Cryptocurrency exchange Binance blocks American customers from trading platform

Cryptocurrency exchange Binance blocks American customers from trading platform

Binance, the cryptocurrency exchange with the largest trading volume in the world, has announced that it will stop serving US customers from 12 September.

The exchange, which is pretty much the embodiment of the Wild West cryptocurrency culture is going to launch an American service, but until then it is going to exclude anyone who lives in the country or has an American passport. On a side note, customers will have access to their wallet but will no longer be able to trade.

Binance, which now operates from its headquarters in Malta, will enter into a partnership with BAM Trading Services based in San Francisco to realize the American platform. Furthermore, little is known about the collaboration. Changpeng Zhao, CEO of Binance, commented on the collaboration:

Binance US will be led by our local partner BAM and will serve the market in full compliance with legislation.

You guessed it, it seems that Binance is striving to be live 12 September with the new US service. In the meantime, a lot of American customers are likely to use a Virtual Private Network (VPN). At least, the customers who record less than 2 bitcoin (BTC) per day. Binance does not require any KYC (Know Your Customer) from these customers. However, customers who want to absorb more than 2 BTC per day will be disappointed.

Zhao indicates that the developments will certainly be worth the wait:

Binance follows with the BitMEX and Bitfinex above that already started to exclude American customers at the end of 2017. Huobi transferred its American activities to HBUS, which was later converted to Huobi .

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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