After top-leading crypto exchange Binance announced it will go legit back in June one of the first steps was to cut ties with the US. The platform soon announced it will implement restrictions for US passport holders worldwide, as well as those who are US-based.
Binance grew to become one of the biggest names in the crypto world by allowing everyone to trade myriad tokens. Many of those are unavailable or limited on other exchanges, so Binance was the welcoming place for all who wished to go beyond the existing limits. During the past year, the platform decided to formalize its services and strengthen its place on the market. For that reason, Binance established its bases in the UK, Uganda, and Singapore.
However, they did announce a plan to create a special platform accustomed to the needs and the characteristics of the US market.
For that purpose, Binance is teaming up with BAM Trading Services. For the time being, the US customers still won’t be able to sign up for the global Binance service. As for the existing US users, they were granted a 90-day grace period, after which they will be unable to deposit funds or make trades on the website. Still, US users could access the platform with a VPN. In addition, Binance allows its customers to sign up for a limited account without a KYC – which does not require providing verification documents, such as a passport copy.
This way, they can access the platform no matter which country they are based in, but with a twist – they can only withdraw 2 Bitcoins a day.
The latest scoop is that Binance.us will launch in the next couple of weeks. This deadline aligns with a rough date the grace period for the existing US users will come to an end. And if the deadlines are met, the clients shouldn’t have any problems or feel a difference in their everyday trading, since things will keep running smoothly.
Also, KYC onboarding is expected to start a few days earlier, allowing users extra time to verify their accounts and make deposits.
The venture comes as a great relief to many valued clients based in the US. When Binance initially became unavailable to them back at the beginning of September, they lost many trading options for crypto assets. Also, there are plans for launching a decentralized exchange with the addition of new features such as margin trading.