A news report told that Binance had been facing hardship in stopping US customers from using its trading platform.
The news was confirmed when Changpeng Zhao (CZ), who is the CEO of global Binance, also commented on the issue. He said that it is tough for his exchange to block customers, in particular the customers from the US. He told that many at times there are smart users who try to circumvent the block policy. But the team of global Binance had to act intelligently to stop them from using its platform.
Binance is one of the largest and immensely popular global crypto exchange platform of the world. The exchange had been providing its services in more than 180 countries of the world. In addition, it has over fifteen millions users globally.
CZ also apprised that they are improving protocols further for stopping smart users to use global Binance in the future. CZ warned that presently such attempts had been tolerated but in future they will be dealt with proper legal action. Bloomberg was interviewing CZ when he told that they need to ensure that no US customer can illegally access global Binance exchange.
There was a time when global Binance exchange platform was available for the US customers as well. However, amidst Binance’s growing concerns regarding the relationship between US regulators and crypto-exchanges, it had blocked its services for US customers. It was in September 2019 when Binance had implemented block on the pretext of the risks associated with US regulators. Since that day onward, US customers had been debarred from accessing its global trading platform.
Generally the relationship between US regulators and crypto-exchanges hadn’t been friendlier in the past. There had been many instances where disputes had developed between the regulators and crypto exchanges. Some of these exchanges included world’s biggest and popular exchanges such as BitMEX, OKEx, Kraken and many more.
However, global Binance had established a dedicated exchange of its own in the US called Binance.US. The exchange was developed by entering into partnership with BAM Trading Services. At that time approval for Binance.US for rendering crypto-services to US customers was sought from Financial Crimes Enforcement Network (FCEN). The approval was granted by FCEN but Binance.US failed to attract large audience from the US. Many of its customers also complained of fake volumes being provided at the exchange.