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No. They fall under a variety of regulations because they sell securities, transmit money, and hold cash, but most of them are not banks yet. I think that will
by smt88 5y ago
No. They fall under a variety of regulations because they sell securities, transmit money, and hold cash, but most of them are not banks yet. I think that will change soon, especially as the government equates stablecoin offerings as equivalent to banking.
Also, Binance is not regulated in the US at all. It's banned from the US.
- kolanos 5y ago> Also, Binance is not regulated in the US at all. It's banned from the US. Their website suggest otherwise? > Binance is unable to provide services to U.S. users. Binance.US (BAM Trading Services) is a US-regulated cryptocurrency trading platform. In approved states, U.S. customers can use Binance.US to buy and sell over 50 cryptocurrencies with low fees. So it looks like Binance has a U.S. entity that is regulated.
- Tenoke 5y agoBinance.us is so much more limited and separate from Binance.com that it's easier to think of it as a seperate entity that Binance lends their name to.
- latchkey 5y agoBinance.com is banned in the US. If you are a US citizen (and KYC'd as such), you can't access their site services at all. Even if you do get in, you can't deposit / withdraw. As a US citizen, I tried to setup an account with Binance.US when it launched and for whatever reason, their automated systems locked me out and I didn't bother trying to investigate it further. So yea, despite what Reuters says, my personal experience is that their platform is pretty tough on compliance.