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Why is Bainance banned in the United States?

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  Bitcoin

Bainance announced that in 2019 it will no longer allow American users access to the exchange. It was only in November that access to Binance.com disabled its main site for US users. They moved those to Binance.US, the website of a separate company run by BAM Trading Services, which has a much smaller range of coins.

The global platform has been under scrutiny since its inception in 2019. Regulators in Britain and Italy have also banned them, while Hong Kong and Japanese officials have warned investors. According to Bloomberg, the US government in September 2021 was investigating tax fraud, money laundering and domestic trade.

According to Bloomberg, the Commodity Futures Trading Commission is examining whether the commission participated in domestic transactions or market manipulation through “trading on customer orders before they are executed.” Bainance denied any wrongdoing.

Following the allegations against another digital currency exchange, BitMEX, the CFTC and the Department of Justice filed allegations of breach of customer recognition and other laws.

According to Forbes, the company intended to circumvent US regulations by establishing a subsidiary in the United States and circumventing “geographical restrictions” through “technical solutions”, which they rejected.

Crypto investors, the United States or other cryptocurrency-based traders have long known that VPNs may be used to access the platform, according to crypto investors. In addition, the global scale of the crypto market reduces business concerns about regulatory restrictions in the United States.

However, the dark environment of oversight seems to have affected senior leaders. After three months in charge of Binance.US, Brian Brooks, the former head of the Office of Currency Control, resigned in August due to strategic differences. Brian Schroeder, who previously worked for Ant Group and Uber, was named president in September.

Binance.US

Binance.US Binance’s partner is the world’s largest digital currency exchange in China, established in China. The main platform stopped accepting American customers in 2019 and announced that it would instead work with an American version of its platform.

The SEC has turned its attention to Binance.US, formerly known as the US partner. According to the Wall Street Journal, the Securities and Exchange Commission is currently seeking a link between Binance.US and two companies owned by founder Chang Peng Zhao.

Although the original Binance is no longer available to US investors, Binance.US now offers digital currencies to buy. The main attraction of Binance.US is its low cost compared to other exchanges. It also has an easy buy / sell option for newcomers, and more experienced traders can use its deep “basic” and “advanced” trading platforms.

How can US residents access Binance?

Digital currency investors and traders are unable to access the world’s most prominent exchange, Binance.com, which has pushed down prices in other businesses. The platform is the largest digital currency exchange with more than 500 different coins available daily and billions of transactions in the market.

When they stopped accepting American investors, anyone trying to visit a Chinese company through an American IP address would face digital barriers. Due to geographical restrictions and US law, locals and foreign tourists who use their accounts cannot log in to the site.

However, using a VPN to access the US is relatively simple – all you need is a virtual private network. Not only can you bypass this geo-blocking, but you will have much more protection for your sensitive financial data and online activity, thanks to the advanced security VPNs they provide.

Technology has also been developed that allows you to bypass these digital barriers. If crypto investors want to use their secure cryptocurrencies or wallets for transactions, they may do so with a VPN.

If you are in the United States, a VPN can redirect your connection through one of its servers in a country of your choice, such as Sweden, Switzerland, or Poland. This allows you to legally access these geofences by jumping.

Keep in mind that they prohibit the use of VPNs to access the platform, so even if it is unlikely, your digital currency account may be closed.