Binance is Banning US Users!

Binance is Banning US Users!

Binance is Banning US Users!

This week Binance will be blocking US users from trading on their platform. While users will still be able to login to their accounts, their access to the platform will be limited. After September 12th, 2019, no US person will be able to settle trades or deposit funds on Binance.

There are some crypto assets that are currently only listed on Binance or Binance and other exchanges that restrict US access. It is important to note these assets because if you currently have a position in one of them it may be wise to exit that position prior to the September 12th deadline. This can be done by entering into a position of another asset that can then be disposed of on an exchange that does not block US users. For example, selling MATIC for BTC and transferring that BTC to a hardware wallet or to Coinbase/Gemini/Etc.

Binance is planning to launch Binance US within the “coming weeks”, according to CEO Catherine Coley, but the assets listed on the US regulated exchange will be limited in scope in comparison to the current Binance platform. On August 9th, Binance announced that they were exploring the assets below to ensure that they meet Binance US’s listing criteria:

Image courtesy of Binance.US Medium

Image courtesy of Binance.US Medium

Tax Implications 

Although Binance has made it seem as though US users will still have access and the ability to view their trade history within the platform, it would be in a US users best interest to export all of their trading data from the platform for record keeping purposes. This data is imperative in order to properly reconcile and complete your crypto taxes.

 

 

 

The IRS Is Coming After Those Who Have Not Reported Their Crypto Income!

The IRS Is Coming After Those Who Have Not Reported Their Crypto Income!