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Binance asked American traders to withdraw funds from the platform

25 November 2020
2 min.
Binance asked American traders to withdraw funds from the platform

Assets on the Binance cryptocurrency exchange

American traders have received an email from Binance's crypt exchange, according to which they must withdraw all their crypto assets from the platform within two weeks.

According to Binance's notification, if U.S. users do not have time to withdraw from the exchange within the specified period, they will no longer be able to do so because their account will be blocked. This is not the first time that the management of the exchange has asked US traders to stop using their platform. In June, Binance revised its internal policy that access to the Exchange for Americans should be restricted as of 12 September 2020. However, U.S. users who have not been verified can still trade on the Exchange using VPN services.

"Dear user, during our periodic inspection our specialists discovered that you are trying to access Binance as a US citizen. Please note that in accordance with our terms of use, we cannot serve US citizens. You have 14 days to close all active trading positions and withdraw your funds from the Exchange, as at the end of this period your account will be blocked", said Binance in a letter.

The main thing is that the exchange started sending such notifications after publishing an article in Forbes, which refers to Binance's corporate plan codenamed "Tai Chi Organization". The article argued that the plan was designed to enable Binance to operate in the US market without regulatory oversight. Exchange management later sued Forbes and two journalists for defamation and publication of misleading information that tarnished the reputation of the site.

However, this month Binance closed its operations in Uganda and the British island of Jersey due to unprofitability. Moreover, the Chief Executive Officer of Binance Changpeng Zhao said that the exchange has no problems with local regulatory authorities.

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