Why is Binance not allowed in the US? (2024)

Why is Binance not allowed in the US?

The SEC alleged Binance.US was not abiding by the terms of a consent order in its case against the U.S.-based crypto exchange and its global parent. Binance.US did not prove to the SEC's satisfaction that Binance global employees did not have access to U.S. customers' assets, the regulator said.

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Why was Binance banned?

Authorities said Binance manipulated exchange rates through speculation and rate-fixing, leading to the devaluation of the naira. The government also accused the company of terrorism financing and money laundering, saying $26 billion worth of transactions on the platform were untraceable.

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Why is Binance under investigation in the US?

CEO Changpeng Zhao wanted Binance to be the world's largest cryptocurrency exchange; however, the U.S. filed criminal charges due to lax compliance and money laundering schemes.

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Is Binance safe for US citizens?

Can Binance be trusted? Binance is generally considered one of the most secure cryptocurrency exchanges. It has implemented various security measures, including two-factor authentication, real-time monitoring, and encryption. However, the platform has a history of security breaches.

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Is Binance not supported in Florida?

A recent report indicates that regulatory authorities in Alaska and Florida have prohibited Binance US from operating within their jurisdictions. This development comes in the wake of Binance, along with its previous CEO Changpeng Zhao, reaching a plea agreement with the U.S. government.

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Why is Binance not allowed in US?

The suspension reportedly came a week after Binance's founder and former CEO Zhao, also known as CZ, pleaded guilty to charges of violating U.S Anti-Money Laundering policies on Nov. 21, 2023. In December 2023, a U.S. federal court subsequently accepted Zhao's guilty plea to one count of Bank Secrecy Act violations.

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What will happen if Binance shuts down?

Depending on the reason for the shutdown, Binance could face legal actions, asset freezes, or hacking attempts that could jeopardize the security and availability of the funds. Users who store their crypto assets on Binance would risk losing their money or having to wait for a long time to get it back.

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When did Binance become illegal in US?

On November 21, 2023, US authorities convicted Binance on multiple charges—including violations of the Bank Secrecy Act, money laundering schemes, unlicensed money transmitting, and sanctions violations.

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What happens if I use Binance in the US?

Yes, you can use Binance in the US. But the American version of the platform (Binance.US) is quite limited compared to the international one. Also, Binance is entirely banned in several states, including New York, Texas, Louisiana, Hawaii, Idaho, and Vermont. For more details, check out this article.

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What states in usa is Binance restricted?

Availability to all U.S. Residents

Binance.US is available to most residents of the United States. However, the platform is still restricted to residents in New York, Hawaii, Texas and Vermont. To truly serve U.S.-based residents to the best of its abilities, Binance.US would ideally be available in all 50 states.

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Is Binance 100% safe?

No cryptocurrency exchange is 100% safe, including Binance. However, Binance has a strong track record of security and is one of the most secure exchanges in the world.

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Is it illegal to use Binance in the US with VPN?

Yes, it's perfectly legal to use a VPN with Binance. However, you should bear in mind that Binance is banned in the US. Therefore, using a VPN to access it while you're in the US goes against Binance's Terms of Service. If Binance detects that you're using a VPN, it might ban you from the site.

Why is Binance not allowed in the US? (2024)
How do I get my money out of Binance if I'm in the US?

How to Withdraw from Binance.US
  1. Go to 'Wallet' and tap 'Withdraw'.
  2. Choose 'USD US Dollar' from the withdrawal options.
  3. Select your ACH account, enter the amount, and preview the transaction.
  4. Verify the details and confirm the withdrawal.
  5. Enter any required Authentication Codes.
Jan 7, 2024

Should I use Coinbase or Binance?

Coinbase: Ideal for beginners due to its user-friendly interface and educational materials. Binance: Offers a more comprehensive set of tools and lower fees, making it a solid choice for experienced traders. However, Binance.US, the American version of the exchange, has limited options compared to the global platform.

Where is Binance prohibited?

Here's a list of countries whose traders are banned from trading on Binance: Ontario (Canada) China. Europe (for derivatives trading)

What is the best crypto exchange in the US?

Best Crypto Exchanges and Apps of April 2024
  • Best for Low Fees and Best for Experienced Traders: Kraken.
  • Best for Beginners: Coinbase.
  • Best Mobile App: Crypto.com.
  • Best For Security: Gemini.
  • Best for Altcoins: BitMart.
  • Best for Bitcoin: Cash App.
  • Best Decentralized Exchange: Bisq.

Can I get my money out of Binance?

Users cannot withdraw USD without first converting it to stablecoins or another digital asset.

Why is Binance in trouble?

The SEC has accused Binance, Zhao and the exchange's U.S. arm of artificially inflating its trading volumes, diverting customer funds, failing to restrict U.S. customers from its platform and misleading investors about its market surveillance controls.

Is Binance going to be banned?

The Philippines Securities and Exchange Commission (SEC) has announced that it has started to block Binance's online “presence.” A formal request for the National Telecommunication Commission to block Binance's website and associated pages was approved earlier this month.

Is Binance in trouble financially?

Accusations include violating anti-money laundering laws, facilitating illicit transactions, and evading taxes. Binance's founder and former CEO, Changpeng Zhao, has stepped down and pleaded guilty to breaking US anti-money laundering laws as part of a $4.3 billion settlement.

Will Binance survive?

The company will survive, however, even though its founder and CEO, Changpeng Zhao, was forced to step down as part of his plea agreement. In the world of federal white-collar prosecutions, where the government usually gets what it wants, Binance's survival is a victory for the defense.

Is Binance at risk?

Binance's Legal Woes Amplify Centralised Exchange Concerns

The growing concerns reflect diminishing trust in centralised exchanges following a series of industry scandals throughout 2022. Recent headlines have focused the market's worries squarely on Binance, which is one of the largest players in the crypto market.

Is Binance money laundering?

Binance and Zhao admitted to violating anti-money laundering laws, as well as to unlicensed money transmitting and sanctions violations in a plea agreement with the Justice Department in November.

Is it illegal to use a VPN to buy crypto?

Using a VPN to trade cryptocurrencies is perfectly legal in most countries. After all, VPNs are a popular cybersecurity tool used to stay secure online. However, using a VPN for trading in countries where cryptocurrencies are illegal, such as China, Egypt, and Bolivia, isn't recommended.

What happens if Binance catches you using a VPN?

🤳 BINANCE said users should not use a VPN to access the exchange, This could lead to the suspension of their accounts. 🔆Since the Indian gov banned Binance, Kucoin, Mexc, and a few other URLs, there has been a significant increase in people using VPNs to access these exchanges.

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