The list is below...
US customers rejoice! Ummm I meant to say:
Some US customers rejoice.
You can now trade on the regulated Binance US platform. In other words, they have taken more steps to centralize the decentralized eco system.
Why. Just why would you do that?
The entire concept of the blockchain and cryptocurrency is to decentralize with more freedom of your choices.
Now don’t get me wrong, I am all for regulating the blockchain ecosystem the right way. Yes I understand you want to stop criminals and drug dealers from using it, but as I’ve always said, you’ve regulated cash and to date cash drug deals are still the preferred payment method.
I also understand that financial institutes are the backbone of any country economy but bank fees have gone to a point that only an idiot would have to pay them. Why do I have to pay a high percentage to paypal just to sell my old item when I can just as easy get 100% of the money with cash or with a cryptocurrency. Not To mention Paypal’s “GOD Mode” where they have the slightest suspicion of anything, they completely block your account and you have to waste hours on the phone providing them with your entire life information from your ID, to your SIN (or SSN in the US), to your finger print, to your eye scan.... The list goes on and still no access to your funds or your account.
Enter Crypto and blockchain. None of the above, and just like cash there will be good and bad, but the good in this scenario outways the bad in a huge way. You also have to pay income tax on whatever you make. And I am all for that.
As a crypto day trader, Binance is my exchange of choice due to the vast choices of currencies and pairs. Friends in the USA were forced to leave the original Binance and use the new Binance US platform, which by the way have less than 10 crypto assets to trade and is restricted in 13 states. Could anyone explain this to me? Why are you forcing Americans to use the new platform when right out of the gate you are prohibiting 37% of them from trading?*
Here is the list (and population according to Census estimate for 2019):
- Alabama (AL) 4,800,000+
- Connecticut (CT) 3,500, 000+
- Florida (FL) 21,200,000+
- Georgia (GA) 10,500,000+
- Hawaii (HI) 1,400,000+
- Idaho (ID) 1,700,000+
- Louisiana (LA) 4,600,000+
- New York (NY) 19,500,000+
- North Carolina (NC) 10,300,000+
- Texas (TX) 29,200,000+
- Vermont (VT) 600,000+
- Washington (WA) 7,500,000+
- Arizona (AZ) 7,100,000+
If you do the math, that’s more than a third of the entire US population of 325 Million.
I feel the pain residents of these US states have and the worse pain of less than 10 coins to trade for the rest of the US.
What’s your opinion?
Important: Someone has made a big error. On the faq page there are 13 states listed as restricted. But on the official TOS page there are only 12 states. It seems like the legal team who wrote the terms has forgotten to include Arizona.
*The calculations above based on the numbers found on the Wikipedia page: List of U.S. States by population.