Binance made a lot of headlines lately with the recent moves that the platform has been making.
It’s been reported that this new exchange will have strict KYC requirements for users.
“KYC will be required for trading on Binance.US. Setting up a new account will require a valid government ID (driver’s license or passport) and social security number (SSN) to register for access to the Binance.US marketplace, available in most US states,” Binance wrote a while ago.
The exchange will prohibit customers in the following states because it works to ensure that its platform is compliant across the US.
Here are the blocked states according to the online publication the Daily Hodl:
Binance.US CEO Catherine Cooley stated that the exchange would keep pressing in order to make sure that the platform is available to all US citizens.
“Although it is upsetting that we cannot offer Binance.US in the states where I grew up and earned my education at this time, please rest assured that this is just the beginning,” she said.
She continued and explained that the “U.S. customers would be able to buy listed coins with USD through ACH or wire transfer methods. We will be exploring other options based on the demand of our users.”
Some crypto enthusiasts were shocked to see that Monero will not be supported.
It’s also worth noting that the users who have digital assets that are not available for trading on the platform can still store the cryptos on Binance US.