Binance Blocking US Users, Gives Fourteen Days Deadline For Fund Withdrawal

According to a previous report by crypto media outlet Decrypt, crypto exchange Binance is threatening a hard deadline to herd the users from the United States off its original cryptocurrency exchange platform. It is to be noted that the aforementioned exchange is different from Binance US, which is legitimately open to the United States residents.

The exchange has sent email notices to U.S. users and has given them fourteen days to take out funds before Binance closes their accounts for good.

The notice mentions,

“As we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a U.S. person. Please note that as per our Terms of Use, we are unable to service U.S. persons. Please register for an account over at our partner, Binance US.”

It further adds,

“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.”

Crypto media outlet The Block recently reported that the prohibitions seem to be based on IP addresses. Nevertheless, at least one United States-based user who never underwent KYC identity verification has not received a notice of account shutting from the exchange, as per CoinDesk’s recent report.

It is to be noted that Binance opened its United States crypto exchange at the close of 2019 after U.S. officials put pressure on the exchange to terminate access to U.S. residents. The exchange’s team has been trying to geo-block the United States customers since last year, though it has ramped up attempts lately to make a concluding sweep.