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Cryptocurrency News

Binance to open its doors to US customers

Top cryptocurrency exchange Binance, published an updated Terms of Use on the 14th of June in an effort towards better international regulatory compliance. The Malta-based exchange will be enforcing US customers restrictions. The updated terms of use will come into effect on the 12th of September 2019. After this date, US-based customers will retain access to their wallets but will no longer be able to trade on the exchange.

US-based customers have been getting excluded from most cryptocurrency products and offerings. Bittrex, a US-based exchange, halted the trading of 32 cryptocurrencies for US-based users. The pairs affected include ENJ, QTUM, and STORM. Another case is from one of the oldest reputable cryptocurrency exchanges that remains functional to this day, Poloniex. Leverage trading is available and open to all users except for US-based ones. Last but not least, the latest trend, IEO platforms have been unavailable to any US customer.

This has caused missed opportunities for many. For example, the MATIC IEO delivered a phenomenal 1,611% return. The token was priced at $0.00263 for the public sale and reached a the recent peak of $0.04500.

Fortunately, this “embargo” may end soon as Binance is launching a new trading platform specifically built for US customers. The CEO of Binance provided some hope to his future customers with his tweet: “Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain”.

The new exchange will be made possible by their Financial Crimes Enforcement Network (FinCEN) registered partner BAM Trading Services who will be operating Binance US.

Image licensed via Shutterstock

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