Crypto Exchange to Block US Customers from Trading

Binance US Expansion Puts BNB Under Question, US Block Announced

U.S. customers to be blocked from trading on

In an updated terms of use agreement revised on June 14, the exchange's general site notably stated that "Binance is unable to provide services to any USA person".

Looking through the Binance Terms of Use, which was last revised earlier today, the following statement stands out as worrisome: "Binance is unable to provide services to any United States person".

And today, approximately 15 percent of that site's traffic comes from the US. Now, one of the main questions being discussed is what will happen with Binance Coin (BNB), the native token of the exchange, after the Binance.US launch. Those who violate its Terms of Use, it added, will not be able to use the platform.

Following the news that is shutting its door to U.S customers and nearly at the same time launching a U.S subsidiary, the value of the BNB recorded a slight loss on the day, though the top ten cryptocurrencies are in a mixed state.

Major cryptocurrency exchange Binance confirmed it will enter the USA market via partnership with a local company, BAM Trading Services.

The crackdown comes just one day after the announcement that Binance will be launching an independent exchange for U.S. traders, which will partner with BAM Trading Services, a FinCEN approved company. Huobi then started licensing its technology and brand to a us -based company HBUS (later rebranded to Huobi), similar to Binance's current plans for the USA, having partnered with BAM Trading Services Inc - an unknown money services business listed in San Francisco. "And we always work hard to turn every short term pain into a long term gain".

Binance follows Bitfinex and BitMEX, which both started blocking US customers in late 2017 as a result of the challenging regulatory climate.

Meanwhile, BNB, which is 7th largest coin by market capitalization, registered the largest drop among the major coins in the past 24 hours as the cryptoverse is discussing how the expansion in the USA will affect the coin.

Latest News