Three months ago, the world’s leading cryptocurrency exchange, Binance, announced that it would halt the access of US-based traders to the platform. Per the announcement, the new rule would come into effect on September 12th, which is tomorrow. The question is if this will put additional pressure on the already suffering Binance Coin (BNB).
Binance Shutting The Door to US-Based Traders Tomorrow
Back on June 14th, CryptoPotato reported that the world’s leading cryptocurrency exchange, Binance, will be halting its access to traders from the United States on September 12th.
Per the announcement, US traders would still have access to their wallets and their funds but they will no longer be able to deposit or to trade on Binance.com.
The main reason for the move was to guarantee full regulatory compliance. However, Binance did act quickly and created an alternative for those traders who want to continue using the platform.
They created the so-called Binance US. According to the CEO of the company, Changpeng Zhao, the new platform will supposedly boast the same speed, as well as the same liquidity as Binance.com.
It’s also worth noting that recently Binance teamed up with Paxos to launch a USD-pegged stablecoin called Binance USD (BUSD).
More Pressure To BNB?
Surely, the news that the main platform of Binance won’t allow US-based traders doesn’t do Binance Coin (BNB) any good. Back in June, the price dropped 7% on the news. And it went all downhill from there.
As seen on the above chart, since its ATH in June, BNB is down more than 45%. It appears that nothing the exchange is currently doing is capable of bringing the price up.
The situation is even worse when we look at it trading against Bitcoin. In the same period, BNB decreased by upwards of 52%.
Now that the trading of US citizens will actually be halted, the question is if that would be even more devastating for the cryptocurrency.