Binance Set to Cut US Users Before New Exchange is Ready

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Binance is one of the most popular crypto exchanges in the world, and its magnanimous CEO is looked up to as if he is some kind of god. Back in June, Binance announced that it would cut all of its US-based users from the Binance Global exchange. In return, it would develop a platform specifically designed for US customers. Unfortunately, it doesn’t look as if the new exchange will be ready for the September 12 deadline, meaning American customers could soon be left without trading access on Binance.

No Trading for US Customers

When the September 12 deadline hits, all trading for US-based users will be suspended, with all pending trades closed. Customers will be able to withdraw their digital assets and fiat currencies from their accounts should they wish to trade elsewhere in the meantime. Speaking on the issue, Changpeng Zhou – Binance CEO – said:

I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.

This comment from Zhou hasn’t gone down well in North America, with many crypto traders feeling like they’re an afterthought. If this sentiment continues and US customers are left without access to Binance trading, these customers may never return once Binance US finally opens.

Big Name Tokens Missing

Binance has teamed up with BAM Trading Services to help run Binance US, a partnership that saw Ripple’s former head of XRP Institutional Liquidity join the team. On the back of this, Binance US announced a list of 30 top cryptos that will be supported by the platform. However, at least five coins from the top 20 by market cap are missing, including Bitcoin SV, Tezos, LEO, and Tron.

Bitcoin SV comes as no surprise following its delisting from Binance, but seeing Tron miss out is a bit of a shocker. Justin Sun – Tron Founder and CEO – is friendly with Zhou, often offering up bounties to help Binance find perpetrators. Additionally, the duo both donated significant amounts of cash to the Malta Community Chest Fund. Similarly to Binance’s decision to create a separate exchange for US users, the reason for Tron missing out on a listing spot could be down to regulatory pressures in the US.

This isn’t good news at all for US-based Binance users as they may have to wait until October to see the new Binance US exchange go live. We will undoubtedly see huge outflows of cryptocurrencies from Binance in the coming weeks, causing the price to fluctuate significantly. Until the new exchange is ready, Binance users will have to seek alternative options.