Binance is now blocking users ‘identified as a US person’ with a 14-day deadline
Crypto exchange Binance is moving to impose stricter measures on U.S.-based users and blocking them from accessing its platform.
Previously, as The Block first reported, Binance was tracking U.S. residents based on their IP addresses and sending them a 90-day notice to withdraw funds.
Now, the exchange is sending a new email to users who have identified themselves as U.S. persons, with a much shorter notice of 14 days to withdraw funds.
The new email, shared with The Block by Binance’s customer support team, reads:
The email continues: “You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked. Once your account is locked, you will have to raise a customer service ticket for us to assist you further.”
Decrypt first reported the existence of the emails with the 14-day withdrawal window.
The recent measures suggest that Binance is beefing up its efforts to block U.S. residents from its platform. Last year, Binance said it would stop serving U.S. residents from September. But until now, the exchange was still effectively allowing U.S. users to access its platform.
As The Block reported recently, a U.S. resident just had to click “I’m not [American]” to set up an account on Binance.com. It remains possible to create an account in this manner.
Binance did not respond to a request for comment by press time.
© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Yogita Khatri