Binance has announced the arrival of Binance US, a new twin trading platform expected to make its debut in the next two months and intended exclusively for the American market.
Binance has made it clear that it will no longer be able to guarantee the use of the Binance.com platform for US citizens from September 12th, 2019.
CZ, the CEO of Binance, has announced an update to the Binance terms and conditions of use. One of the novelties that has caused the most stir in recent hours is the alleged ban of trading operations for US citizens.
https://t.co/AZwoBOy3iq will provide secure and reliable cryptocurrency trading to users in the United States.
We look forward to opening registrations soon. 🇺🇸 pic.twitter.com/bQ6sctg3FK
— Binance.US (@BinanceAmerica) June 14, 2019
To cope with this disposition, Binance US was born. As reported on Twitter, Binance US will probably be enabled before September 12th, 2019, thus ensuring that US citizens will be able to trade.
Until then, American users will be able to continue to use Binance.com although, as stated in the official press release, there will be no guarantee that they will be able to continue to use Binance.com from September 12th, 2019.
Naturally, as announced by Binance, US traders will be able to continue to access Binance.com after that date, but, depending on the jurisdictions of the state of residence, there is no guarantee that they will be able to use the platform to trade cryptocurrencies.
In any case, it will be still possible to access and withdraw funds, regardless of the country of residence.
Binance announces Binance US for American citizens
The ban on American citizens – even if it is not actually a real ban – is almost certainly related to the need to regulate Binance for the US market.
This will probably result in a reduction of the cryptocurrencies present on Binance US since some coins could be considered as security tokens.
Currently, Binance.com has a significant percentage of traffic from American users.
It is estimated that around 20% of the total monthly Binance traffic is generated by US residents. In the past, this percentage had reached and exceeded 30%.
Verified US users (KYC) will therefore no longer be able to trade on Binance.com from September 12th, not even using a VPN.
Those who are not verified will be able circumvent this limitation by using a VPN, although daily withdrawals will be limited to two BTC, which is almost 16500 Dollars at the current price.
The news comes after the rollout of margin trading, now nearing its debut on the international platform.