Interesting developments in the markets today. As it turns out, the prices might be somewhat unimpressive, but not the news cycle, that has been on fire. Binance not only announced the opening of a new exchange in the US, but is also going to block US customers for their current one.
Well, to be clear, not all US customers and not from all coins. But, I can't say this is not going to affect the markets heavily. It seems to me that this is move is preemptive, since we are slowly but surely headed towards regulatory clarity and the giant can't afford to play stupid.
The Following announcement was also made:
Fellow Binancians,
As part of our continuing compliance efforts, Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements.
Accordingly, some users may be required to furnish evidence showing that their account registrations are consistent with Binance's Terms of Use. Binance regrettably cannot continue to serve users who are found to have violated the Terms of Use and are unable to demonstrate otherwise.
After 90 days, effective on 2019/09/12, users who are not in accordance with Binance鈥檚 Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com.
Thanks for your support!
Binance Team
2019/06/14
So this seems to suggest that the "blocking" per say, is not so much a fund freeze, but more Binance disabling trade capabilities of certain accounts. If I'm to be honest, I saw this coming, maybe not right now, maybe not so quick, but the ability to "operate in shadows" won't remain for long, and this is the first big steps towards regulatory transparency.
Maybe it's time for a powerful DEX to take over. Up until now, they've not been able to fully take off, but the truth is that we've had choices, and people tend to go for the easier route more than picking one out of ideological purity.
MenO
