Binance, the world's largest crypto exchange by trading volume, is updating its internal policy.
The trading platform has reported it is conducting an in-depth analysis of all users' accounts to make sure they meet its strict identity verification standards. Any accounts violating any of its regulations will no longer be able to make deposits on the platform.
Besides, according to the revised version of the platform's terms of use, U.S. users are no longer allowed to use its services. According to the exchange, "Binance cannot provide services to any person in the U.S."
Binance has also reported that as of September 12, "all users who do not comply with Binance's terms of use will continue to have access to their wallets and funds, however, they will not be able to trade or deposit funds on Binance.com."
Wonder what impact this will have on Binance's standings with other exchanges? Check out these Binance exchange reviews.
Why it is important
- The news comes less than a day after the trading platform announced its plans to expand in the U.S.
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