The Binance.us website was updated on July 10, 2022 and as of that date, the Binance.us exchange is still unavailable to Texans (Binance.com is no longer for United States citizens).
Here’s the official quote:
Unfortunately, Binance.US accounts are currently NOT available to users residing in the following states:
- New York
How incredibly stupid is this?
Everyone knows that Binance is by far the best centralized exchange for buying and selling cryptocurrency and residents from 46 U.S. states can trade, but not in Texas.
Yes, the government regulators are here to save us from one of the very few reputable exchanges.
Why is Binance Not Allowed?
Per Texas.gov, Texas Securities Commissioner, Travis J. Iles, entered emergency cease and desist orders targeting three unregistered online cryptocurrency platforms on March 15, 2021.
One of those platforms was Delta Crypt Limited AKA Binance (Binance Assets, BinanceAssets LTD and Bit Kind LTD).
Here’s the quote from Iles on Texas.gov:
“Bad actors continue to use online means – such as internet websites and social media platforms – to broadly market ‘risk-free’ scams to Texas investors,” said Commissioner Iles. “These folks flock to the Lone Star State and investors should be very wary of promoters touting guaranteed lucrative returns through online media and should thoroughly investigate any offering before investing their money.”
Thanks, jackass. Crypto is risky. Got it.
Yet we have another example of the government “protecting” us from all the evil of the universe.
One irony here is Binance isn’t even the risky one. Think about all of the node ponzi schemes like Thor nodes. Or the celebrity NFT rug pulls.
But, no, the Texas sheriff over here is going to protect us from one of the few legitimate crypto exchanges that actually charges reasonable trading fees.
There are an infinite number of scams, but Texas draws the line at Binance.
If anything, if you want to be a big man, why not look further into when Coinbase said they would take users crypto if it went bankrupt?
The Texas Blockchain council should consider lobbying the Texas Securities board so they can “figure out” the regulatory hoop jumping necessary for Texans to be able to trade on the best exchange.
I guarantee you Texas is losing money because of this incredibly stupid ban.