One of the largest crypto exchanges Binance has updated its terms of use. Soon, its services will be unavailable to US-based traders.

In an official announcement, Binance states that “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.”

In the prohibition of use section of the agreement, Binance clearly states that “Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”

Pains and Gains

While many users will be put off by the changes, there are still ways of circumventing the prohibition. For example, Americans might choose to switch on VPN and continue using the service. However, they should take into account that there is a withdrawal cap. A non-verified user can only withdraw two BTC every 24 hours.

Besides, Binance has also promised a new product soon. Yesterday, the company unveiled its plans to launch a fully regulated fiat-to-crypto platform for the U.S. market together with BAM Trading Services.

Concurrently, CZ, Binance’s CEO, tweeted that “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.”

 

Previously, Binance debunked rumors that DEX will use geo-blocking to restrict website access to users in 29 countries, including the U.S.

Most recently, the popular exchange has announced a $30,000 One token giveaway. 

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A warm hello from Ukraine! My name is Lesia, I am a journalist, writer, political scientist, and crypto enthusiast. Before joining AltcoinBuzz in May I knew nothing about crypto, I was in the dark (it was very gloomy indeed). I was all skeptic and suspicious. But then one day, probably in June-July when I was doing a podcast with James and Matt, I finally grasped the concept in full. That is when I truly started to enjoy it thoroughly. I am a big believer in crypto and blockchain. There is no doubt that it is the future. But be patient, it needs time, like a fine Chardonnay. However, if you want to know when the next bull run is happening, I highly recommend asking Luc Lammers. He will definitely spill the beans! xxx

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