Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is set to leave the United States. The decision comes after the launch of Binance US, a US-based crypto exchange.
The move will see Binance US operate independently from Binance, with the latter continuing to serve international markets. Binance US will be subject to regulations from the US Securities and Exchange Commission (SEC) and the Financial Crimes Enforcement Network (FinCEN).
Binance has been forced to exit the US due to increasing regulatory pressure from the SEC. The SEC has been ramping up its enforcement actions against cryptocurrency exchanges and ICOs in recent months.
Binance is not the only crypto exchange to exit the US. Huobi and OKEx have also announced their plans to wind down their US operations.
NOTE: WARNING: Binance is leaving the US due to regulatory restrictions. This means that US citizens and residents will no longer be able to access or use the Binance platform. Any trading activity on Binance will be prohibited and customers may be subject to legal action if they are found to have violated any laws or regulations. It is highly recommended that US citizens and residents discontinue their use of the Binance platform before it officially leaves the US market.
These exchanges have all cited regulatory uncertainty as the reason for their departure.
The increasing regulatory pressure from the SEC is a major blow to the cryptocurrency industry. The exodus of major exchanges from the US will make it difficult for investors to buy and sell cryptocurrencies.
It will also make it harder for new projects to raise money through ICOs.
The SEC’s actions are likely to have a chilling effect on innovation in the cryptocurrency space. The agency’s overzealousness could stifle the growth of a promising new industry.
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“Binance has discovered irregularities with its hot wallet cluster and has taken action to suspend withdrawals while we investigate,” the tweet reads. “We are working to determine the root cause and will fully resume withdrawals once the issue is resolved.”
The news comes just days after Binance paused trading on its platform for two hours due to “server maintenance.” The exchange later said that the maintenance was “unrelated” to the issues with its hot wallet. At the time of writing, Binance has not provided any further details about the irregularity or when withdrawals will be resumed.
