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.”
There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. But 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. https://t.co/gl1M1cwPYB
— CZ Binance (@cz_binance) June 14, 2019
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.
