Yen.io Binance ban?

@peter, whats up buddy.

I haven’t been watching YouTube lately, but what’s the update on Yen.io opening to the general public?

Now that Binance Will be restricting people from the USA, what are you all using?

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Yea, talk about a nightmare.

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if you have API keys, then, things should be fine. they are opening up a US-centric exchange as well, so, we’ll be definitely taking a look at that.

honestly, this doesn’t really affect us that much. a lot of our community are using VPNs to get access to foreign exchanges… i imagine that that will continue to be the m.o. for a lot of folks.

but, you can be sure that we’re keeping tabs on all of these types of things!



via block

QUICK TAKE

  • Binance has announced that it will stop serving US individual and corporate customers on Binance.com in September
  • Non-verified U.S. customers will likely still be able to bypass the restrictions and trade on Binance.com using a VPN
  • Binance currently gets approximately 15% of its traffic from U.S. customers

Binance, the largest crypto-to-crypto exchange by volume, has announced that it will stop serving U.S. individual and corporate customers on its main platform, Binance.com.

The updated statement in Binance’s Terms of Use reads that the company “is unable to provide services to any U.S. person.” Users who are not in accordance with Binance’s Terms of Use by Sept. 12 will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.

In any given month, approximately 15% of Binance.com’s traffic comes from U.S. customers, having halved since early 2018 when the figure was approximately 30%. It currently offers trading of more than 150 different cryptocurrencies.

Non-verified U.S. customers will likely still be able to bypass the restrictions and trade on Binance.com by using a VPN. Binance currently allows withdrawals of up to 2 BTC ($16,500) without any verification, although the updated policy suggested that “some users may be required to furnish evidence showing that their account registrations are consistent with Binance’s Terms of Use.” Those who violate its Terms of Use, it added, will not be able to use the platform.

Binance users will also look for comfort in the announcement yesterday that the company is launching a separate fiat-to-crypto exchange to serve the U.S. market in full regulatory compliance.

Changpeng Zhao, CEO of Binance, offered an optimistic outlook on the disruption on Twitter.

“Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”

The news comes two weeks after the main client of Binance DEX also announced it would start geo-blocking U.S. customers and 28 other countries in July. Bittrex announced last week they would be geo-fencing 32 cryptocurrencies from the U.S. clients, following the same move by Poloniex a couple of weeks ago.

Binance follows Bitfinex and BitMEX, which both started blocking U.S. customers in late 2017 as a result of the challenging regulatory climate. Huobi then started licensing its technology and brand to a U.S.-based company HBUS (later rebranded to Huobi), similar to Binance’s current plans for the U.S., having partnered with BAM Trading Services Inc – an unknown money services business listed in San Francisco.

While Binance traditionally offers crypto-to-crypto trading, it has already launched fiat-to-crypto exchanges in Uganda, Singapore, and Jersey, all of which only support trading of bitcoin, ether, and BNB. It plans to have two fiat-to-crypto exchanges on every continent, which will likely also only support trading of bitcoin and ether initially.

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Ok well, then I need to get updated on VPNS. Im just confused on how ppl report their income when tax season comes around? If they are trading on a site banned to Americans.

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What’s the difference between a “verified” and “non-verified” US customer? I did all the KYC stuff when I opened my account, so I guess that makes me verified?

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Me too, Jon. Not sure of the answer.

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What if you submitted your KYC info(I.D) in the past because you planned on withdrawing more than 2 btc ?

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You can check your account sittings and it will show which level of verification you have.

Example

I use nordvpn with no trouble.

Also you can check out Mysterium network’s website, it offers free decentralized VPN currently.
You can become a node and earn ether or just download the VPN client from the top right menu. There’s no bandwidth limit and it’s fast but I don’t know until when will it still be available free of charge.

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Thanks y’all- much appreciated.

I have nord, so I will be checking that out.

When I tried to complete verification on Binace in 2017, it would not accept my documents. Anyone else have this issue?

Regardless, I’ve only been purchasing Bitcoin The last year due to The market decline, so not too big of an issue .

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