Binance gives 14 days to users in US to withdraw funds

Binance gives 14 days to users in US to withdraw funds

November 24, 2020

Cryptocurrency exchange Binance has reportedly asked some of its users in the US to transfer their holdings out of the exchange, within 14 days, and that if they did not comply, their account would be locked. Reports state the exchange has notified these users in the US via an email that read: 

Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person. 

Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.

It is important to note that Binance, which is one of the largest crypto exchanges, has no regulatory standing in the US. Earlier this month, it was reported that Binance was sending out emails to users who had US-associated IP addresses.

In July 2019, Binance gave US users 90 days to prove that they had not violated the site’s terms of service, or lose access to trading and deposit functions. In the warning, Binance said: 

After 90 days, effective on 2019/09/12, users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.

The notice had been published a day after the exchange announced the launch of Binance.US which is regulated in the region. 

This latest crackdown on US users comes right after Forbes had recently reported that there were documents that proved Binace was trying to evade US regulators.

Source: Read Full Article