Friday, July 30, 2021
Home Crypto News Market US Customers Have To Leave The International Binance Exchange

US Customers Have To Leave The International Binance Exchange

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Binance’s US business is operated separately than Binance exchange. The international platform does not support US customers.

Read: Why Ripple Price Explodes To Over 100% In Seven Days

But It’s not a problem for most US users as they can register on Binance without having to prove their identity. If you consistently use a VPN, you will also be able to open a customer account.

Two Bitcoin can be withdrawn per account per day. So a good 38000 USD available withdraw limit, if you use the current BTC rate.

You can also make multiple accounts by using different e-mail addresses, as their is no mandatory KYC.

This gap could only be closed if Binance were to ask its customers for a mandatory proof of identity procedure.

Now media reports are piling up that the exchange is writing to customers who are classified as US users and asking them to leave the international Binance exchange within 14 days.

Forbes Poured Fuel On The Fire

An article from Forbes caused quite a stir in late October. Because Forbes and its two journalists claim that Binance has deliberately fooled US regulators. But Binance denies the charges and is taking Forbes and its two employees to court in the United States.

The question now is whether the latest reports of US customers being thrown out may have been spurred by the Forbes article.

Officially, Binance has a US platform, but it doesn’t offer as much volume, crypto coins or other functions as the international parent Binance.

BitMEX Was A Warning

The founders of BitMEX also found that the US authorities and their requirements are not to be joked with. For a long time, they also indirectly made customer accounts possible for US traders because they did not close the gap with proof of identity.

The US authorities then started investigation two different charges against the founders of BitMEX.

BitMEX now requires its customers to go through a KYC procedure including ID/passport copies, images etc.

Binance follow a similar procedures of KYC, but only requires it as an option if the customer wants to increase their withdrawal limits. It remains to be seen whether Binance might run into similar difficulties as BitMEX or not.

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Owner of TheCryptoBasic. Involved in cryptocurrencies for more than five years, Love to trade, and write on cryptocurrencies. My basic aim is to provide genuine information to cryptocurrencies readers because crypto is filled with frauds and scams. True information is very rare to get. So I will be providing accurate information about cryptocurrencies topics, that users can trust.


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