Binance Plans To Ban US Clients From Trading On The Platform Soon – People Question Decentralization
The Binance platform gears up to ban the citizens in the US from trading on the platform, but don’t freak out because there’s a catch. The platform promises much wider crypto trading opportunities later.
Binance revealed upcoming restrictions
The whole panic began when Binance revealed that some restrictions would be introduced for the US citizens and they will be banned from trading on Binance.com announces UToday.
This is the most aggressively expanding crypto exchange and the one that flaunts the highest trading volume. The platform will be changing the policy towards the US traders, shortly.
Changpeng Zhao posted on Twitter a couple of days ago about this and he warned users about some short-term “pain” that are coming but which will eventually turn out to be “long-term gain.” Here’s his post below.
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
People on Twitter did not receive the news with too much enthusiasm.
Someone tweeted: “KYC mandatory. Prob only be able to trade maybe 50% of the tokens on there. Good bye decentralized dream welcome to the greed of the gov, banks, exchanges, institutions. The funniest thing about all this crackdown all these regulators & exchanges are doing is gonna destroy crypto.”
Changpeng Zhao responded: “I recommend you read the book: the starfish and the spider. You will have more confidence in crypto (and regulations) after that.”
The person said, “I’ll def check it out. @cz_binance I appreciate you pressing the industry forward. This wasn’t a direct jab at Binance it was overall statement you can tell everything across the board is heading that way. Very deflating compared to 2017 & prior when it seemed so inspiring.”
Binance will launch a separate platform for US users
This is the reason for which Binance teamed up with BAM Trading Services which is an organization registered with the US FinCEN agency.
Until US Binance starts working customers from the US will be reportedly restricted from trading on Binance itself.
US users who have Binance accounts will have until September 12 to trade, then they will be banned.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.