Binance to open a separate trading platform for US - page 3.

denzkilim

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Quote from: mk4 on June 14, 2019, 09:17:00 PM

Quote from: squatter on June 14, 2019, 09:03:09 PM

Changpeng Zhao said it's going to be a fiat-crypto exchange. It'll probably be more like Binance.je than Binance.com, but hopefully I'm wrong and there will still be lots of available markets for US traders.

Yeap, this is definitely most likely. Unfortunately for the Americans, it looks like the coins/tokens that would be able to trade will be very limited. Binance Jersey is pretty much only limited to BTC/ETH/BNB/FIAT pairs. The US version is most likely to be the same.

I guess Binance did the ban because of the strict laws of the US, Yes its unfortunate for them that they will get only a limited trading pair and will miss some big opportunities on trading in the Binance platform but it is better than nothing right?

I do hope that the US government will be lighter on the rules and regulations about Crypto Currencies in the future so everyone will get the opportunity to trade with fewer restrictions.

Gabteb

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So that was the reason that blocked USA citizens from trading seems Binance want to be the biggest exchange in the world which has its local exchanges for every region the CEO of the exchange really has a strategy and do it great as a business.

carrigan

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So sad actually to see this news because the US become one of the most citizens that much influence the market. However, I also think the US really has a very strict rule and regulation for the crypto world. And the plan to make a different market for US citizens, I think it will give impacts on the general market. Hopefully, it still provides the advantages for the market enough

MonsterV

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Quote from: Tipstar on June 14, 2019, 08:22:12 PM

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Yes indeed the US is a country that is quite strict in regulating taxation and business affairs. But I am quite happy because binance has a way out of regulations issued by the US, although binance will be a national scale exchange but I don't think it will lose to the main binance. But my question is, will the volume be accumulated later with binance.com?

Naginiya

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I think they will.I don't think Binance wants to loss such a huge market like US.Million of customers,Millions of money they want to loss no.I think they already preparing for the launch some similar platform under the federal law of US.If they follow the rules government wanted they do not need to need against it.

squatter

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STOP SNITCHIN'

Quote from: jossiel on June 15, 2019, 05:44:10 AM

Before this article came out, I've read from a different discussion that it's likely that they will do this. Creating separate domain and website just for the US market. CZ is smart and he won't just leave a huge market just like that without any alternative solution.

If the US platform is anything like their Jersey platform, it'll be a total flop. US traders use Binance for the abundance of markets and lack of KYC. If the US site doesn't offer those things, nobody will use it.

People think this is just bad news for US traders, but it's also bad news for token markets. With US traders being increasingly fenced off from token markets, there will be less demand and liquidity for tokens. Maybe ICOs, IEOs and STOs will therefore take a back seat and the market will return to the good old days of pumping altcoins.

Payme21

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A cheering news at last for the citizens who loves crypto. I look forward to the time where all these will end and the populace would be free to transact anywhere anytime

kryptqnick

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Quote from: Tipstar on June 14, 2019, 08:22:12 PM

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Binance continues to build up a very good reputation. It was only recently when the exchange lost 40 million dollars worth of money. And yet they decided to cover the losses of their users in full amount. And now that there are issues with additional requirements for US residents, they are making sure that everyone is able to use the exchange nevertheless. I hope they succeed in following the requirements and keep up with great actions like these. This way binance stands out among other popular exchanges. It's beneficial both for users and for the exchange.

Eraldo Coil

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I think this should be a good news for the United States since they are still going to be able to use Binance services. Even though they can still use other trading platforms, I think Binance is still the best trading platform you can ever use right now. But I think due to the strict regulations of their government, their will be limitations that will be implemented.

xWolfx

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That seems like a pretty interesting idea, we'll see what comes out of it and how it works.

Probably the same thing with separate compliance rulings(Terms of service and privacy policy). So the ones who prefer it are being really lucky then.

I personally didn't find it too appealing before, let's see how their other platform is.

MIner1448

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I knew that they would find a way to solve this situation, once again I am convinced that binance proves its status as "TOP".I hope this will happen quickly and will not affect the interests of users.

mk4

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Quote from: omone1 on June 15, 2019, 07:29:09 AM

... Wise step by CZ again.

I mean, that's pretty much CZ's only possible move as far as I know if he wants to continue to serve their users from the US. It's either they create a separate Binance version for the US(just like some other exchanges did), or they'd just completely stop accepting US customers.

omone1

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I like the move, we don't want to see the US financial compliance department destroy binance. Instead, binance should have US friendly and compliance exchange in the States soil. Wise step by CZ again.

Vishnu.Reang

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Quote from: ||bit on June 15, 2019, 03:42:00 AM

I think the current pump (%5) caused by binance. They had lots of US citizen customers and they are just selling their alts and buying btc.

I wonder how things will happen from now on. Binance volume will drop obviously but binance US will get the difference or it won't be used by US citizens much.

Well, the Bitcoin dominance has slightly increased from 55.5% to 56.5%, and that may support your claim. But at the same time, the BNB prices have remained roughly stable. In case what you are saying is true, then we should be witnessing at least 10%-15% drop for BNB (versus Bitcoin). It may be one of the reasons, but not the main reason.

jossiel

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Before this article came out, I've read from a different discussion that it's likely that they will do this. Creating separate domain and website just for the US market. CZ is smart and he won't just leave a huge market just like that without any alternative solution.

Quote from: ||bit on June 15, 2019, 03:42:00 AM

I think the current pump (%5) caused by binance.

That caused also a dump for Binance coin but that dump doesn't really affected itself because it has recovered immediately as it joins the market to be green again.

Nalbo

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Quote from: mk4 on June 15, 2019, 05:07:11 AM

Quote from: figmentofmyass on June 15, 2019, 12:15:51 AM

I think the first one is more likely, but I don't think they will have access to hundreds. I'm gearing more towards like what Huobi did; with Huobi Global having the hundreds of cryptocurrencies, while Huobi(US) only has access to like more or less 20.

It's due to SEC of USA categorizing most of the crypto as securities and having a different set of regulations that is difficult for a crypto exchange to fulfill. Binance US would also be in full compliance with SEC and consist of few number of crypto but most probably have an option of fiat deposit and withdrawal.

mk4

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Quote from: figmentofmyass on June 15, 2019, 12:15:51 AM

I think the first one is more likely, but I don't think they will have access to hundreds. I'm gearing more towards like what Huobi did; with Huobi Global having the hundreds of cryptocurrencies, while Huobi(US) only has access to like more or less 20.

slaman29

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Quote from: Tipstar on June 14, 2019, 08:22:12 PM

The news about Binance blocking US residents was shocking. But you can't blame them as US has strict laws about Cryptocurrency and transfer of money.
But they are not going to leave anyone behind, they are going to establish a separate trading platform that would work accordance to all US laws for providing service to all US residents. The platform would probably be called Binance US.
More of it https://cointelegraph.com/news/binance-to-open-us-based-division-with-fincen-approved-partner/amp

Can't blame them indeed. Now US people will be forced to seek OTC methods or even just find ways online. Get some Bitcoin from ATMs maybe and then go online to gamble, and use those internal exchanges. I simply see no easier or cheaper way with the way things are going. Coinbase will love this development won't they?

Broly46

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0xe25ce19226C3CE65204570dB8D6c6DB1E9Df74AC

It’s now a high time to move everything out of exchange. One should never trust them will keep their promise. They will always change their policy. I’m glad to escape the hassle to comply with kyc bs requirement, and now they impose yet another region lock bs, I’m not interested to wonder what’s next, exchange tariff? Levies? Finger print? Eye scan? Certainly not a chance.

||bit

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I think the current pump (%5) caused by binance. They had lots of US citizen customers and they are just selling their alts and buying btc.

I wonder how things will happen from now on. Binance volume will drop obviously but binance US will get the difference or it won't be used by US citizens much.

Topic: Binance to open a separate trading platform for US - page 3. (Read 798 times)