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US Users Must Leave Binance Exchange in Two Weeks

by
November 24, 2020 1 min
US Users Must Leave Binance Exchange in Two Weeks Binance News
  • US users must stop access to the Binance exchange in two weeks, according to an email warning.
  • Moreover, Binance has announced its partnership with BAM Trading. As a result, its blockchain-featured services expanded.

Binance exchange has sent an email warning to its users residing in the US. Each customer should transfer their assets and close their account on the exchange.

The platform access warning came up as a result of how customers get into the exchange without self identification as a US citizen. Hence, anyone trading on the exchange must stop their platform activities within two weeks.

Binance email message reads,

Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.

Meanwhile, this warning message shows the second time Binance exchange has passed such restrictions to its network-based users. Looking back, Binance’s recent warning escalated soon after the company announced its partnership with BAM Trading.

Furthermore, Binance will no longer offer its blockchain-based featured services to US natives. In addition to Binance’s newly updated terms and conditions, US passport holders will not be able to log in on the global Binance.com site.

Similarly, if all measures are properly maintained as days go, Binance exchange users will continue to access their account using a virtual private network (VPN).

On the other hand, users will sign up for their accounts for a limited without know-your-customer (KYC) approach. Alongside this, individual customers will be leveraged to trade digital asset classes. However, Bitcoin withdrawals will be limited each day.

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    Karikari Daniel is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.

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