The Doors Have Officially Closed
Binance, the world’s largest Crypto exchange, has officially sealed the deal at 11:59:59 October 18th – UTC 00:00. This means that any New Accounts or existing accounts will now require KYC Intermediate Verification and if that is not done, their accounts will turn into Withdraw Only mode.
It’s unclear how many in America were using the .com version of the trading exchange as opposed to the .US version. It is clear that the .US version of the site is a 95% stripped-down version of the traditional site with far few features or options.
To be fair, it’s not ALL Binances fault. They caved to the Iron Fist like most exchanges before them. Despite what anyone tells you, these guys don’t really want to go to prison and the American Government isn’t exactly the nicest crew in town.
What really remains to be seen is if there is any change in Volume or trading on the .com version of the site. Should be a fairly easy metric to gauge on Binance’s end. It will also be interesting to count how many accounts did go to Withdraw Only and what total amount are we talking about that now is stuck in Spot and will need to be withdrawn – 0.06 BTC worth at a time.
The sad part is the number of fraudsters, scammers, and criminals in the American Stock Market likely push the 50% amount, and yet, they are free to do as they please but some kid trading crypto in his mom basement is somehow a trigger for the suits. It’s a sad, sad story and one that will never be justified.
For now, we continue to set our eyes to the future when Banks and Centralized Exchanges no longer exist and the regulatory arm of any government is no longer recognized as an authoritative figure.