When crypto exchange Binance becomes unavailable in the U.S., Americans will lose trading options for many cryptocurrencies. Binance’s users in the U.S. will still have access to their funds, but they cannot make deposits to their wallet or trade. A few digital coins, ARK, BTT, IOTA, PIVX, and ZIL, will have only one trading options left in the U.S. and experts expect trading volume to drop off for these coins.
The U.S. isn’t alone, Binance is also blocking IP addresses from 28 other countries, including African, Middle Eastern and Eastern European countries. Users who log on from these countries will see a message saying the company will block them starting on July 1 2019. People could use a virtual private network to get around the restriction although this won’t be necessary in a few months as Binance isn’t abandoning the U.S.
Fortunately, the situation is temporary. Binance is developing Binance US with BAM Trading Services. Binance US is a regulatory compliant fiat-to-crypto trading platform. Currently, Binance, headquartered in Japan, is one of the world’s largest cryptocurrency exchanges. The company is known for supporting multiple digital coins, including new cryptocurrencies.
In June of this year, Binance announced they hired a global strategy officer, Gin Chao. Changpeng Zhao. Among his other duties, Chao will manage Binance's global strategy and oversee the company's fiat-to-crypto gateways. In a tweet, Binance CEO Changpeng Zhao said, “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.”
The CEO of Binance also said the company is testing a stablecoin, Binance GBP, pegged to the British pound, but so far, only £200 has been minted. Binance will also develop other stable coins, however, none of the coins will be backed by the U.S. dollar.