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Cryptocurrency has become quite popular in the last few years. Currently, the world’s largest cryptocurrency Company is going on smoothly. Its name is Binance and it boasts trading of $1 billion daily. It has become the personification of Crypto’s Western culture. Binance announced that it will launch its own U.S. based service. However, the Company is imposing several restrictions on U.S. citizens and other people present in the country.

Binance has become a global cryptocurrency exchange and it allows trading for over 100 currencies. By 2018, the Company gained worldwide fame and became the world’s largest cryptocurrency exchange. The Company started in China. However, it later moved its offices to Japan due to the ban on cryptocurrency trading in 2017. In 2018, Binance became the greatest cryptocurrency exchange system with market capital up to $1.3 billion.

The Company has gained fame mainly because of its service of trading myriad tokens. Many of these are either, limited or unavailable on other exchanges. Binance has matured over the past year and has started providing services in a more formal manner. The Company recently introduced a flat cryptocurrency launch in Uganda, the U.K., and Singapore. Currently, it is opening a U.S. exchange to avoid issues of legality.

This week, Binance announced that it will be teaming up with a FinCEN-registered Company, BAM Trading Services. The Company has connections with Koi Compliance, which acknowledges Binance as an investor and will launch the U.S. exchange soon. In the meantime, U.S. customers will face certain issues.

The main problem now will be that Binance will no longer allow the U.S. passport holders to sign up for its services on Binance.com. This is a major step because the Company has never imposed such a ban. The Company has also updated its terms and conditions, which state that Binance doesn’t provide any services to U.S. citizens.

The existing U.S. users will have a period of 90 days, in which they can settle their payments. After this, they won’t be able to trade or deposit funds on the website. Binance hasn’t made clear whether the bans are made by blocking the IP addresses of U.S. citizens. However, the Company confirms that the U.S. customers will get access to the restricted services, in the future.

The 90-day period for the current U.S. citizens end on 12 September. Many people predict that Binance will launch a new U.S. exchange service on this day. Otherwise, the Company will lose its U.S. users, which will have a big impact on the Company.

However, the situation is a bit more complicated than that. The U.S. users could continue using the service by using it with a VPN. Binance gives permission to sign up for a limited account. The user won’t have to give a passport copy and verify documents. However, the withdrawals will be limited to two Bitcoin trades per day. This isn’t an alternative for professional traders, because they have to do many transactions in a single day. However, ordinary citizens can benefit from this method.

The CEO of Binance, Changpeng Zhao, tweeted that there will be some risks involved. However, it is well worth the long-term benefits.

In the past, Binance has been an aggressive cryptocurrency Company. However, the Company has now become a regulatory-compliance business. Now, Binance competitors, like Coinbase, are adding new assets.

Binance has a feature of fiat ramp exchange. However, now the Company has introduced other features, like margin trading and decentralized exchange system. The Company got an investment from Singapore Ventures, a sovereign fund in the country. This will boost the Company’s Singapore Service.

However, things don’t always go as smoothly as you think. The firm stopped trading because of a large hack in the system. The firm also lost around $40 million recently.