Binance will lock United States user’s accounts in 14 days

Binance will lock United States user’s accounts in 14 days

Binance has been sending users who live in the United States email notices warning them that they have 14 days to remove their funds from the platform. 

The email says, 

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. Please register for an account over at our partner, Binance US. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.

Individuals who live in the United States are not permitted to trade on Binance.com, and instead, are supposed to trade on Binance.US. However, Binance.US does not have nearly as many trading pairs as the main website, so many individuals in the United States were finding ways around the Binance.com United States ban. 

Binance has threatened to clamp down on United States users before, but has never threatened to lock user accounts. In July 2019, Binance gave its United States users 90 days to prove that they had not violated Binance’s terms of services, and if they could not provide evidence, then Binance barred them from trading and depositing on their exchange.

The crypto crime cartel

It is no secret that Binance’s operations are borderline illegal. Binance is a key member of the crypto crime cartel that has been known to manipulate markets and launder money. Which is one of the many reasons Binance has been prohibited from operating in a few countries and why the United States SEC awarded CipherTrace, “the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network,” a contract. 

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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