In recent months, Binance.US has faced increasing regulatory challenges across multiple states, leading to the suspension of services for many U.S. citizens. If you’re a resident of states such as Texas, New York, Washington, Alaska, North Dakota, Hawaii, Vermont, Oregon, or Georgia, you may have already experienced disruptions in accessing your Binance.US account or been notified of upcoming suspensions. Understanding the steps to take now is critical to protecting your assets and ensuring compliance with U.S. regulations.

1. Why Is Binance.US No Longer Available?

Binance.US has been under heavy scrutiny from U.S. regulators, leading to the revocation or suspension of its operating licenses in several states. The primary reason behind these actions is the platform’s failure to comply with strict financial regulations, along with allegations of money laundering and improper trading practices tied to the platform’s former CEO, Changpeng Zhao. States like Texas, Washington, and New York have taken particularly strong stances, barring Binance.US from offering services​(Binance.US)​(Cointelegraph).

2. What Should You Do If Your Account Is Suspended?

If you’re a resident in any of the affected states, including Texas, Washington, New York, Alaska, and Vermont, here are the immediate steps you should take:

• Withdraw Your Assets: If Binance.US is no longer operational in your state, it’s critical to transfer your funds to another compliant exchange or a secure personal wallet as soon as possible. Platforms like Coinbase, Kraken, or Gemini remain fully operational for U.S. residents and are regulated by U.S. authorities.
• Ensure Compliance: Avoid attempting to bypass these restrictions by using VPNs to access Binance’s global platform. Doing so violates the platform’s terms and can result in permanent account suspension or even legal consequences. Stay compliant by transferring your assets to a licensed U.S. exchange.
• Consult a Tax Professional: Withdrawing or transferring large sums of cryptocurrency can trigger tax liabilities. Make sure you keep accurate records of your transactions and consult a tax expert to ensure you are fulfilling your obligations with the IRS.

3. Other U.S.-Compliant Platforms

While Binance.US may no longer be an option, there are still many reputable, compliant exchanges available for U.S. citizens. Here are some alternatives:

• Coinbase: A highly trusted and widely used exchange with a user-friendly interface and strong security measures.
• Kraken: Known for offering more advanced trading tools, Kraken is ideal for experienced traders who need a robust platform.
• Gemini: A regulated exchange offering a range of cryptocurrencies, Gemini is a solid choice for users prioritizing security and compliance​(Cointelegraph)​(COINOTAG NEWS).

4. What Does the Future Hold for Binance.US?

The future of Binance.US remains uncertain as it faces increasing legal pressure from state and federal regulators. With licenses being revoked and services suspended in multiple states, including Alaska, Georgia, and Hawaii, Binance.US will need to make significant adjustments to regain its footing in the U.S. market. For now, staying informed of ongoing developments and transferring your assets to compliant platforms is the safest course of action.

Conclusion

If you’re a U.S. citizen residing in states like Texas, Washington, New York, or Alaska, where Binance.US services are no longer available, the best course of action is to transfer your assets to a compliant exchange and ensure all your transactions are properly documented for tax purposes. Stay compliant, avoid risky shortcuts, and consider consulting with a financial professional to navigate these challenging regulatory changes.

For more personalized tax advice or assistance with your cryptocurrency holdings, reach out to USA Tax Solutions for expert guidance.