Binance Updates T&C to Make Way for Launch of Binance US
Today, June 14th 2019, the world's leading cryptocurrency exchange, Binance, released an article announcing Binance US. Within the announcement Binance also explain that they have formed a partnership with BAM Trading Services.
The article states that Binance will be licensing its "cutting-edge matching engine and wallet technologies" to BAM. It is this licensing which enables Binance to open their US based exchange.
CZ (Changpeng Zhao), CEO of Binance, went on record to state the following: “We are excited to finally launch Binance.US and bring the security, speed, and liquidity of Binance.com to North America, [...] Binance.US will be led by our local partner BAM and will serve the U.S. market in full regulatory compliance.”
Meanwhile a representative from BAM Trading Services said it is "an honour" to partner with the world's largest cryptocurrency exchange. The representative also stated that BAM Trading Services is "committed" to providing a "secure and compliant" trading platform for north American traders.
A Change to Binance.com's Terms
In their post, CryptoKujira explains that the change is specifically applicable to US based traders and exempts them from using the Binance.com platform. The change is as follows:
"By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance is unable to provide services to any U.S. person. "
CryptoKujira also explains that Binance is not the only exchange limiting the service they provide to US based customers. They write that fellow leading cryptocurrency exchange, Bittrex, made a similar announcement.
In Bittrex's case, the exchange has released a post which states that US based customers will prevented from trading 32 cryptocurrencies.
All of this can only mean one thing: regulation is coming and exchanges are preparing for it.
Love, peace and happiness.
Original article: https://somethingdecent.co.uk/news/cryptocurrency/binance-updates-tc-to-make-way-for-launch-of-binance-us/