Crypto exchange Binance has begun blocking US users from accessing the exchange, according to sources from The Block.
It's been more than a year after Binance first announced in July 7 that it would be discontinuing serving US investors starting September 2019.
But since then, Binance still allows US users to access the exchange. Accordingly, investors just need to click on "I'm not American" to set up an account on 'Binance.com', which is how many US investors use.
However, things are probably changing ... as Binance recently sent emails to US investors based on their IP addresses.
The content in the email is: “We noticed that your account may be connected from the US due to your IP address. And to comply with regulatory requirements, we cannot provide services to US citizens or residents ”.
“If you are a US citizen or resident, please move your property away from 'Binance.com', you have 90 days to do so. You might consider using 'Binance.US' or other US exchanges ”.
This is considered the definitive step of Binance in completely blocking US users from accessing 'Binance.com'.
Additionally, this move by Binance came shortly after the US government announced it would pursue two legal lawsuits against cryptocurrency derivatives exchange. BitMEX.
Even BitMEX rival Deribit has required all users to be identified by the end of the year. According to a source recently, Deribit blocked everyone in the US based on IP address.
Binance himself is also in the sights of the US government.
Therefore, to avoid being monitored and to be able to operate in the US, Binance launched 'Binance.US', which is a subsidiary of Binance in the US that has been fully licensed by regulators. .
However, so far, the volume of 'Binance.US' is still quite quiet compared to the main exchange. And it is very difficult to compete with major US crypto exchanges, such as Coinbase.
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