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BREAKING NEWS: Check Out Countries Where Binance Is Banned, Restricted (Full List)
Mar 2, 2024
Access to websites of top global cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, have been blocked and restricted in some countries.
Major economies like China, India, Turkey, and Nigeria have restricted and curtailed crypto trading.
Authorities are wary of how exchanges may be laundering the proceeds of criminal activity, or aid tax offenders, or host the perpetrators of crypto scams.
In the past few years, the platform has landed itself in a fix over compliance issues in several countries. Binance has been slow to comply with local money laundering laws, and has failed to register to do business in many countries.
On May 12, 2023, Binance exited the Canadian marketplace due to stricter requirements around stablecoins and investor limits.
Canada tightened regulations for crypto asset trading platforms with the introduction of a pre-registration process.
For Nigeria, telecommunications firms have been instructed to restrict access to the websites of cryptocurrency firms such as Binance, OctaFX, Coinbase and others, months after its Central Bank issued a guideline to govern digital asset operators’ activities.
This new restriction on crypto websites is aimed at slowing currency speculation activities in the country, with Binance stating that its platform is not for currency pricing. The platform said this after users complained about their inability to buy dollars.
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