Binance Terms of Service Update
They have declared they will no longer be providing any services to United States users. If you are a user in the US, you have 3 months before they will lock you out of trading or depositing on Binance's flagship exchange, but you will still be able to withdraw. On top of which they have already begun Geo-blocking for 30+ crypto-currencies on the new Binance DEX.
However, there is also this announcement of a Binance.US exchange going up to support US customers. This is not likely to be a positive thing for Binance, as the majority of exchanges for crypto in the US are limited to certain coins that meet regulatory standards.
Since then, their Twitter feed has been spammed with news about their giveaways and CZ playing poker. Almost as if trying to ignore this incredibly terrible news for Binance. The fact is that the United States feeds the overwhelming majority of Binance traffic.
The viewership of CryptoTradersTV somewhat correlates with this data as well.
They did also release their updated version of the exchange that allows for Margin trading. Of course, for non-US customers. However, it seems CZ forgot about the OCO (Order Cancels Other) capabilities like you get with Bitmex which he claimed would be ready by April or May. Margin trading isn't going to be enough to save them in my opinion.
Exchanges need proper volume to survive and this could spell the imminent demise for the "hero of crypto" exchange that Binance has been touting itself as for the last couple of years. This is stacked on top of the fact they recently suffered a "hard disk failure" (which is most likely a fib) and a significant hacking that required CZ to use the "SAFU Fund" to cover losses. The nails are in the coffin and it is only going to take a few more hammer swings before Binance suffers the same fate of many other shitcoin exchanges. Little volume, no liquidity, lack of users, wash trading, etc.
If you're like me in the US, you are now looking for other options to move your crypto to. Here is a short list:
- Coinbase Pro
Not the greatest of choices and far less coins available, but unless the new regulated exchange Binance.US does something significant to empower the US customer base, most users will probably will be dumping their BNB and moving the majority if not all of their funds to these exchanges.
To give you an idea of which alt coins you will likely have to dump over the next 3 months, you can refer to this overview of tokens trading on Binance and their compliance in the US:
Since CryptoTradersTV are traders at heart, we believe in diversifying and eliminating any emotional attachment you might have for cryptocurrencies or blockchain technology, we view this news as a ripe opportunity to make that jump into Traditional, Forex, and Futures markets that you may have been procrastinating on.