Binance to Block U.S. Users in Preparation for Exclusive Exchange

Binance

Crypto exchange giant Binance has announced that U.S. citizens will soon be unable to use its primary exchange’s services.

This news comes just after Binance announced the creation of a new exchange platform designed exclusively for use by those located in the U.S.

Binance is reportedly giving users a 90-day grace period. On September 12, 2019, deposits and trading will be blocked for the exchange’s U.S.-based users, although they will continue to have access to their wallets and funds.

Revamp and review

The exchange stated that it is in the process of revamping internal policies and making sure users are following its terms of use and know-your-customer (KYC) procedures. Anyone caught violating these policies will lose their deposit and trading permissions.

Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements,” the company stated. “Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use.

Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.

In its updated terms of use agreement page, which was revised on June 14, the exchange specifically states that “Binance is unable to provide services to any U.S. person.