Home » US users see Binance crackdown

US users see Binance crackdown

by Carolina Lynch

Binance Exchange has launched a clamp down on the various US-based accounts on its platforms, asking the users to withdraw their holdings from the exchange within the next 14 days. As per the Decrypt report, the platform has done so to ensure that US-based traders and investors have no holdings on its exchange as it does not have legal standing in the country.

The company has asked the users to register with the United States-based partner Binance US for carrying out trading activities. 

Email Notice To US Based Accounts

The leading crypto trading platform has accelerated its move to relinquish all the US-based users off its platform, considering its non-allegiance to US regulations. Binance has sent out an email notification to the users identified as US persons to withdraw the funds as the platform would suspend all such accounts. The email further said that the company cannot service the US persons as mentioned in its Terms of Use.

The crypto exchange gave a deadline of 14 days to such users to close their active positions and take their funds out, highlighting that after the period, the accounts would be locked. Upon the suspension of the account, the users would not be able to operate it and raise a service desk ticket with the support for further action. The company tracked the US-based accounts based on the Internet Protocol(IP) address. 

The users must fill the KYC form while registering for the Binance Platform. However, they can bypass the step by choosing lower daily deposits and withdrawal limits. As per the reports, Binance exchange did not verify the users’ physical locations registering against their IP addresses, which led to a number of US-based accounts creation on the Binance platform.

Earlier this year, Binance announced formally launching its operations in the United States with a dedicated platform, Binance US, being run by partner BAM to serve the US accounts with full regulatory compliance. The company continually reviews and scrutinizes its user accounts to ensure it is complying with legal regulations across the world.

Extending its endeavor to serve customers with full authorization, it has requested the US-based account holders to move to its authorized US-based platform and transfer funds before being blocked. 


The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock