Binance is probably the largest crypto exchange in the world with over a billion dollars’ worth of cryptocurrency going through it every day. The company has largely operated in a free-for-all fashion until recently when it started to go for the regulated route. The company urged users in the United States to stop using the service until they were able to provide a solution through the proper channels. There are some areas where users can use the platform as it has regulatory approval in those states. However, there are still a lot of users who do not qualify for it. in an effort to combat the problem, the company has taken on the strictest step so far, threatening to close the accounts of users who do not comply with their mandate.
The blocking is currently happening based on the user’s IP addresses. However, users can still trade on the platform without the KYC verification with limited access to transactions. The maximum cap set by the company for transactions without verification is 2 bitcoins. While this may be a problem for most of the professional traders, small-time investors can still take benefit of this loophole.
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