Binance set to bid farewell to US traders: Announces fiat-to-crypto platform for the US market

  • Terms of use update will restrict customers from the United States from accessing services on Binance.com.
  • “Come short term pains may be necessary for long term gains,” CZ reassured users.

The largest cryptocurrency exchange Binance has today, June 14 published updated terms of use for its customers. The update, particularly, will restrict customers from the United States from accessing services on Binance.com. the customers affected are both individual based and corporate based. However, Binance has also announced the launch of a dedicated crypto-to-fiat trading platform specifically to serve the U.S. market.

The announcement released on June 14 reads:

“After 90 days, effective on 2019/09/12 [12th September 2019], users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”

Customers can still go around the new restriction by using a virtual private network but those with non-verified accounts will have to deal with a 24-hour cap of 2 BTC. Anything above this cap requires that users verify compliance with the exchange’s terms of use.

The CEO of Binance, Changpeng Zhao (CZ) reassured the users via tweeter:

“Come 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.”

 

 

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