Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Goodcat49 on June 15, 2019, 12:01:12 PM
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Crypto enthusiasts living in the United States will have no trading options for a many cryptocurrencies when the major crypto exchange Binance becomes unavailable for them in September, according to a report by CryptoPotato on June 14.
The report draws this conclusion based on the following table, which shows which cryptocurrencies will still available for U.S.-based traders after Binance discontinues its U.S. service:
The foregoing exchanges listed are Coinbase, Bittrex, Poloniex, Kraken, HuobiUS, and eToro.
The report also highlights that, in addition to the cryptocurrencies with no trading outlet in the U.S.—the all-white rows—there are also a number of tokens listed on only one exchange after Binance drops off, including ARK, BTT, IOTA, PIVX, and ZIL.
These “endangered” exchange tokens, as well as the (temporarily) extinct tokens, will likely witness a large drop in volume, according to the report.
These “endangered” exchange tokens, as well as the (temporarily) extinct tokens, will likely witness a large drop in volume, according to the report.
However, veteran cryptocurrencies such as XRP, DASH, XLM, ETC, ZRX, and ZEN should survive Binance’s departure with little issue, since they are listed on four or more of the aforementioned exchanges.
As recently reported by Cointelegraph, Binance updated its terms of use on June 14 to exclude trading on the platform in the U.S., which comes shortly after its announcement of a U.S.-exclusive fiat-to-crypto exchange.
Binance CEO Changpeng Zhao (CZ) remarked on the recent changes, implying that the restructuring will be useful in the long run:
“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.”
https://cointelegraph.com/news/united-states-residents-will-lose-access-to-many-altcoins-starting-in-september
(https://images.cointelegraph.com/images/740_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy9jZWYzZDc4MGRlZDk1ZjE5NjFjYWQxMjNkYjRkMWRhNy5qcGc=.jpg)
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The problem with US not having a clear distinction between a security token and a utility token is what's causing all this. All those who did an ICO in the past will most likely be considered as security tokens in the US that's why exchanges won't bother listing them to avoid possible issues with the authorities.