Binance Prepares To Shut The Door On U.S Traders; BNB Drops 7%

If you’re a U.S crypto holder using Binance.com, then the exchange has some bad news and good news for you.

Binance Cutting Out Trading For US Customers… Or Does It?

According to an update made to Binance’sTerms of Use page today, the exchange will no longer allow access to U.S customers in 90 days or specifically, Sept 12, 2019. On that date, affected users will “continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.”

The good news though is that Binance is preparing to launch Binance US, a subsidiary focused on serving the U.S crypto community with full regulatory compliance.

#Binance Announces Partnership with @BAM_Trading to Launch US Exchange (@BinanceAmerica)https://t.co/F6uQE6aUsA

— Binance (@binance) June 14, 2019

In an announcement regarding the upcoming exchange, Binance CEO, Changpeng Zhao revealed that Binance US will boast the same speed and liquidity as Binance.com, but will only differ from the latter because the new platform will be operated by a company they partnered with, Bam Trading Inc.

Binance US already has a new Twitter account and is set to open in the coming weeks or at least before Binance.com shuts to U.S traders.

To be clear, the move by Binance is strongly linked with the unclear rules guiding the use and issuance of cryptocurrencies in the U.S. Some of the exchange’s hot-selling products such as Binance Launchpad and DEX not accessible to U.S natives for the same reasons.

Binance Coin Drops Over 7%

Following the news that Binance.com is shutting its door to U.S customers and almost at the same time launching a U.S subsidiary, the value of the  BNB recorded a slight loss on the day, though the top ten cryptocurrencies are in a mixed state.

Binance Coin (BNB) has started the day at $35 but dropped by 7.8% in the hours leading up to the time of writing, to record a value of $32.71. With the U.S market yet to fully wake to the news, the coin could see significant sideways price movement in the coming hours.