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

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 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.

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Related Reading | Binance US Evaluating 30 Crypto Assets, Bitcoin and Ethereum Under Scrutiny? 

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.

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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.

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Related Reading | Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins

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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Tags: altcoinsBinancebitcoincryptounited states
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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