World’s largest cryptocurrency Exchange which has grown seamlessly until now by complying with AML/KYC regulations. However, reportedly, the administration has to make a lot of significant changes in the US.
The Malta-based original binance.com will no longer be available in the US. Nevertheless, they have planned a US-based Binance to be launched soon.
Disable Trading of Binance.com in the US
After the restrictions are imposed, users will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com. Hence, it seems that the regulations have been primarily imposed on trading only.
Plans to Launch a New Exchange in the US
Nevertheless, Binance is not planning on losing any of its customers in the US. It announced the launch of Binance.us yesterday on 13th June 2019.
Binance.US will be operated by BAM Trading Services and built on cutting-edge matching engine and wallet technologies licensed from Binance.
Moreover, it might require the customers to provide their verification details again, and Binance could stand to lose a share of its customers. Binance has been popular because of its all-inclusion strategy which has listed numerous cryptocurrencies on its platform since its inception in 2019.
Moon Overlord, an anonymous on Twitter expected a lot of shifts in the altcoin markets due to the move he tweeted,
I’d expect all kinds of craziness
Exit pumps on coins that wont be on Binance US, whales dumping their remaining ICO tokens, god knows what else… Stay safe out there
However, some of these might be restricted for trading in the US. Poloniex, a US-based Exchange had recently discontinued trading services for nine cryptocurrencies which included Lisk [LSK], Ardor [ARDR], Bytecoin [BCN], NXT, Augur [REP], Game Credits [GAME], Ehtereum Gas [GAS], ONMI, Lisk (LSK) and Decred [DCR]. There is a high probability that Binance in the US will not include these cryptocurrencies as well. Moreover, restrictions on some of the ICOs might also be imposed.
Which other cryptocurrencies do you think might be affected by the shift? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com