Binance is adapting to US regulations

 

Source: Beavisbg via Wikimedia Commons

After more than a year of announcing its continued efforts at complying in the heavily regulated US crypto markets, Binance no longer appears to be dragging their feet on the case and do actually appear to be working harder in the recent months to deliver the new US based platform.

• After mounting regulatory pressure and scrutiny from SEC and CFTC, Binance has initially opened its binance.us platform back in September of 2019 starting with 37 of the US states, leaving out the 13 more complex states in terms of regulations such as New York & North Carolina.
• Since the opening of binance.us, users registering on binance.com are being asked to declare that they are not American and allegedly until recently Binance hasn't taken much of effort in terms of further checks to ensure the legitimacy of the provided information.
• Recently during the latter part of October 2020, Forbes has published a report highlighting an elaborate set of plans on avoiding US based cryptocurrency regulations, dragging Binance right back towards the regulatory spotlight.
• The binance.com platform is reportedly now enforcing further checks on its customers by ensuring the IP address they connect from does not originate from the United States and in instances they do initiating the 90 day closure process, starting with the below email communication:

We noted your account may be associated with the U.S. due to an IP address you connected from in the past. In-line with regulatory requirements, we are unable to provide services to U.S. citizens or residents.

If you are a U.S. citizen or resident, please transfer your assets out of your account within 90 days. You may consider using Binance U.S. or other U.S. platforms,

• With that currently Binance is persuading its customers to consider migrating from the binance.com to the binance.us platform which appears to highlight that due to the regulations they are not allowed to simply migrate their customers automatically from one platform to the other and that the users will need to migrate manually and cover the withdrawal fees
• Arguably having dragged their feet in the past on becoming compliant in the US markets which to be fair is a struggle to any exchange in terms of time and costs due to amount of different markets and varying regulations in each state, binance.com is now available in the 41st state with today's announcement of North Carolina opening up for registrations.

 

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This article is a re-edited version of an original publish0x post