The world’s leading cryptocurrency exchange by volume Binance posted several updates that can be interpreted as the exchange’s plan to revamp and scaling.
Binance announced a collaboration with the FinCEN registered-BAM Trading Services Inc., recently, wherein the duo will launch special trading services the United States users. Dubbed as the Binance.US, it is aimed at bringing “security, speed, and liquidity of Binance.com” to users in North America, as stated by CEO Changpeng ‘CZ’ Zhao.
CZ also added that Binance.US will operate in full regulatory compliance of United States’ laws. According to the official announcement, the alliance for the US extension of Binance will be focussed on the trading of mainstream digital currencies with liquidity.
Meanwhile, an official blog post from Binance reveals a revamp in its terms of use agreement, detailing waiving of certain rights to residents of the U.S. The blog further adds under its ‘Prohibition of use section,’ that Binance Global services are restricted in the country. The document said:
“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.”
Users who are not in compliance with the new Terms of Use will be barred from trading or deposit funds on Binance.com, from 12 September 2019. Though they will have access to their wallets and funds. The aforementioned collaboration and the launch of a fiat-to-crypto platform for the region coincide, CZ remarked on it
“Some short term pains may be necessary for long term gains”
As per SimilarWeb stats, 13.48% of Binance’s traffic was from the US, as of press time. Notably, with the block in place, the Crypto enthusiasts in the US will not be able to trade many cryptocurrencies.