn't enough to avoid scrutiny then what's left?

[Pipdips]

Yeah, I will probably take a two-pronged approach once the new Binance terms take effect in September. I'll make a new VPN account for Binance and then split my capital 50-50 between Binance and Kucoin. If Binance forces verification and catches us for violating terms, I think they would still allow us to withdraw in most cases. But reducing my exposure by 50% will make me feel safer.

I like your zeal for really going for it, but, I would not sneak around the rules like that. Binance may figure you out. But it will definitely effect your trading because in the back of your mind it will be psychologically effecting your trading outcomes. If Binance caught you breaking rules, I think Binance would still allow you to withdrawal your funds, but, I would suggest just complying by the rules. That is part of my trading plan that I recommend.

Binance does not owe you anything, they were a great provider when they were serving the USA users, plus they have given us all a 90 day warning.

[exstasie]

Yeah, I will probably take a two-pronged approach once the new Binance terms take effect in September. I'll make a new VPN account for Binance and then split my capital 50-50 between Binance and Kucoin. If Binance forces verification and catches us for violating terms, I think they would still allow us to withdraw in most cases. But reducing my exposure by 50% will make me feel safer.

I like your zeal for really going for it, but, I would not sneak around the rules like that. Binance may figure you out. But it will definitely effect your trading because in the back of your mind it will be psychologically effecting your trading outcomes. If Binance caught you breaking rules, I think Binance would still allow you to withdrawal your funds, but, I would suggest just complying by the rules. That is part of my trading plan that I recommend.

Binance does not owe you anything, they were a great provider when they were serving the USA users, plus they have given us all a 90 day warning.

Sure they don't owe us anything, but by their terms, they are apparently taking the Bitmex route. They are implicitly inviting US traders by not enforcing KYC, because they know they need the liquidity. Nobody wants to leave the US market. It's the biggest market on the globe.

I think most people in the room understand this is just a transitional stage before Binance is eventually forced to mandate KYC on its main site. That'll be the end of these shenanigans and that's what US regulators want.

[Pipdips]

Exstasie, another thing to consider is that a new wave of people and different audiences are going to be climbing on board soon. Binance and other exchange platforms will be simplified for a less Bitcoin savvy group of users, and they will rush to give their identifications just to hurry up and start trading / losing all their money. 

[FanEagle]

Yeah, I will probably take a two-pronged approach once the new Binance terms take effect in September. I'll make a new VPN account for Binance and then split my capital 50-50 between Binance and Kucoin. If Binance forces verification and catches us for violating terms, I think they would still allow us to withdraw in most cases. But reducing my exposure by 50% will make me feel safer.

I like your zeal for really going for it, but, I would not sneak around the rules like that. Binance may figure you out. But it will definitely effect your trading because in the back of your mind it will be psychologically effecting your trading outcomes. If Binance caught you breaking rules, I think Binance would still allow you to withdrawal your funds, but, I would suggest just complying by the rules. That is part of my trading plan that I recommend.

Binance does not owe you anything, they were a great provider when they were serving the USA users, plus they have given us all a 90 day warning.

People like to take unnecessary risk, is using Binance platform a do or die matter, you see that we are even the problem in this crypto industry, we complain of monopoly of some exchanges, and yet we are the ones empowering them, why will he violate the rule and use vpn when he can simply just move his coin to other great exchanges, his life is not tied to a particular exchange and if there was no Binance, would he not continue to trade?

Imagine that that hacking that happened then had affected them and closed them down, would he stop crypto business? There are so many exchanges that we have that has passed trust test, in fact Kucoin is one of such great exchange that any Us traders can use, and I am glad that they are willing to accept them wholeheartedly and offer them great services.

[Pipdips]

in fact Kucoin is one of such great exchange that any Us traders can use

What is a "Ku"?  What is the meaning of Ku?

[exstasie]

People like to take unnecessary risk, is using Binance platform a do or die matter, you see that we are even the problem in this crypto industry, we complain of monopoly of some exchanges, and yet we are the ones empowering them, why will he violate the rule and use vpn when he can simply just move his coin to other great exchanges, his life is not tied to a particular exchange and if there was no Binance, would he not continue to trade?

Traders like me need liquidity. Kucoin lacks stablecoin liquidity and other exchanges are worse. The derivatives exchanges similarly prohibit US traders. That leaves three choices or some combination of them: mandatory KYC, using VPN to dodge US trader bans, or splitting funds between multiple exchanges. I would like to avoid KYC, which reduces the options further.

So you can see, my options for hedging BTC are slim. Worst case scenario, if i get caught violating terms, I might get my balance confiscated. The risk of that is fairly low, especially since Binance's terms state they will allow withdrawal in these cases. I think the potential profit and hedging value I can get is much greater than the risk.

If they really want to deter US traders, they should threaten to confiscate balances if caught violating terms. The wording is pretty inviting for us.

[Pipdips]

Traders like me need liquidity. Kucoin lacks stablecoin liquidity and other exchanges are worse. The derivatives exchanges similarly prohibit US traders. That leaves three choices or some combination of them: mandatory KYC, using VPN to dodge US trader bans, or splitting funds between multiple exchanges. I would like to avoid KYC, which reduces the options further.

So you can see, my options for hedging BTC are slim. Worst case scenario, if i get caught violating terms, I might get my balance confiscated. The risk of that is fairly low, especially since Binance's terms state they will allow withdrawal in these cases. I think the potential profit and hedging value I can get is much greater than the risk.

If they really want to deter US traders, they should threaten to confiscate balances if caught violating terms. The wording is pretty inviting for us.

Thanks for saying it like it is and letting us know your plans because my thoughts a very similar.  Binance's 90 day notice is quickly creeping up on us USA traders...

[RealMalatesta]

in fact Kucoin is one of such great exchange that any Us traders can use

What is a "Ku"?  What is the meaning of Ku?

KU? Where on earth did you see that in his message, and what has something related to that is the Kucoin that he mentioned, and he already stated it that it is an exchange, and yes, Kucoin is really a wonderful exchange also like Binance exchange and other great exchanges that are in the market. They have very attractive user interface which is also very friendly to many of its users.

I started using it just like a month ago and all the services that I have enjoyed through them is really great. Sometimes, it seems to me like they are fortified with good luck charm lol, because since I am been using them I have been making profits more than losses like other exchanges I have been using to trade. I think this exchange would really be suitable for the US citizens.

[Pipdips]

Bitcoin + Finance = Binance, got it.

Ku + Coin = KuCoin, but again, what is a "Ku"?  Is that Japanese for Kung Foo?

[Kanjeung]

Yes? no? maybe so?

If yes, what exchange are you going to use next?
If no, what are your reasons for staying?
If undecided, what are you waiting for?

if you ask about "what exchange are you going to use next?" I think, I want to use trusted exchanges, which are numbers 1, 2, 3, 4, 5. Of all the rows I think that is an exchange that can be trusted. including binance, okex, huobi, indodax and others. My experience in the crypto world, as long as I keep assets in exchange, I am very grateful that I have never experienced loss of assets or been stolen by someone else. so think first before you do something.