U.S. users to be blocked on Binance.com

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Binance, the largest crypto-to-crypto exchange by volume, has announced that it will stop serving U.S. individual and corporate customers on its main platform, Binance.com.

The updated statement in Binance’s Terms of Use reads that the company “is unable to provide services to any U.S. person.” Users who are not in accordance with Binance’s Terms of Use by Sept. 12 will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.

In any given month, approximately 15% of Binance.com’s traffic comes from U.S. customers, having halved since early 2018 when the figure was approximately 30%. It currently offers trading of more than 150 different cryptocurrencies.

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Non-verified U.S. customers will likely still be able to bypass the restrictions and trade on Binance.com by using a VPN. Binance currently allows withdrawals of up to 2 BTC ($16,500) without any verification, although the updated policy suggested that “some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use.” Those who violate its Terms of Use, it added, will not be able to use the platform.

Binance users will also look for comfort in the announcement yesterday that the company is launching a separate fiat-to-crypto exchange Binance.US to serve the U.S. market in full regulatory compliance.

Changpeng Zhao, CEO of Binance, offered an optimistic outlook

By theBlockcrypto

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