Binance Withdraw Its Services from Countries on the U.S. Economic Sanctions
Binance, one of the world’s top ranking cryptocurrency exchanges, has withdrawn its services from certain countries that have been recently targeted by U.S. economic sanctions.
Binance users in countries such as Iran, Belarus, Serbia, Bosnia, Myanmar and Zimbabwe have not been able to access their accounts for over a month. A majority of the users located in these regions have also been issued with termination notices even though they have done nothing wrong.
As the exchange’s latest terms and conditions read,
“By accessing and using Binance and any of its services, you acknowledge and declare that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list or OFAC (Office of Foreign Assets Control of the U.S. Treasury Department).”
Earlier last November, Binance’s notice has raised quite a few eyebrows, especially since it seemed that the exchange was mainly targeting smaller economies with its ban. Taking Belarus for example, its citizens are being prohibited from using the exchange simply because their country is sanctioned for the country’s ties with Russia, even though Russia itself is exempt from this ban in spite of its being at the receiving end of a number of U.S.-based trade restrictions at the moment. Ridiculously, Belarus is one of the smaller European nations to have set up a highly crypto-friendly policy framework.
The ban from the exchange drives bitcoin enthusiasts within these countries to turn to peer-to-peer exchanges.
Rounding up the year just gone, Binance has ramped up its global expansion with three fiat-to-crypto exchanges set up in Liechtenstein, Uganda and Jersey, planting its flags in smaller nations in Europe and Africa. While the exchange’s withdrawal from the aforementioned small crypto friendly nations shows its politically charged stance.