Binance shortly after announcing the launch of their US division exchange with FinCEN registered partner said that they are going to stop serving individuals and corporate customers in the US through Binance.com as they will be now using Binance.US.
Binance in their agreement blog post updated their “Prohibition to use” section and stated:
“Binance is unable to provide services to any U.S. person. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion. “
Not just the US but Binance plans to withdraw their services from 28 other countries. This could be related to the move made by Binance Dex to geo-block 29 countries including the US.
Although non-verified US customers will still be able to trade on the exchange by using a VPN to bypass the restrictions. The company previously stated that they would strengthen their compliance and security practices through a number of partnerships with software providers like Chainalysis and KYC/AML tool provider IdentityMind.
As US citizens are given an ultimatum of 90 days to withdraw their funds the CEO of Binance popularly known as CZ, celebrates the new business branch, as he said:
“We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America….. Binance. US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”