Cryptocurrency Q&A
Why are US citizens not allowed on Binance?
Why are US citizens not allowed on Binance?
BlockchainMastermind
Thu Jun 20 2024
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6 answers
1651
Could you elaborate on the reasoning behind the prohibition of US citizens on Binance? I'm curious to understand the specific regulatory challenges or compliance issues that have led to this decision. Binance is a leading cryptocurrency exchange, and given its global reach, it seems surprising that US citizens are excluded. Is it due to concerns over the lack of appropriate regulatory oversight in the US, or are there other factors at play? I'd appreciate a concise yet thorough explanation of the reasons behind this policy.
6 answers
Riccardo
Sat Jun 22 2024
The American branch of Binance, a leading cryptocurrency exchange, made an announcement late Thursday evening.
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Stardust
Sat Jun 22 2024
The announcement stated that the exchange would no longer permit customers to trade using U.S. dollars on its platform.
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Starlight
Fri Jun 21 2024
This decision was taken due to the recent actions of its banking partners, who had severed ties with Binance.
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Andrea
Fri Jun 21 2024
The banking partners' decision was a direct response to a crackdown initiated by federal regulators.
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Daniele
Fri Jun 21 2024
The crackdown is aimed at increasing oversight and regulation of the cryptocurrency industry.
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