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Binance updates terms of use giving 90 days to comply, US traders affected


www.chepicap.com 14 June 2019 14:50, UTC
Reading time: ~2 m

The world's number one exchange is going through a lot of changes as the indsutry continues to grow. One of the latest announcements sees Binance updating their terms of use for traders on the exchange.

The announcement from Binance states that "As part of our continuing compliance efforts, Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements."

The updated terms of use will see Binance cracking down on users who violate the terms of use. The violations could also see Binance traders forced off the exchange in the form of having their trading abiities removed. 

Binance states that "After 90 days, effective on 2019/09/12, users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com."

The crackdown comes just one day after the announcement that Binance will be launching an independent exchange for US traders, which will partner with BAM Trading Services, a FinCEN approved company. The tems of use most likely focuses mostly on US accounts, who will be expected to move over to the US based Binance exchange when it launches.

It appears Binance are taking more steps to regulate their exchanges and rather than fight governments, rather work with them. 

#Binance Terms of Use Reviewhttps://t.co/KjRMpqrR98 pic.twitter.com/ItYZR6milD

— Binance (@binance) June 14, 2019

what a fucking disgrace https://t.co/TMhL2HD4D0

— Beastlorion (@Beastlyorion) June 14, 2019

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