Binance Increases Crackdown on US Users with 14 Day Warning

Binance - the Largest Crypto Exchange

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 notice issued by the company said, “As we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a U.S. person. Please note that as per our Terms of Use, we are unable to service U.S. persons. Please register for an account over at our partner, Binance US.” It also told the customers that “You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked. Once your account is locked, you will have to raise a customer service ticket for us to assist you further.”

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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