binance usa, cryptocurrency-news, cryptocurrency-exchange

Binance Shuns Trading For U.S. Customers

Binance the 1st largest cryptocurrency exchange by adjusted trading volume (24h) $2,089,592,269on CoinMarketCap is improving its internal policies and coming up with the stern rules to maintain the authenticity of the platform while dodging the disobedient corporate investors and customers. Binance through its Terms of Use section announced the latest revisions of the company on June 14th.

Reportedly, Binance has started reviewing the internal policies and watching out the existing users accounts who haven’t submitted the KYC or complied with the company’s terms of use. If any of the customers haven’t met the terms as per the policy then the company would forcefully remove all the trading and deposit rights.

On January 24, 2019, at 10:47 AM, Binance issued the list of 15 restricted countries and six U.S. states (including New York) and announced on the official website.

As per the updated data on the website’s page Terms of Use- under section 3. Prohibition of use, the cryptocurrency exchange is stating that “the company is  unable to deliver the service to any U.S. person.” The recent update is following the last announcement of the company which indicated Binances’ new move to launch a separate and entirely regulated fiat-to-crypto platform for the U.S. market.

Binance Tightening its Platforms’ Security

Under the section Terms of Use Review as a part of Binance’s continuing and adhering global compliance efforts while improvising the security of the exchange platform the authorities have noticeably mentioned the termination of services which would be effective from Sept. 12, 2019. Further, it is also mentioned that the users who are not found in accordance with the exchange’s norms are unable to trade or deposit on Binance.com. However, they can access to their wallets and funds.

Recently, before this update, Binance has also revealed its official collaboration with the well-known crypto compliance and investigation software provider Chainalysis for tackling global compliance issues. Chainalysis purportedly would provide the tool to watch over the potential criminal or else any illicit activity on the platform.

Binance in the process to upgrade its security also partnered with Medici Ventures portfolio firm IdentityMind– a platform facilitating in providing solutions for the prevention of Identity Fraud, KYC, and AML related issues which is powered by Electronic DNA™.

Tags: Binance, KYC, AML, Fraud, IdentityMind, Chainalysis, Medici Ventures, Portfolio Firm, Crypto Global Compliance, Investigation, Cryptocurrency Exchange, U.S., Wallets, Funds

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