Time To Switch Exchanges!


No More Binance

Time to switch to KuCoin and Kraken

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By Block Society

As the majority of the crypto world already knows, Binance will cease business with US customers effective 12 September 20191.

Existing users have a grace period of 90 days, after which they will be unable to deposit funds to the site or make trades. Binance declined to state whether those bans will be administered by a geo-block on U.S. IP addresses, but it did confirm that U.S. customers will retain access to funds held in the service.

What does this mean for you and Block Society clients? Well, it means until Binance.US becomes available, no US customers will be able to execute trades or deposit funds into Binance after September 12th. While this changes the way many conduct their crypto business, it’s not the end of the world. 

Be sure all of your current trade orders are finalized prior to that date, and be ready to move your crypto to another exchange. Block Society recommends using Kraken and KuCoin as replacements. Granted, there aren’t quite the same assets available on those platforms, but they are sufficient to still be profitable and diversify your portfolio. 

As a caveat, remember that trading in cryptocurrency is very risky. Please dont invest more than you can afford to lose; particularly with Kraken, the risk becomes exponentially elevated when using leverage. I strongly advise against using any leverage or margin account unless you are trained to do so and willing to accept the risk of losing everything. 

Sources:

1. Russell, J. (2019, June 14). “Binance begins to restrict US users ahead of regulatory-compliant exchange launch”. techcrunch.com. Accessed August 31, 2019.

 
 

Stephen, COO/Director of Analysis

With 10+ years experience in the US Intelligence Community and a Bachelor's Degree with concentration in Analysis, Stephen Harano has a breadth of experience as a multi-discipline analyst. Additionally, he holds a Master's Degree in Criminal Justice and Homeland Security and a Post Graduate Professional Certificate in Blockchain Technology from UC-Berkeley. His desire to serve and give back to the crypto world is unmatched and genuinely enjoys educating others both on trading fundamentals as well as Technical Analysis.

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