Cryptocurrency exchange Binance has begun notifying U.S.-based investors they have fourteen days to leave the platform before their accounts are permanently locked.
According to a report by Decrypt, Binance is clamping down on American customers who have refused to migrate to the sister exchange Binance US.
The platform has issued email notifications warning that US-based investors have fourteen days to transfer their funds off the exchange before their accounts are locked.
A copy of the email reads,
Dear user, 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 US person…Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.
Binance has previously warned U.S. customers to migrate off the exchange. In an update published July 2019, Binance announced a partnership with BAM Trading Services Inc. to launch Binance US. At the time, the exchange gave American clients 90 days to provide evidence they had not violated the platform’s terms of service, or else risk losing access to trading.
In comparison to Binance, the U.S.-based sister exchange is regulated by authorities, albeit with a smaller selection of crypto-assets for investors to choose from.
Last week Binance announced it was suing Forbes media LLC for defamation in regards to an article that claimed the company had designed a corporate structure to “intentionally deceive regulators” and engage in activities “characteristic of money laundering.”
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