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

[sana54210]

What is going on with today's news about Binance accounts being hacked?  What happened?

I have not logged in to my Binance account, but I have funds sitting there at their exchange, hopefully....

The accusation is not based on funds hacking but data hacking, some people claim that their database was hacked, and data of people were stolen which Binance has already denied ever having the knowledge of that, so I am still waiting for some days too to see if it is just a rumor or it really happened.

If it really happened, I am suspecting the hand of a country I would not like to mention on that because I just heard that there are some exchanges they have already approached to get data of people for tax purpose, and if Binance I proven stubborn, the thing they would definitely too is to secretly hack into their database with their professional hackers and then get the data needed by force in other for them to be able to use it to slam cryptocurrency tax on the ones that concerns them.

[Pipdips]

I think that Binance is getting a little too big for it's britches...

[icekohl]

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?

Well, Binance is not unique in this market. They attract users for great liquidity and have a professional market maker team that controls this market. If you are not a person who prefer pump-dump schemes like on binance, I think you can have many options with good trading volume, many trading pairs and not banning US users, like Coinbase.

[btc_angela]

More and more I'm starting to get nervous about Binance.  CoinDesk announced very interesting news regarding the hacking of the exchange in May.  It turned out that the Binance administration was negotiating with a mysterious hacker who found out who had stolen the funds and 60,000 KYC files, and at the same time said that he knew exactly which administration helped to hack the exchange.  Let's see how it all ends.

The negotiation fell off, that's why the hackers has the audacity to post the pictures and faces of the individuals who've undergone KYC. The sad thing is that Binance didn't take care of those individual so it doesn't really look good at Binance. I'm sure this will haunt them and it could somewhat damage their reputation and could be one reason why we would say "sayonara" to them and move somewhere else.

[RealMalatesta]

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?

Well, Binance is not unique in this market. They attract users for great liquidity and have a professional market maker team that controls this market. If you are not a person who prefer pump-dump schemes like on binance, I think you can have many options with good trading volume, many trading pairs and not banning US users, like Coinbase.

You are talking from a bitter end and as much as majority of us are not happy about the decision of Binance to lock united states traders out of their platform, that should not mean that we will say things that are not true about them. You really cannot compare Binance and coinbase because function wise, Binance is far better than coinbase.

Yes I know that coinbase has more users than Binance, but the gap between the times they were both established is quite much also, coinbase was 2010, while Binance was just 2017 here and since I know Binance, coinbase has more record of pump and dump coins more than Binance. Most people that likes to trade shitcoins even do that more on coinbase than Binance. Binance is where you can still get the best of coins listed.

[Pipdips]

Just a reminder: the policy is effective on Sept. 12, 2019, so that gives USA customers about 28 days from now to make up their minds.

If USA customers submit Know Your Customer information before that date, can they continue trading with the Binance exchange?

[jerry0]

Can we keeps our coins in binance exchange after that date?  How long can we keep them there?

[figmentofmyass]

Can we keeps our coins in binance exchange after that date?  How long can we keep them there?

from my reading of their terms, there is no date by which you must remove your coins. on september 12, USA users will lose deposit and trading privileges but will still be able to access their accounts and withdraw.

there's absolutely no reason to store funds there if you can't trade though. that's just unnecessary third party risk.

[BitHodler]

Can we keeps our coins in binance exchange after that date?  How long can we keep them there?

No specific date has been set, but it wouldn't surprise me if they would give people a whole month to withdraw their funds once trading and deposits are no longer an accessible feature.

By keeping the time frame at which people can withdraw their funds as tight as possible, Binance knows that there will be a relatively large group of traders that will lose their coins for ever because they will find out about this too late.

It's debatable whether or not it's people's own fault for not keeping up to date with everything that's happening within the crypto world, but it is unfortunate either way. Binance thanks you for your donation.

[Lanatsa]

It's debatable whether or not it's people's own fault for not keeping up to date with everything that's happening within the crypto world, but it is unfortunate either way. Binance thanks you for your donation.

They would just simply have those words in mind "Thank you for the Blessings." lol

Sometimes loss of funds or locked ones are totally on users fault.Majority of exchangers do make announcements on pulling out your funds
on a specific date and for those users who aren't active enough on checking out updates will most likely get caught.So I don't totally blame up exchangers for this one.

[Pipdips]

Can the USA traders continue using Binance if they just submit KYC information?

[Ahlbie]

Is Binance available in the US?

[Ararbermas]

There's lot of good exchange so it's doesn't matter because it's their decision.  And infact we still have time to choose where good exchange to jump.  So let's use it. Deadline is September? Well that's enough time i guess.  Lol. .by the way sayonara as well to alll those traders that using binance..

[jazzcryptizing]

I hope their main site goes easy on VPN usage.

Unsurprisingly, I guess they would somehow allow VPN usage, but then again we don't know not unless September is here and Americans are barred from using the main site. But for the safe side, I suggest not to do it, especially with high volume of trades (even if one is fully verified) just in case. Huobi Global is also there just like you've mentioned, and they are pretty much an OK exchange that doesn't require KYC to withdraw, and boy $1000/day is still a doable amount to work with especially if one is not really a high-volume trader and/or just dealing with newer altcoins/projects.

The transitioning of Binance into making its own subsidiary/branch/whatever catered specifically for US residents would be an interesting sight to see. It seems like they are serious into expanding the brand and do not want to lose their American customer-base just for this silly regulation.

It seems they already drafted a policy that is already against the use of VPN for their site and even if they don’t, I dint see VPN still helping the US Traders able to trade in Binance because Binance is one if the exchanges that requires KYC to trade on their platform, and from KYC they will simply just ban the account that belongs to US citizen.

For the level 1 that does not require KYC, those are the only category of people that can be able to trade ion Binance without them noticing on time, but why should the citizens even go through all that stress when they can simply go on other friendly exchanges like Kucoin and the rest, the exchange market is too saturated for one exchange to just try to marginalize people, this is part of the monopoly we are talking about here.

is it nice to have a kyc to protect an account.binance is a popular and famous exchange
binance Is one of the best amd competitive exchange..
Non-US BitMEX trader here.
A few leverage trading sites that I know are not actively banning US IPs RIGHT NOW & SO FAR requires no KYC:
BaseFEX
Quedex
KuMEX
The issue with Binance isn't US authority requiring KYC. It is some more complicated legislation which essentially requires all American leverage traders to only trade on US-based, regulated, taxable exchanges. But they don’t have eyes on every exchange out there.

[justsimpleram]

I think that Binance is getting a little too big for it's britches...

For me the issue with Binance isn't US authority requiring KYC. It is some more complicated legislation which essentially requires all American leverage traders to only trade on US-based, regulated, taxable exchanges. But they don’t have eyes on every exchange out there. And even though they are so many exchange trading site available in the US and don't need kyc like BaseFEX, Quedex, KuMEX.

[posi]

Is Binance available in the US?

Yes, Binance is available in the US now and after Sept 12 but the situation going is because of rules abd regulation of US government about how crypto exchange should operate which is the reason why Binance CEO create Binance.us to serve the US customers and also follow the US regulatory compliance. However, unverified US user can still make use of Binance.com through VPN.

[Stedsm]

Is Binance available in the US?

Yes, Binance is available in the US now and after Sept 12 but the situation going is because of rules abd regulation of US government about how crypto exchange should operate which is the reason why Binance CEO create Binance.us to serve the US customers and also follow the US regulatory compliance. However, unverified US user can still make use of Binance.com through VPN.

It's good that they're following the regulations but I doubt that US government will leave any nuts loose while trying their best to tighten the situations for both the exchange and the users. Are the laws different for each part of US or are they same? And what will happen to those unverified US users when they get caught while using their platform? Their accounts will get blocked with balances frozen?

[jerry0]

Where are US traders going to go now then?  What if they can't use bittrex either?


Do we have to withdraw our coins from binance as us users or can we keep them there?

[exstasie]

Where are US traders going to go now then?  What if they can't use bittrex either?

Kucoin for altcoin/stablecoin spot trading, for those that are trying to avoid KYC. Otherwise there's Bittrex and eventually Binance US. Those who want to trade derivatives without relying on VPN can use BaseFEX and Kumex.

Do we have to withdraw our coins from binance as us users or can we keep them there?

Their terms say you'll just lose deposit/trading capabilities. So you'll be able to withdraw. I wouldn't recommend storing funds there though. There's just no reason to do that. There could conceivably be delays or KYC requirement to recover them.

[quedex]

I'm a representative of Quedex, let me clarify a few things:

• We don't accept US customers.
• We have a requirement to complete basic KYC during onboarding.
• We've been just awarded a Gibraltar licence: https://cointelegraph.com/news/gibraltar-grants-first-crypto-derivatives-license-to-local-exchange, and strive to provide a transparent and orderly place to trade crypto derivatives - as this milestone has been completed, we are planning to continue improving liquidity and expanding operations.

Non-US BitMEX trader here.
A few leverage trading sites that I know are not actively banning US IPs RIGHT NOW & SO FAR requires no KYC:
BaseFEX
Quedex
KuMEX
The issue with Binance isn't US authority requiring KYC. It is some more complicated legislation which essentially requires all American leverage traders to only trade on US-based, regulated, taxable exchanges. But they don’t have eyes on every exchange out there.