Binance.US Buy & Sell Crypto

Binance Cuts Ties With Its US Customers, Does CZ Fear Being Arrested?

Towards the end of last week, Binance, a leading cryptocurrency exchange in the world, announced that it would be blocking its US users. The move was manifested by a change in the exchange’s terms of service.

The change picked 28 other countries that its users will not be able to access Binance.com. Among countries restricted from using Binance.com include those that have economic sanctions.

Prohibition of Use Clause

As per the ‘Prohibition of use’ clause on the updated terms of service, Binance notes:

“By accessing and using the Services, you represent and warrant that you are not on any trade or economic lists such as the UN Security Council Sanctions list, … or placed on the US Commerce Department’s ‘Denied Persons List.’ Binance is unable to provide services to any US persons. Binance maintains to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”

It’s a shock that the exchange is closing its doors for users in the United States, considering that approximately 20 percent of its users originate from the US. For example, in the past six months, more than 40 million users from the United States visited Binance.com. The US was followed by India, Japan, Germany, and Turkey.

There’s a Way Around the Restriction, But not for Everyone

While the news are likely to dampen the crypto mood in the US market, US residents may still have a way to bypass the blockage; by using a virtual private network (VPN). Unfortunately, only those that are not verified can successfully use a VPN. However, Binance users who are not verified can only withdraw a maximum of 2 Bitcoins.

Changpeng Zhao (CZ), Binance’s CEO, had earlier anticipated the restrictions. But, the CEO expressed optimism saying that “some short terms pains may be necessary for long term goals.”

From Centralized to Decentralized, the SEC Gets Involved

With the exchange shifting from being centralized to decentralized, the United States Securities and Exchange Commission (SEC) must be involved. To prevent being caught in a regulatory standoff with the SEC, Binance announced that they would geo-fence their decentralized exchange to wade off users from the US among other countries such as Central Africa Republic, Cuba, Ukraine, Libya, Liberia, Venezuela, Zimbabwe, Iraq, Iran, Lebanon, among others.

After Coburn, CZ May Be Next

CZ possibly fears being arrested following what happened to Zachary Coburn. Coburn, the CEO of EtherDelta, a decentralized crypto platform, was charged by the US Securities and Exchange Commission for running an unregistered crypto platform. As per the SEC, EtherDelta has handled over 3.6 million orders which included tokens that the SEC classifies as securities.

A Twitter user, veltre_nick, while contributing to the news regarding Coburn’s predicaments, noted:

“These are just the SEC charges. The money laundering charges for being an unlicensed money transmitter come next. Then there will be more. And every DEX. DEX’s are money laundering machines.”

If the SEC holds the same views as veltre_nick, then CZ may have just avoided being charged or even an arrest. Luckily, another Twitter user has a solution, “DEX makers tip: don’t start in the USA.”
submitted by CapitalSail to CryptoCurrencies [link] [comments]

Binance DEX Website Will Geoblock Users From 29 Countries, Including the US

Binance DEX Website Will Geoblock Users From 29 Countries, Including the US
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https://preview.redd.it/zkdpaejcjm231.png?width=740&format=png&auto=webp&s=17932aa4cec57cae79a04aefa507d6e4c1306b09

This article previously contained statements implying that Binance DEX itself — rather than its website — was geoblocking users. It has been updated for accuracy.

The decentralized exchange (DEX) developed by major cryptocurrency exchange Binance will block website access to users based in 29 countries. The Binance DEX website informs potential users of the restriction via a message that appears when accessing the platform from one of the regions.

The message appearing on the platform states that accessing the website from certain countries will be restricted starting on July 1:

“It seems you are accessing www.binance.org from an IP address belonging to one of the following countries:

USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, or Zimbabwe.”

https://preview.redd.it/g3im9ie7jm231.png?width=1600&format=png&auto=webp&s=27e637064e4dabd276274e495394a68fac229390
Pop-up when accessing binance.org from within the U.S.

Pop-up when accessing binance.org from within the U.S.

The pop-up also warns about how trading and accessing the wallet interface through the website will be blocked for users with IP addresses from the aforementioned countries, regardless of their actual location.

Lastly, the message also links to a list of wallets supporting the Binance Chain (BNB) mainnet, suggesting them as alternatives for holding, managing and trading assets on Binance DEX.

Many in the crypto community characterized the finding as an indication that the DEX is in fact not decentralized. A Twitter user well known among crypto enthusiasts, Whale Panda, commented:

“Reminder that it was never a DEX so stop calling it a DEX. It's just a word they used to pump $BNB, it was never meant to be decentralized.”

A Steemit post dedicated to the topic links to a list of suggested crypto asset trading platforms that do not require users to go through Know Your Customer procedures.

Binance CEO Changpeng Zhao tweeted on June 2 that the notion that the DEX itself was geoblocking users is false:

“The messages being passed is wrong. binance.org (the website) blocks certain countries; DEX (the blockchain) does not, it can't.”

As Cointelegraph reported at the time, Binance launched its decentralized trading platform earlier than planned, in the second half of April.

Yesterday, June 1, Cointelegraph reported that the largest portion of traffic directed at crypto exchanges globally comes from the U.S., followed by Japan.

At the end of last year, Time reported that bitcoin (BTC) has a substantial liberating potential thanks, among other things, to the inability of authorities to control access to it.
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Weekly Crypto Recap for the week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoMarkets [link] [comments]

Centralised No Crypto Allowed: Who Benefits From Crypto Bans?

Centralised No Crypto Allowed: Who Benefits From Crypto Bans?

https://preview.redd.it/d77e8moc5ek11.jpg?width=2560&format=pjpg&auto=webp&s=cfe7a1b5627e6a5eb258fd62f49c6e06f217756b
Russian police confiscated 22 crypto ATMs, owned by Bbfpro. These crypto selling machines were installed at restaurants and stores in 9 Russian cities. The confiscation was based upon the Central bank orders
Great move for the country with the stagnant economy, that is struggling under heavy sanctions. Instead of embracing crypto, why not strangle it?
The logic here is pretty obvious — for Russian Central bank all cryptocurrencies look like another route for capital flight. People don't want to keep their money in Russia — people buy crypto and send it abroad. The only thing that the Central bank doesn't take into equations is that people that have enough capital to move it out of country, can do it without any restrictions. The total outflow of capital from Russia in 2018 is $17.3 billion. That's too much for Bitcoin, and this money isn't the ordinary pillow savings, rather it's the capital of ultra-wealthy Russians.
Thus confiscating Bitcoin ATMs won't solve this problem, but it gives a clear signal to all crypto business: you're not welcomed in Russia. Would Russia lose anything by allowing crypto activity on its territory? Or does it have anything to lose at all? The influx of new foreign capital to its economy is low. The country should look for new ways to attract capital to its economy, develop new sectors, otherwise it will be left behind, being only the exporter of resources, like gas and oil. Russia should try to get every single dollar available for its economy by showing its friendliness to investors and businesses.

Status quo

Let's see how some other countries benefit by embracing or banning crypto.

The USA

This country has a mixed stance towards crypto — paying with crypto, buying something with crypto isn’t prohibited. There was even one instance of a bail set in cryptocurrency by a judge. You can set a shop there and sell your goods for crypto only — absolute freedom. There is another story with ICOs. Only registered ICOs are allowed, thus many crypto startups don’t accept investments from US citizens to evade problems with US law. But the general openness of US market attracts many fintech companies, as they know that there won’t be any problems if they act honestly. And by the way, there are more than 2,000 crypto ATMs installed on its territory.

Malta

Malta is becoming a paradise island for crypto and blockchain startups, ICOs and exchanges. The government of Malta, its Prime Minister and Finance Minister, seem excited about the possibilities that are open to Malta after embracing blockchain. Even Binance moved to Malta after being extorted by regulations from Japan — and that means that Binance will pay taxes. The tax rate in Malta is 5%, Binance raked $200 million in profits recently, that’s $10 million of taxes for Malta. And that’s only one company! Looks like Malta will get its piece of pie from emerging industry.

Iran

Iran has even more harsh sanctions imposed on it, than Russia. Its economy is falling hard, because it’s oil-dependent. Iranian citizens buy a lot of Bitcoin recently in the attempt to save their money from inflation. The Iranian government has a negative stance toward crypto, because it withdraws money from its economy. However, the government wants to issue its own crypto and use it in international trade, so we can call it ambiguous stance, and it looks like it won’t lead to any significant improvement of their economy.

Thailand

Thai government also doesn’t allow any newcomer conduct his ICO right away in its jurisdiction, but also it has a clear set of rules for those willing to operate or start an ICO on its territory. By following the law, showing its business plan, and allowing an audit of its activity, any company can start an Initial Coin Offering in Thailand. Also, the use of cryptocurrencies isn’t restricted at all, it also has crypto ATMs.

Taiwan

Taiwan isn’t restricting anything in its country, its official stance is “neutral”, its government decided that it shouldn’t miss this opportunity. Thus it attracts startups to Taiwan, creating new jobs and benefiting its economy.

All in all

Okay, we looked at some examples. The pattern is clear: you show your benevolence, you get money. If you don’t need them, you decide. So the question is: does Russia wants to be more like the USA, Malta, and Thailand or like Iran?
The question is still open.

https://finrazor.com/news/centralised-no-crypto-allowed-who-benefits-from-crypto-bans
submitted by Anastasia_Dream to btc [link] [comments]

Weekly Crypto News Recap for the Week ending July 27

Developments in Financial Services

Regulatory

General News

submitted by QuantalyticsResearch to CryptoCurrency [link] [comments]

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