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US Users Have 14 Days To Leave The Binance Exchange

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Some US users have 14 days to leave the Binance exchange and to transfer their holdings out of the platform according to an email by the exchange as we are reading more in today’s Binance news.

Some US users of Binance received emails where it says they have 14 days to transfer their holdings out of the exchange and if they fail to do so, their accounts will be locked. The situation escalated after numerous efforts by the exchange to keep US users off of the exchange. Binance is now clamping down on US-based customers and now they are serious about it. The world’s biggest crypto exchange started to send email notifications to users in the US where the platform has no regulatory standing by giving them two weeks to close their accounts. According to the email:

 “Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person.  Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

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This is not the first time Binance asked US customers to leave but does represent the strongest push on the customers yet. Back in 2019, Binance gave US users 90 days until September 12, 2019, to show more evidence that they didn’t violate the terms of service of the exchange or lose access to trading or deposit functions. The warning came a day after the exchange announced they will be launching Binance.US in partnership with BAM trading. This new platform offers fewer token pairings and it’s not available in all states but it is regulated so it does provide better conditions for those that want to transfer all of their account balances.

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The less informed users in the United States ignored the warnings but some claim that they weren’t even American when setting up the account. Binance has in the past employed a tiered verification system which allowed users to trade or to withdraw limited amounts of BTC via spot trading without having to go through the type Know-your-customer Verification. Earlier this month, the Block reported that the major exchange started sending out emails to users in the United States and gave them 90 days to switch platforms. The users could still get around these restrictions.

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Source: https://www.dcforecasts.com/binance-news/us-users-have-14-days-to-leave-the-binance-exchange/

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