According to reports from Coindesk, Binance exchange announced that it will no longer grant access of United States traders to conduct trade on its exchange. Per the report, Binance will implement this policy from September 12. Although, Binance the world’s largest exchange, has stated that it will be collaborating with Bam Trading. The goal of this collaboration is to create a U.S. compliant exchange. To this day, there isn’t any particular time frame for this initiative to become active.
For obvious reasons, Binance has opted to shut the door on United States traders to conduct trade on its exchange.
Bitcoin (BTC) Price Today – BTC / USD
Cryptocurrency Market Update: Tokens Available to U.S. Customers on Binance Will Suffer in Coming Months
In the meantime, Smartereum can deduce that the value or volume for the top cryptocurrencies that were once available to United States users on Binance exchange will now suffer hugely over the coming months. The reason for this is that the United States customers will only have limited options in terms of exchanges where they can trade the affected cryptocurrencies.
However, there are a number of digital assets that are listed on Binance exchange and on US exchanges including Coinbase, Bittrex, Poloniex, HuobiUS, Kraken, and eToro. However, the number of coins that won’t be traded on Binance exchange changes things for United States users.
The above research is an eye-opening illustration of how the majority of digital currencies will struggle to find liquidity following the decision by Binance exchange to close the door to U.S. traders.
Cryptocurrency Market Update: ONE, AE, HOT, LINK, and WTC Will Be the Affected Altcoins
Cryptos like NANO, ONE, VET, AE, HOT, LINK, and WTC will not available to trade for U.S. customers. As of press time, these cryptos should see a huge drop in volume in coming months as they would not be available for U.S. customers to trade. Of the above-mentioned tokens, ONE was the latest IEO on the Binance Launchpad.
As for BNB, Binance’s native token will be available for trading on eToro. Note that there are a few top-flight digital coins that will also be available for trading on one United States compliant exchange. They include ARK, BTT, IOTA, ZIL and PIVX. These cryptos are lucky to be in one exchange but will still suffer significant falls in volume due to the loss of U.S. customers as a result of Binance’s September 12 scheduled shutdown.
Cryptocurrency Market Update: The Veteran Cryptos Are At Less Risk of Being Affected
Although, the cryptocurrencies previously mentioned may be in trouble, there’s still a number of cryptos that will be among the U.S. compliant exchanges. Hence, won’t be affected by Binance closure. These tokens include ETC, ZRX, XRP, DASH, XLM, and ZEN. These tokens are being traded on over 4 U.S. compliant exchanges.
The recent Binance closure is surely going to send ripples across the entire industry. Binance exchange is the world’s largest exchange. They have the highest volume. However, a huge proportion of Binance’s volume comes from U.S. customers. After these customers have been restricted, there’s likely going to be a substantial drop in crypto volume coming into the digital asset market. Although, Binance’s CEO has begun working on a solution for customers from the United States.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.