As one of the world’s largest cryptocurrency exchanges, Binance has been a go-to platform for digital asset traders since its launch in 2017. However, since the exchange is based in Malta, there has always been some question as to whether US-based traders can use the platform.
The short answer is yes, US residents can still use Binance. However, there are a few things to keep in mind if you’re a US-based trader looking to use the platform.
First and foremost, it’s important to note that Binance is not currently licensed to operate in the US. This means that the exchange is not subject to US regulations.
As such, US-based traders using Binance are not protected by the same lAWS and regulations that govern other US-based exchanges.
This lack of regulation can be seen as a positive or a negative, depending on your perspective. On the one hand, it allows Binance to offer a wider range of assets and features than many US-based exchanges.
On the other hand, it also means that there’s no guarantee that your funds will be safe if something goes wrong on the platform.
Another thing to keep in mind is that Binance is not currently available in all US states. The exchange has stated that it plans to eventually expand its services to all 50 states, but for now, it’s only available in a handful of states.
If you’re a US-based trader looking to use Binance, the best way to see if you can use the platform is to check out the list of supported states on the exchange’s website. If your state is not listed, you may still be able to use the platform if you have a VPN service that allows you to change your location.
Finally, it’s worth noting that even though US residents can still use Binance, the exchange has been slowly phasing out its services for US-based customers. In 2019, Binance announced that it would no longer allow US-based customers to trade on its main platform.
Instead, these customers were directed to a separate platform called “Binance US” which is subject to different rules and regulations.
It’s unclear whether this trend will continue in 2020 and beyond, but for now, it seems that Binance is slowly moving away from servicing US-based customers.
So what does this all mean for US-based traders looking to use Binance? For now, you can still use the platform if you meet all of the requirements listed above. However, it’s important to keep in mind that Binance may not be available for much longer and that your funds are not protected by US regulations when using the exchange.