Binance bans US customers.

The worlds largest cryptocurrency exchange Binance is changing its internal polices and is cracking down on wayard users.

On Friday 14th of July the Malta based exchange announced that it was reviewing its users accounts to ensure that they are folowing Binances terms of use and know-your-customer (KYC) requirements. Those found in breach will have their deposit and trading permissions removed.

In a suprise move their updated terms of use agreements states: “Binance is unable to provide services to any U.S. Person.”

This news comes with a day of Binance announcing that it is formally expanding into the U.S market via a new dedicated platform. The exchange has previously stated that it will strengthen its compliance and security practices through partnerships with companies such as Chainalysis and KYC/AML tool provider IdentityMind.

“Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements,” the company said, adding:

“Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use. Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.”

The exchange also stated that effective on Sept. 12, 2019, “users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”

Prior to this, Binance had listed 15 countries and six U.S. states (including New York) on a “restricted countries list” page of their site.

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