PSA: Only 48 Hours Remain for US Crypto Investors to Trade on Binance

Tony "The Bull" Severino

1 year ago

3 mins read

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Back in June, the world’s most popular crypto exchange, Binance, announced that it would soon be blocking US-based investors from its platform, in order to comply with global regulations.

The deadline for US-based investors to cease trading and using Binance is less than 48 hours away. Here is everything crypto investors and traders need to know about the major disruption and what may occur in the crypto market after the largest portion of traders is cut off from much of the altcoin market.

Binance To Shut Off Trading for US Investors on September 12

Ever since Binance announced it would be blocking US investors from using its flagship trading platform and website, the crypto market has never been the same. Altcoins, Binance’s claim to fame, have been bleeding out profusely due to the lack of buy pressure and uncertainty surrounding the asset class.

Binance currently offers hundreds of altcoin trading pairs against BTC and other major currencies, however, the upcoming US-based alternative may only offer 30 some odd cryptocurrencies, including Bitcoin – a far cry from what crypto investors and traders are used to under the Binance namesake.

But the exchange is only “exploring” these assets, and there’s no certainty any of them outside of what’s offered at other US-based exchanges such as Coinbase will be listed. The assets Binance is considering can be seen below.

What Steps Should US Crypto Investors Take?

Crypto investors and traders may want to consider liquidating any assets not included in this list, otherwise, they risk potentially holding assets they will be unable to ever sell.

Despite Binance blocking users from the United States from trading or making deposits to their platform in the next 48 hours, Binance will continue to leave accounts open to allow for users to withdraw their funds, or view account statements and the like.

It is recommended that any US-based customers download their account statement after their last trade is made, to ensure complete tax compliance. US-based traders are also urged to withdraw any crypto holdings including Bitcoin from Binance, despite accounts being left open. Eventually, these accounts may be closed at the discretion of Binance. There’s little point in leaving funds on the platform if the investor or trader cannot actually take any positions with the assets.

In terms of what to expect for the crypto market itself, most believe that the information is already priced in, and that’s why altcoins have suffered so badly. Others believe that the lack of interesting in altcoins driven by Binance could mean that another alt season never arrives.

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Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.