United States Residents Will Lose Access to Many Altcoins Starting in September

United States Residents Will Lose Access to Many Altcoins Starting in September

United States Residents Will Lose Access to Many Altcoins Starting in September

The updated statement in Binance's Terms of Use reads that the company "is unable to provide services to any USA person".

"We are excited to finally launch Binance US and bring the security, speed, and liquidity of Binance.com to North America". This essentially means that users from the U.S. are violating the Terms of Use, and will hence be unable to trade on the platform as of September 12, 2019.

The move will allow Binance to compete with San Francisco-based cryptocurrency exchange Kraken by offering users leverage and margin trading. Those who violate its Terms of Use, it added, will not be able to use the platform.

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 US person".

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"There will be a few restrictions on Binance.com accompanying [the USA site launch]", said Binance CEO Changpeng Zhao on Twitter.

The new site also notes that it will be using the same matching engine and wallet technologies from the original platform, meaning it should feel familiar to any users shafted under the new rules. "And we always work hard to turn every short term pain into a long term gain". Bittrex announced last week they would be geo-fencing 32 cryptocurrencies from the USA clients, following the same move by Poloniex a couple of weeks ago.

The Malta-based exchange announced Friday morning that it was reviewing user accounts to ensure they follow Binance's terms of use and know-your-customer (KYC) procedures and will remove deposit and trading permissions for anyone in violation of its policies.

"Binance US will be led by our local partner BAM and will serve the USA market in full regulatory compliance", Zhao said.

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