The crypto exchange Binance is going official and legit along with announcing that it will be launching a U.S. based service. Meanwhile, it has imposed restrictions on all U.S. based customers.
Binance is one of the largest cryptocurrency exchange in the world based on trading volume and has provided a trading platform for more than a hundred cryptocurrencies. Binance has allied with the BAM trading services which is registered FinCEN and links to Koi Compliance, Binance is one of the investors that aims to launch an exchange in the U.S. as well. FinCEN – Financial Crimes Enforcement Network is the Bureau of the U.S. Department of Treasury that collects, analyses the information on all the financial transactions to fight the domestic and international money laundering crimes and another terrorist financing.
The CEO of Binance, Changpeng Zhao, said, “We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America. Binance.US will be led by our local partner, BAM and will serve the U.S. market in full regulatory compliance.”
However, existing users have a grace period of 90 days. The grace period ends on September 12, and this will be the effective deadline for the Binance to launch its new Exchange in the U.S. and customers will gain their access to funds held in the service.
The Exchange has stated, “Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use. Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.”
It also added, “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.”
Recently Binance did announce that it would be blocking its DEX website to the users in 29 countries that included the U.S. as well.
The company believes that the impact and loss faced due to this will be for a short period of time, and it will have a high impact in the well being of the country in the long term.