Popular crypto trading platform Binance has sent a notification to US users requiring them to stop using the platform within 14 days, The Block reports.
Users whose IP addresses are located in the United States had been receiving messages from Binance until now in which the exchange informed them they had to withdraw their assets within 90 days. These clients have recently started to receive new notifications in which the platform gives them 14 days to withdraw all their funds. Binance writes:
"Please note that as per our Terms of Use, we are unable to service US persons. Please register for an account over at our partner, Binance US. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked. Once your account is locked, you will have to raise a customer service ticket for us to assist you further."
Binance first announced its plans to stop offering its services to US users last year, however, so far it had not taken any action to limit their access to the platform. In order to operate, users only had to select the "I am not American" option during the registration process. Binance has added:
"At Binance, we take regulatory compliance seriously. We also have procedures in place to offboard any users who we have reasonable cause to believe are US persons or are in violation of our Terms of Use. This is an existing control and is not something that is new."
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