Binance, one of the popular cryptocurrency exchange has revamped its internal policies and updated its terms with the exchange platform.
In the updated terms of Binance Exchange, it notably stated that “Binance will unable to provide services for US Citizens”.
It announced on Friday morning that it was analyzing its user accounts to make sure they follow the terms of Binance and KYC procedures. “Users who are not in accordance with Binance’s Terms will continue to have access to their wallets and funds, but will unable to trade or deposit on Binance.com until September 12”.
Changpeng Zhao, CEO of Binance tweeted on the disruption:
“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.”
Binance platform usually experiences an approximate of 15% traffic from US customers. Currently, the exchange platform supports more than 150 cryptocurrencies. However, nonverified customers will still be able to access the platform using VPN services.
Binance currently allows withdrawals up to 2 BTC without any verification schemes. The revised terms suggested that “ some existing users may be required to furnish evidence showing that their accounts are in compliance with Binance Terms of usage”.
Although the world’s largest cryptocurrency exchange will be terminating operations for US customers, it also announced that it will soon launch a fully licensed and regulatory compliant Fiat to crypto exchange to serve the U.S. market in full regulatory compliance.
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