Back in June, the world’s most popular crypto exchange, Binance, announced that it would soon be blocking US-based investors from its platform, in order to comply with global regulations.
The deadline for US-based investors to cease trading and using Binance is less than 48 hours away. Here is everything crypto investors and traders need to know about the major disruption and what may occur in the crypto market after the largest portion of traders is cut off from much of the altcoin market.
Binance To Shut Off Trading for US Investors on September 12
Ever since Binance announced it would be blocking US investors from using its flagship trading platform and website, the crypto market has never been the same. Altcoins, Binance’s claim to fame, have been bleeding out profusely due to the lack of buy pressure and uncertainty surrounding the asset class.
Binance currently offers hundreds of altcoin trading pairs against BTC and other major currencies, however, the upcoming US-based alternative may only offer 30 some odd cryptocurrencies, including Bitcoin – a far cry from what crypto investors and traders are used to under the Binance namesake.
But the exchange is only “exploring” these assets, and there’s no certainty any of them outside of what’s offered at other US-based exchanges such as Coinbase will be
What Steps Should US Crypto Investors Take?
Crypto investors and traders may want to consider liquidating any assets not included in this list, otherwise, they risk potentially holding assets they will be unable to ever sell.
Despite Binance blocking users from the United States from trading or making deposits to their platform in the next 48 hours, Binance will continue to leave accounts open to allow for users to withdraw their funds, or view account statements and the like.
It is recommended that any US-based customers download their account statement after their last trade is made, to ensure complete tax compliance. US-based traders are also urged to withdraw any crypto holdings including Bitcoin from Binance, despite accounts being left open. Eventually, these accounts may be closed at the discretion of Binance. There’s little point in leaving funds on the platform if the investor or trader cannot actually take any positions with the assets.
In terms of what to expect for the crypto market itself, most believe that the information is already priced in, and that’s why altcoins have suffered so badly. Others believe that the lack of interesting in altcoins driven by Binance could mean that another alt season never arrives.
Binance in Talks to Launch Crypto Trading Joint Venture in Japan
Crypto exchange Binance is eyeing the launch of a new trading platform dedicated for the Japanese market.
According to a blog announcement on Thursday, the firm said it is discussing a strategic partnership with Z Corporation and existing Japan-based exchange TaoTao to work together to provide “trading services” in the country.
Z Corporation is a wholly-owned subsidiary of Z Holdings Corporation, itself a subsidiary of Tokyo-based multinational Softbank (formerly
The three firms would harness Binance’s technologies in order to build out the new service, according to the announcement. The two Japanese firms will take on the responsibility of working with Japanese regulator, the Financial Service Agency, to ensure the new venture is compliant with local rules.
The news comes just days after Binance made an investment in South Korean stablecoin issuer BxB, saying the firm would work to support a new support center it will set up for local exchange users.
Binance expands into Japan, partners with subsidiaries of Japan Yahoo
Binance exchange revealed that Z Corporation, a subsidiary of Yahoo Japan, and TaoTao have entered in negotiations with Binance for strategic partnerships in the Japanese market.
One of the world’s leading crypto exchange Binance is continuing to expand into countries all over the world. In the latest collaboration, Binance is in negotiations with the Z Corporation, a subsidiary of Yahoo Japan, and TaoTao for strategic partnerships in the Japanese market.
“Couldn’t ask for a better partner than Tao Tao in Japan.”
The CEO and founder of Binance, Changpeng Zhao, tweeted that Many non-Japanese may not understand the significance of this. TaoTao & Z-Corp are subsidiaries of Yahoo Japan. YJ has been independent from Yahoo US for a long time and is doing well. It is 48% owned by Softbank. He added that they could
Binance and Z Corp will ensure regulatory compliance.
The exchange, in its announcement, revealed that Z Corporation, Tao Tao, and Binance will cooperate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market. The Malta-based exchange aims to enter the Japanese market and offer crypto and trading services in a regulated environment. Binance has been expanding all over the world by collaborating with local companies.
Binance enables conversions of selected stablecoins to BUSD
Malta-based cryptocurrency exchange Binance launched a function that allows users to instantly convert other stablecoins into BUSD, on January 16, 2020.
The announcement stated,
The ratio to convert PAX, USDC, and TUSD into BUSD will be set at 1:1 with zero fees. The ratio to convert USDT
With the purpose of preventing market manipulation, Binance stated that it would implement a pricing limit of ±1% on the market price within the first 15 minutes after trading starts. The Malta-based crypto exchange had launched its native stablecoin earlier in 2019, pegged at 1:1 to the US dollar in association with stablecoin issuer Paxos. Post the recent announcement, the users will be able to convert from stablecoins, with no fees.
Binance, on the same day, also announced the launch of LINK/USDT perpetual contract with up to 75x leverage.
Binance has been in the news lately for its series of announcements and adding support to numerous fiat currencies.
The firm also launched XRP/USDT Futures Contracts with up to 75x. leverage. The most recent was the launch of ETC/USDT perpetual contracts which will offer leverage up to 75x.