Binance Sends Final Warning to US Customers; 14 Days to Withdraw Funds or Account is Locked

2020-11-26 20:11

Binance continues its efforts to get rid of U.S customers on its platform. Users should withdraw all their funds from the platform in the next two weeks.

The largest cryptocurrency exchange in trading volume, Binance, is hastening its efforts to sweep off every U.S. based customer off its global trading platform, Binance.com. According to a Decrypt report, the exchange is giving every U.S. registered customer 14 days to “close their positions and withdraw their funds” or risk having their funds locked.

Binance is imposing these stricter measures to comply with KYC/AML compliance regulations. It has previously been reported that the exchange warned users geo-tracked using their IP addresses to withdraw their funds from the platform in 90 days.

This followed a warning by CEO of Binance, Changpeng ‘CZ’ Zhao, back in July 2019 when announcing a partnership with BAM Trading to launch its U.S. trading platform, Binance US. At the time, CZ confirmed that a “few restrictions would be accompanying the new partnership,” with U.S. customers having access to fewer tokens and features.

There will be a few restrictions on https://t.co/9rMMAmtCxH accompanying this. But 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. https://t.co/gl1M1cwPYB

— CZ Binance (@cz_binance) June 14, 2019

However, the latest warning sent via email to U.S. registered users is the most serious yet from the exchange. An email shared by one of our followers said,

“Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person,” concerning the U.S registered customers using the platform.

The users have been given two weeks – ending December 8 – to clear their trading positions and withdraw funds from Binance.

“Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

The latest warning comes at the back of Binance US, adding Alabama to the states available for customers – with only eleven more states remain outside of the regional exchange’s network.

While the exchange does say the account will be locked, not all hope is lost for withdrawing user funds. It says users can contact customer support to try and get it temporarily unlocked.

The post Binance Sends Final Warning to US Customers; 14 Days to Withdraw Funds or Account is Locked first appeared on BitcoinExchangeGuide.

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