Binance, one of the leading global cryptocurrency exchanges, is taking decisive steps to adjust its user base in the United States. The company is seeking the expertise of renowned brokers to improve its screening processes and exclude American investors from its platform, a move that responds to the legal complications faced in the country. This strategic move was disclosed by Bloomberg, marking a new chapter in Binance’s operation on American soil.

To accomplish this task, Binance is collaborating with top exchanges, including FalconX and Hidden Road, known for predominantly serving institutional investors. These brokerages are being tasked with strengthening due diligence procedures by demanding minute details from clients such as the geographic location of their offices, information about founders and employees, and verifying the accuracy of this data.

This step comes on the heels of a challenging year for Binance, which admitted violating the Bank Secrecy Act in a settlement with the US Department of Justice. As part of the settlement, the company agreed to pay $4.3 billion in fines for alleged violations of anti-money laundering, fraud and sanctions regulations. “We are committed to compliance and transparency in the standards we apply to assess the suitability of end users to access our platform,” said a Binance spokesperson.

The transparency emphasized by Binance aims to offer clarity to companies interested in accessing its leading market liquidity. However, legal challenges have impacted Binance’s US operations, especially after facing regulatory action from the Securities and Exchange Commission (SEC) in June last year, triggering significant containment efforts.

Binance’s story in the United States is a narrative of adaptation and resilience, with the company navigating turbulent regulatory waters. By taking steps to strengthen its compliance, Binance reaffirms its commitment to operating within legal frameworks while ensuring its platform remains accessible and secure for global users, except those affected by restrictions in the US.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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