,
10 tweets,
3 min read
Read on Twitter
This is nice and all but Binance.com trades 150+ cryptocurrencies and has all the liquidity. Binance.US will likely only trade BTC and ETH to start - just like fiat-to-crypto exchanges that Binance already launched (Uganda, Jersey and Singapore).
In the last 6 months, Binance had nearly 185 million estimated visitors on the site. At least 30 million of them came from the United States. This is a devastating announcement by Binance and proof that regulators are cracking down on non-U.S. based exchanges.
Just look at how dominant U.S. has been in driving traffic to Binance. Most of this will go away 
Pie chart of traffic here
Also, Binance DEX won't help here in any way. Binance DEX currently only supports cryptocurrencies that are natively on Binance Chain, which is very very little. So unless there is some kind of a swap mechanism implemented soon, Binance DEX won't help.
The only solution for customers from the U.S. will be to use a VPN. Similarly to what people already do with Bitfinex and BitMEX. But of course, there is a bottleneck - Binance allows withdrawals of up to 2BTC ($16,500) without verification. Above that, you are out of luck
Now, remember - this news comes just after Bittrex and Poloniex started geo-blocking US customers from having access to tens of different altcoins. This is all connected and it's going to become much much harder for U.S. customers to trade altcoins with uncertain reg status.
If this wasn't clear to some, this will be terrible for alts in my opinion. Especially for the ones that are not 100% clear on whether they could be a security or not. Anyone who tries to paint this as good news for either Binance or they favorite coin is likely bullshitting you.
Frankly, I also wouldn't be surprised if Binance is pressured into decreasing their 2 BTC threshold for not having to verify.
BNB is down 8% since the announcement was made. Market doesn't seem to think this is good news 😬
