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:
There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. 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. https://t.co/gl1M1cwPYB
— CZ Binance (@cz_binance) June 14, 2019
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 .