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[hugeblack]

As long as the platform wants American users and the primary goal is the return on investments, it will not be tightened by the imposition of many restrictions, but rather to the extent appropriate to comply with regulatory laws.

Is the 90-day period sufficient for all disputes, or will there be an extension for people who want to withdraw money? What about Binance.US

[LeGaulois]

Binance wanted to fool the US government with the "Tai Chi entity" and some pseudo-license rights to send money flows from the USA to the parent company.

To stay "under the radar" Binance has taken part in a number of financial surveillance programs, one of them is from the Department of Homeland Security. Reminder, Binance is a very good client of CypherTrace and sends a lot of information from users. Surely to the DHS too!



Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators

Binance conceived of an elaborate corporate structure designed to intentionally deceive regulators and surreptitiously profit from crypto investors in the United States

[The Sceptical Chymist]

To stay "under the radar" Binance has taken part in a number of financial surveillance programs, one of them is from the Department of Homeland Security. Reminder, Binance is a very good client of CypherTrace and sends a lot of information from users. Surely to the DHS too!

That's interesting and something I knew nothing about until reading your post. 

So is Binance now not servicing US customers at all, or are they still going to have the US site for US customers?  Maybe I misread something in the OP, but I don't think it was clear whether Binance was going after US people who lied on their application or if they're just not going to be available for US citizens to use at all.

Ah well, either way.  I never expected the structure of crypto and its exchanges to remain static, and I would guess that in the coming years we'll be seeing a lot of changes like this.  The wild west days never last forever--and I'm actually surprised they've lasted this long.

[samcrypto]

Is the 90-day period sufficient for all disputes, or will there be an extension for people who want to withdraw money? What about Binance.US

90 days, I think, is enough for a withdrawal of funds. Blocks will be held for American citizens who trade on binance.com

Binance already made a statement since last year regarding this one so I think that’s already enough time for US citizen to withdraw their funds on Binance and if you’re a US citizen better to avoid using Binance now you wont experience any problem later on. The regulatory requirements made a lot of pressure on Binance and they are just protecting their users from any harm from the government.

[Darker45]

So is Binance now not servicing US customers at all, or are they still going to have the US site for US customers?  Maybe I misread something in the OP, but I don't think it was clear whether Binance was going after US people who lied on their application or if they're just not going to be available for US citizens to use at all.

I think this is limited to binance.com. Binance.us is still operating and serving US citizens and residents. It is only on binance.com where US citizens and residents are not allowed to make use of the site's services.

As the email suggests, clients of binance.com "may consider using Binance U.S."

[NotATether]

But since then, nothing has changed. Why? Yes, everything is simple, this limitation could be circumvented as follows: When creating a new account, press the "I'm not American" button. The system did not check IP addresses.

What a brutal-sounding button. And also misleading, because people will now think that US citizens cannot use the platform, but they have no such rule prohibiting US citizens living in other countries.

The letter says that the exchange gives 90 days to withdraw funds, and also offers to U.S. residents go to their Binance U.S. platform or other U.S. platforms

I wonder how much money these exchanges make from illegally seizing their own customers’ money just because they reside in a country they don’t service?

[joniboini]

but they have no such rule prohibiting US citizens living in other countries.

The e-mail clarifies what "American" means though. So yeah, I guess it is kinda ambiguous. People should learn this and never assume the best-case scenario in the future, or better yet, don't use a platform with ambiguous rules.

[concept2]

but they have no such rule prohibiting US citizens living in other countries.

The e-mail clarifies what "American" means though. So yeah, I guess it is kinda ambiguous. People should learn this and never assume the best-case scenario in the future, or better yet, don't use a platform with ambiguous rules.

Though, I still find Binance is one of the best exchange currently for people who are not being prohibit. If you are a US citizen, you need to be more careful in using such exchanges that do not allow US citizenship cause the results are quite inconvenient

I wonder why US people have to face so much regulations in trading crypto. Those regulations might only for the government to collect more tax from the people. You single penny can slip from their eyes lol

[DoublerHunter]

^ If Binance has already implemented that no US citizen nor residents will be allowed to use their system for trading then we don't have ways to prevent it since it is the company's discretion and the only thing that these US citizens can do is to take the 90-day extension to withdraw their funds. Anyway for traders cannot be prevented by Binance in terms of trading since there are other platforms who have a good reputation as well that they can still use. I just find this as another form of suppression for the growth of cryptocurrencies in the US since that one by one these platforms are not accepting US residents to use their services which might somehow divert the eagerness of their residents into something else. Nevertheless, there are too many exchanges not only binance, or even binance dex they can still use.

[figmentofmyass]

I wonder how much money these exchanges make from illegally seizing their own customers’ money just because they reside in a country they don’t service?

when it comes to americans, most exchanges just close the account and return the money. it used to happen all the time on bitmex. i imagine it's different if you're accessing from a sanctioned country or something---then you might get your money confiscated.

tbh, i'm amazed this didn't happen a year ago when they officially kicked americans out. i had just assumed they were blocking american IP addresses after that. i've actually used binance.com a couple times since then and used a VPN because i assumed i'd be blocked otherwise.

[Beparanf]

Well I'm not surprised about this news anymore because binance created already a separate exchange(https://www.binance.us/en/home) specifically for US citizen because they want to avoid the headache from the US government. Just like China, Vpn will not gonna save US citizen this time to dodge this restriction.

I believe US citizen has no choice to stick on the limited coin offer coinbase or the binance US. There is always a friendly DEX like UNI that will them.

[Lordhermes]

Well, I have already feel it's a vice versa operations, same thing happen with most of US based crypto exchange excluding other citizens from operating with them, could that be called a win-win situation, in Bittrex global, same restriction happened to other citizens, and also not all coin could be traded by non-us citizens.
Bittrex Blocks Residents of North Korea, Iran, Crimea, Syria, and ...

[figmentofmyass]

But Binance sent letters with requests to withdraw funds within 90 days, and now suddenly this period has been reduced to 14 days: Binance Gives US Users 14 Days to Leave Exchange

“Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person,” the email, a copy of which Decrypt has obtained, reads. “Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

Are they under such pressure from the regulators that the exchange is ready to change the rules and conditions on the fly?

they must be---very ominous. i've never seen binance scramble like this. reading between the lines, FINCEN (and for all we know, criminal enforcement agencies too) is obviously breathing down their neck. the feds coming after the biggest derivatives exchange and biggest altcoin exchange in the world, respectively, must be sending chills through the whole industry.

i've got my fingers crossed that binance, kucoin, etc keep allowing unverified accounts for a while, but the window is closing fast IMO.

[suchmoon]

This got me scared a little bit but I did not get such a notice even though I may or may not have resided in the US at some point and may or may not have used a US IP address to connect to the site. I really need a place to dump some shitcoins and Binance has been good for that since it has a decent daily withdrawal limit.