US Residents To Lose Access To Some Altcoins: Report

A new report is in the coming altcoin news for a shocking statement – showing that many crypto enthusiasts living in the United States will have no trading options for a lot of cryptocurrencies. As the report unveils, US residents will lose access to altcoins when the major crypto exchange Binance becomes unavailable for them in September this year.

As the full report shared on CryptoPotato on June 14 shares, there is a full table on which cryptocurrencies will still be available for US residents and traders after Binance (as announced) discontinues its United States services.

Here is the breakdown of what coins will still be available (as things stand) to US customers through US compliant exchanges once @binance stop US based trading in September pic.twitter.com/OSawHb9GX6

— Goomba {C-fork maximalist} (@im_goomba) June 14, 2019

Many best cryptocurrency news sites have re-shared this table, with the foregoing exchanges listed on it being Coinbase, Bittrex, Poloniex, Kraken, HuobiUS and eToro.

In the report, we can also see that there is also a number of tokens listed on only one exchange after Binance drops off – including the names of altcoins like ARK, BTT, IOTA, PIVX and ZIL. All of these “endangered” exchange tokens – as well as the (temporarily) extinct ones – will be unavailable to US residents and are probably going to witness a large drop in volume, the report shares.

Still, the good thing is that veteran cryptocurrencies including DASH, XRP, XLM, ETC, ZRX and ZEN should survive the Binance departure with little issue – since they are listed on four or more of the aforementioned exchanges.

For those of you who haven’t been following the latest cryptocurrency news, Binance has recently updated its terms of use on June 14 – excluding trading on the platform in the US and therefore restricting access to US residents and traders. The CEO of Binance, Changpeng Zhao, remarked on the changes and implied that they are going to be useful in the long run.

“Some short term pains may be necessary for long term gains. And we always work hard to turn every short term pain into a long term gain,” Zhao said.

The news that US residents will lose access to altcoins from September may hit the market hard, as analysts believe. There could be big drops in the coming months, especially for the coins which are in the red zone and face extinction from US trading.