Binance Gives US Users 14 Days to Leave Exchange

In letter

  • Some US Binance users have received emails giving them 14 days to transfer their stocks from the exchange.
  • According to the email, if they fail to do so, their account will be locked.
  • This is an escalation of previous efforts to keep US users away from exchanges.

Binance is again pushing for customers based in the USA. And this time it really could be.

The world’s largest cryptocurrency exchange has started sending email notifications to users in the United States where Binance has no regulatory requirements. You have 14 days to close your account.

“Dear user, we are constantly doing regular checks on our existing controls. We have noticed that you are trying to access Binance while you are identifying yourself as a US person,” the email read Decrypt has received reads. “Please note that according to our terms of use, we cannot serve US persons. You have 14 days to close all active positions on your account and withdraw all of your funds. Otherwise your account will be blocked. “

This isn’t the first time Binance has asked US customers to exit, but it is the most solid language of the exchange on the matter yet.

In July 2019, Binance gave US users 90 days– by September 12, 2019 – to provide evidence that you have not violated the website terms of use or have lost access to trading and deposit functions.

That warning came a day after Binance announced that it would launch Binance.US in partnership with relatively unknown BAM Trading. Binance.US offers fewer token pairings and is not available in all states, but it is regulated and theoretically offers a soft landing for those looking to transfer their balance.

However, semi-savvy Binance users based in the US were able to largely ignore the warnings. For one, Binance has relied in part on information provided by the user. Customers could claim they are not American when creating an account. Binance has – at least in the past – employed a tiered verification system that allowed users to do so Trade / withdraw limited amounts of Bitcoin via spot trading without going through the kind of know-your-customer verification found on a US exchange. That is, if they weren’t completely honest, Americans could still use the exchange.

Earlier this month The block reported that Binance has started sending emails to users with US-associated IP addresses. Everyone who signed up in the US received an email giving them 90 days to switch platforms. However, with a virtual private network, users could bypass these limitations.

Binance’s latest move comes less than a week after a lawsuit was announced Forbes and two of his journalists for defamation Forbes has published an article The allegation that the exchange planned to set up an American subsidiary, allegedly Binance.US, to “distract regulators with a pretended interest in compliance.”

The article goes on to say, “Meanwhile, potential customers were taught how to dodge geographic restrictions while technological workarounds were introduced.” Binance strongly denies many of the claims made in the article.

Binance did not return a request for comment prior to posting this article.