Teena James
Contributor
What is the fall out going to be like after loosing 15-30% of their user base overnight?
Binance has started blocking US users as of today
- Thread starter Teena James
- Start date
It will be temporary, as they plan on opening a US compliant exchange.
Binance De-Risks Amidst Regulatory Pressure, Plans for US Crypto Exchange
No firm timeline was given for the launch of the platform, but it will be fully compliant with US laws from the start, according to Binance CEO Changpeng Zhao. He also says the move “will bring the security, speed, and liquidity of Binance.com to North America.”
Users in the United States may find themselves confused by the news, as Binance is currently freely accessible by US residents. However, this has all along exposed the exchange to much risk due to regulators in the US starting to tighten up their grasp over the emerging market. Binance offers a variety of unique altcoins, some of which could very well be considered securities under US law – something that could eventually land the exchange in the hot seat. Even its own native BNB crypto token could be viewed as such until clearer guidelines are developed.
By opening up a US-based exchange, the risk of heavy-handed regulators overstepping their bounds is minimized. This version of the crypto trading platform can be sans assets that make lawmakers uncomfortable, and have tighter communication with important government branches focused on protecting investors, or preventing money laundering.
So when BNB takes a price hit, be ready to buy the tokens before they open the US exchange.
BitFit
Contributor
Bitcoin responded by jumping over $9k, so the heck with Binance. The coins I want are all on US exchanges anyway, so how bad could it hurt the market at all.
Besides, VPNs are powerful tools.
nazakethussain
Contributor
Well this is not right.. i think it may be just temporary.. just keep patience..