Binance, has given its U.S. users 14 days to withdraw funds before it shuts their accounts, according to Coindesk. The bans, which appear to be based on IP addresses, follow U.S. regulators’ move, putting pressure on the platform to deny access to U.S. residents.

  • Binance’s move will not affect Binance U.S., a platform that opened at the end of 2019, which will remain legally open to U.S. citizens. 
  • Binance users in the U.S. will have to raise a customer service ticket for assistance if they do not withdraw funds within the stipulated 14 days. 
  • The Binance team has been attempting to geo-block U.S. users since July last year. 
  • Some U.S. users who never underwent the know-your-customer (KYC) identity verification have claimed not having received a notice of account closure from Binance.
  • When registering for Binance, users can defer KYC measures that would reveal their identities in exchange for lower daily deposit and withdrawal maximums.
  • Although Binance’s block appears to be based on IP addresses, it is not clear whether the exchange platform cross-checked the physical location users claimed when signing up. 

Cryptocurrencies are currently declining. BTCUSD is down 8.63%, ETHUSD is down 10.20%