Results 1 to 8 of 8
  1. #1
    sweetbet's Avatar
    sweetbet is offline Public Member
    Join Date
    November 2012
    Posts
    2,819
    Blog Entries
    5
    Thanks
    898
    Thanked 1,582 Times in 1,089 Posts

    Default Binance is closing its doors to US residents

    On the 12th of September, Binance will disallow US residents from making deposits or trading on the current exchange. A new Binance exchange binance.us will soon be launched for US residents.

    This probably explains the dip in the alt prices & the BTC pump as US residents sell off their alts and transfer the money back into BTC before moving their BTC off the exchange.

  2. The Following User Says Thank You to sweetbet For This Useful Post:

    ddm (15 June 2019)

  3. #2
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,082
    Thanks
    1,243
    Thanked 3,216 Times in 1,785 Posts

    Default

    It explains the dip, but why should US residents sell the alts to BTC? The alts will be fully withdrawable even after 12th Sept if I understand it. Just they will restrict deposits.

    Alts went down, because Binance is a big alt player.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  4. The Following User Says Thank You to Sherlock For This Useful Post:

    sweetbet (14 June 2019)

  5. #3
    universal4's Avatar
    universal4 is online now Forum Administrator
    Join Date
    July 2003
    Location
    Courage is being scared to death...and saddling up anyway. John Wayne
    Posts
    27,842
    Thanks
    2,182
    Thanked 7,879 Times in 4,967 Posts

    Default

    My guess is the main reason to separate the us residents out has to do with the KYC rules, are they fairly relaxed currently at binance? I wonder if some of the banks Binance is using to change funds into/outof US Dollars are becoming more strict with them, or they are worried that a sudden future change could affect them and they feel separating things now is safer for them.

    Rick
    Universal4

  6. #4
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,082
    Thanks
    1,243
    Thanked 3,216 Times in 1,785 Posts

    Default

    There are no banks working with binance, it is 100% crypto to crypto exchange, like Poloniex for example. There is a separate binance website for fiat in Jersey, Uganda and Honk Kong I think, but those are just insignificant startup projects. This upheaval is about binance.com
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  7. The Following User Says Thank You to Sherlock For This Useful Post:

    ddm (15 June 2019)

  8. #5
    universal4's Avatar
    universal4 is online now Forum Administrator
    Join Date
    July 2003
    Location
    Courage is being scared to death...and saddling up anyway. John Wayne
    Posts
    27,842
    Thanks
    2,182
    Thanked 7,879 Times in 4,967 Posts

    Default

    Thanks for clarifying that

    Rick
    Universal4

  9. #6
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,082
    Thanks
    1,243
    Thanked 3,216 Times in 1,785 Posts

    Default

    they are worried that a sudden future change could affect them and they feel separating things now is safer for them
    I believe this is the case. Nowadays it is not so big difference for crypto-crypto and fiat-crypto aml restrictions.

    I believe they want to keep nonUS fairly deregulated (up to 2btc daily with no verification) and not to lose the US market at once.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  10. The Following 2 Users Say Thank You to Sherlock For This Useful Post:

    TheGooner (15 June 2019), universal4 (15 June 2019)

  11. #7
    Cash Bonus's Avatar
    Cash Bonus is offline Private Member
    Join Date
    May 2014
    Posts
    3,883
    Thanks
    8,578
    Thanked 2,435 Times in 1,726 Posts

    Default

    That’s terrible and now it looks like Bittrex has unfortunately followed suit:


    https://www.newsbtc .com/2019/06/15/altcoin-crypto-trading-axed-for-americans-as-bittrex-follows-binance/

  12. The Following User Says Thank You to Cash Bonus For This Useful Post:

    sweetbet (16 June 2019)

  13. #8
    Sherlock's Avatar
    Sherlock is offline Public Member
    Join Date
    December 2013
    Location
    WC
    Posts
    4,082
    Thanks
    1,243
    Thanked 3,216 Times in 1,785 Posts

    Default

    I do not think it is terrible. The discarded coins are total sh1tcoins. The news already help to bitcoin massively.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •