Binance tells US users to withdraw funds within 14 days or their accounts will be locked

Cryptocurrency exchange Binance has started sending email notifications to US users, giving them 14 days to close their accounts in the US, as Binance does not have a regulated status.

The email reads:

“Please note that due to our Terms of Use, we are unable to serve US users. You have 14 days to close all active positions on your account and withdraw all funds or your account will be locked.”

This isn’t the first time Binance has asked U.S. customers to leave, but this represents the exchange’s firmest words on the matter.

In July 2019, Binance gave U.S. users 90 days (until September 12, 2019) to submit evidence that they had not violated the site’s terms of service or used trading and deposit features.

The warning comes a day after Binance announced it would launch Binance.US in partnership with BAM Trading.

Binance.US offers a smaller number of coin pairings and is not available in all states, but it is regulated, theoretically providing a soft landing for those who want to transfer account balances.

However, most U.S. users are able to ignore these warnings. Binance relies in part on information provided by users, and customers can claim they are not U.S. citizens when opening an account.

In the past, Binance has adopted a tiered verification system that allows users to trade or withdraw limited amounts of Bitcoin through spot trading without going through the type of customer identity verification that is required of U.S.-based exchanges. This means that Americans can still use the exchange if they do not fill out their information truthfully.

Earlier this month, Binance began sending emails to users with IP addresses associated with the United States. Anyone found logging in from the United States is likely to receive an email asking them to switch platforms within 90 days. However, users can still bypass these restrictions if they use a virtual private network.