{"id":19952,"date":"2019-06-14T21:08:47","date_gmt":"2019-06-14T21:08:47","guid":{"rendered":"http:\/\/ci027cfe7a800d2697"},"modified":"2019-06-14T21:08:47","modified_gmt":"2019-06-14T21:08:47","slug":"binance-to-block-all-u-s-users-launch-regulation-compliant-spinoff-site","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/binance-to-block-all-u-s-users-launch-regulation-compliant-spinoff-site","title":{"rendered":"Binance to Block All U.S. Users, Launch Regulation-Compliant Spinoff Site"},"content":{"rendered":"
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Binance has announced that it will deny all cryptocurrency exchange services to users in the United States in the near future. <\/p>\n

On June 14, 2019, Binance\u2019s official website posted an announcement<\/a> claiming that \u201csome users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Term<\/a>s of Use<\/a>.\u201d Furthermore, after 90 days, \u201cusers who are not in accordance with Binance\u2019s 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.\u201d <\/p>\n

A simultaneous update<\/a> to the terms of use reveals a key new line: \u201cBinance is unable to provide services to any U.S. person.\u201d <\/p>\n

One day prior to this announcement, Binance stated that it would be launching<\/a> a new partnership with BAM Trading Services Inc. to develop a Binance.US site that would cater to U.S. customers. In a short page of text, the fact that this new site is compliant with U.S. regulations is mentioned no fewer than three times. <\/p>\n

\u201cSome short term pains may be necessary for long term gains,\u201d wrote Binance CEO Changpeng Zhao on Twitter<\/a>. \u201cWe always work hard to turn every short term pain into a long term gain.\u201d
Binance suffered a substantial hack<\/a> in May, losing more than $40 million worth of bitcoin. At the time, this loss represented more than 2 percent of Binance\u2019s entire liquidity. This damage was substantial enough to warrant significant alterations<\/a> to Binance\u2019s security. Since then, other exchanges have followed suit<\/a> and begun to enhance their own security practices.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the announcement that it will close its exchange services to U.S. customers, Binance pledges to develop a regulatory-compliant Binance.US site.<\/p>\n","protected":false},"author":2545,"featured_media":19953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[826,357,219],"class_list":{"0":"post-19952","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-binance","9":"tag-exchanges","10":"tag-regulation"},"author_data":{"id":2545,"name":"Landon Manning","nicename":"landon-manning","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/img_2749-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/project_-_sketch_1_78_copy_7.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19952","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2545"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19952"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19952\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/19953"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19952"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19952"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19952"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}