United Stated being blocked from Binance
USA Binance, a worldwide operational cryptocurrency exchange announced on Friday, June 14, 2019, that they’ll be preventing United States customers from using their FX & Crypto services. Immediately after the announcement, the terms and conditions of their international policy were changed. Now it states that Binance is unable to offer trading services to any US Client.
However, this new policy won’t be enacted until September 12, 2019. This means that US Clients still have three months where they can deposit funds into accounts and trade through the Binance Exchange. However, after September 12, there will be a new version of Binance released to customers in the states. On Thursday, June 13, 2019, this forex firm revealed that they’d be launching an American version of their platform called “Binance US”.
This new Forex & Crypto Exchange must first be approved by the United States Financial Crimes Enforcement Network, which is a subsidiary of the United States Treasury Department. Due to the reputability of Binance, it’s only a matter of time before their approved by the FCEN.
Binance US will be working coherently with BAM Trading to bring their new forex and crypto services to American clients. However, it’s unknown as to who controls what portions of the exchange. The change in direction for Binance could result in numerous traders leaving their platform altogether. This would mean that anywhere from 13% to 15% of their client base could disappear. It’s a risky decision to launch an entirely new service when the original is already performing optimally in the region.
The Binance Twitter Accounted stated, “There will be a few restrictions on Binance.com accompanying, but some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.