Binance, the world’s largest cryptocurrency exchange, is revamping its internal policies and cracking down on wayward users.
In an updated term of use agreement revised on June 14, the exchange notably stated that “Binance is unable to provide services to any U.S. person.”
The news comes less than a day after Binance announced it was formally expanding to the U.S. The exchange also previously said it would strengthen its compliance and security practices through a number of partnerships, most notably with software provider Chainalysis and KYC/AML tool provider IdentityMind.
“Binance constantly reviews user accounts to improve our platform security and to comply with global compliance requirements,” the company said, adding:
Previously, Binance listed 15 countries and six U.S. states (including New York) on a “restricted countries list” page.
Binance CEO Changpeng Zhao image via CoinDesk archives