Traders could still access the DEX via some supported wallet apps, bypassing the need to go through the website to reach the DEX service.
From the perspective of United States-based traders, being geoblocked from Binance.org might see them move to U.S.-regulated trading avenues, which seem to be shrinking by that day.
Back in May 2019, Poloniex had to block trading for its U.S. customers on nine cryptocurrency tokens, including ardor, augur and NXT.29 nations geoblocked from Binance.orgTraders from the U.S. and 28 other countries will, as of July 1, 2019, be unable to access the Binance DEX platform via its website - Binance.org.
With the impending restriction, Binance has advised traders in the 29 countries to consider using wallet apps that support access to the DEX without having to go through the website.
While the company does offer alternatives to traders in the geofenced countries, it provides yet another worry for traders in jurisdictions like the U.S., where trading avenues seem to be shrinking.
Just like Bittrex, it seems Binance is also seeing the results of trying to offer services to U.S.-based traders in this current regulatory landscape.
Some may yet switch to U.S.-regulated platforms, even if it means having fewer trading options.
"Markets for Digital Tokens have varying degrees of liquidity. Some are quite liquid while others may be thinner. Thin markets can amplify volatility. There is never a guarantee that there will be an active market for one to sell, buy, or trade Digital Tokens or products derived from or ancillary to them. Furthermore, any market for tokens may abruptly appear and vanish. Binance makes no representations or warranties about whether a Digital Token that may be traded on or through the Site may be traded on or through the Site any point in the future, if at all. Any Digital Token is subject to delisting without notice or consent."
A well-realized DEX network could also result in far cheaper trading than currently offered by their centralized counterparts due to the absence of any third party.
One other major pain point of cryptocurrency trading is the increasing insistence on Know Your Customer and Anti-Money Laundering protocols by regulators in different jurisdictions, which Binance has seemingly been incorporating on its DEX platform.
Binance DEX: Navigating Country-Specific Cryptocurrency Trading Restrictions
Published on Jun 9, 2019
by Cointele | Published on Coinage
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