Beginning September, Cryptocurrency speculators and investors residing in the US and having their account with Binance will be severely constrained as the latter has decided to suspend its service in the country.
The report is based on the table provided below showing the list of cryptos that can be traded by the US based traders after Binance winds down its service in the US.
Other exchanges having operations in the US and taken for comparison are Coinbase, Poloniex, Bittrex, HuobiUS, Kraken, and eToro. The white row reflects the cryptocurrencies that is not supported by any of the exchanges in the US.
Furthermore, the report also points to the fact that tokens such as ARK, IOTA, BTT, ZIL and PIVX, are listed only in Binance.
Once Binance moves out, crypto enthusiasts expect the trading volume of tokens which are presently listed only in that exchange to drop significantly.
Even after Binance stops serving the US clients, demand for cryptocurrencies such as XRP, XLM, ZRX, DASH, ETC, and ZEN are anticipated to remain largely unchanged as they are supported by at least four of the aforesaid exchanges.
Notably, Binance amended its terms of use yesterday to rule out the US platform, soon after it revealed plans to open a tailor made fiat-to-crypto exchange for the US customers.
Changpeng Zhao (CZ), CEO of Binance is of the opinion that the changes brought about in recent times will benefit in the long-term.
“Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain.”
