why is binance illegal in us？
In 2019, Binance was banned in the United States on regulatory grounds and is no longer accessible for U.S. citizens. In response, Binance partnered with a U.S. branch called Binance.US, which the company says is a separate exchange. Binance.US is legal, but it is not available in all U.S. states.3天前
Furthermore,Is Binance US legal to use?
Users in over 180 countries can trade on Binance, but only 43 states can use Binance.US, excluding Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana.
Likewise,Why can you use Binance in the US?
Due to US government regulations, the original exchange platform stopped accepting American customers in 2019. They launched Binance.US to meet the needs of American investors, but the version of the site only has about 50 cryptocurrencies to trade.
Considering this,Why is Binance banned in the US?
United States However, it is banned in seven states. In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and Internal Revenue Service for money-laundering and tax evasion.
Beside above,What happens if I use Binance in the US?
Coinbase is best for buy and hold investors who want to purchase a currency and hold it for the long term. Binance offers much lower fees per transaction, as well as incentivizing high-volume traders with their fee structure. While they use a maker-taker fee structure, both the maker and taker fees are identical.
In addition, Binance offers fee reductions for referrals of new users. Since trading fees do not directly relate to the products traded, U.S. regulations do not apply to the fees Binance.US charges. As a result, Binance.US offers the same low fees and discounts as its parent company.
The ban was due to mounting regulatory pressure and general animosity towards the industry from U.S. lawmakers. Through its partnership with BAM Trading Services, Binance will be able to operate in the U.S. with full regulatory compliance.
USDⓈ-M Futures, Coin-M Futures, Margin, Binance Options, Vanilla Options and Leveraged Tokens (“Futures and Derivatives Products”) will not be available to all users of the Netherlands, Germany, Italy, Australia and Hong Kong, and retail users of the United Kingdom.
The dispute between Binance and OSC started in June last year, when the exchange announced its decision to quit Ontario after a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities laws.
It is no secret that Binance’s operations are borderline illegal. Binance is a key member of the crypto crime cartel that has been known to manipulate markets and launder money.
Trading Fees Binance charges a 0.1% fee for trading on the platform as well as a 0.5% fee for Instant Buy/Sell, so your actual fee amount will depend on the amount of the trade. The higher the transaction, the higher the fee.
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