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

Daniel Fowler
June 15, 2019

Major cryptocurrency exchange Binance confirmed it will enter the US market via partnership with a local company, BAM Trading Services. This, an analyst warns, may have triggered an "altcoin winter".

As of September 12, 2019, users accessing Binance from the US will be unable to trade using their account and may need to transition over to its upcoming Binance.US platform.

These same restrictions will force Binance's USA -only platform to have a relatively small number of cryptoassets, compared to its core platform.

Economist and trader Alex Krüger argues that "Binance may move USA users (reportedly 25-30% of total) from binance.com to Binance US". "Some users may be required to furnish evidence showing that their account registrations are consistent with Binance's Terms of Use", which states that "Binance is unable to provide services to any US person".

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Currently, it is unclear what will happen to any orders that are open after this point, but presumably, they will be automatically closed once trading is disabled. According to him, if there is no BNB on Binance.US, the demand for this coin will drop.

On the Binance blog, CZ, the founder, stated that the team of the exchange and himself are happy to finally start official collaboration with United States users and to give U.S. customers secure trading and liquidity provided by Binance to the US.

Users in the USA could still buy the cryptocurrency, which recently hit the $34 mark after a margin trading rollout was teased, as while even Binance's decentralized exchange (DEX) is set to block users from the country, the blockchain itself is still accessible, meaning users can trade on the DEX through wallets that support it or through a VPN. At press time, BNB is trading at about $32.6, after falling from a $36 high seen earlier this week.

Beyond this, Binance also made it clear that some users will need to provide evidence that their account is eligible to receive services under the new Terms of Use.

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