A year after announcing that binance.com exchange will ensure that they comply with the United States based regulations the company appears to be no longer dragging their feet on the case and working quite aggressively to adapt to the compliance requirements after coming again to the regulatory spotlight in the US in the past months.
- The first announcement from Binance dates back to September of 2019 with changes to its Terms of Service to ensure they comply with the compliance requirements and not provide services like trading and depositing after 90 days of finding an individual not following its new Terms of Service.
- Since the announcement users registering on binance.com are being asked to declare that they are not American and allegedly until recently Binance hasn't taken much of further checks to ensure the legitimacy of the provided information.
- Most recently during the end of October Forbes has published a report highlighting an elaborate set of plans on avoiding US based cryptocurrency regulations, dragging Binance right back towards the spotlight.
- Binance is reportedly now enforcing further checks on its customers by ensuring the IP address they connect from does not originate from the United States and in such instances starting the 90 day closure process immediately, starting with the below email communication:
We noted your account may be associated with the U.S. due to an IP address you connected from in the past. In-line with regulatory requirements, we are unable to provide services to U.S. citizens or residents.
If you are a U.S. citizen or resident, please transfer your assets out of your account within 90 days. You may consider using Binance U.S. or other U.S. platforms,
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