Full List: US, UK, Canada, Other Countries Where Binance Have Been Banned, Restricted
Recently, some countries implemented measures to block and restrict access to the websites of prominent global cryptocurrency exchanges and virtual digital asset services providers like Binance, Kucoin, OKX, and others.
Notably, major economies such as China, India, Turkey, and Nigeria have imposed restrictions on crypto trading.
It is worth noting that the authorities have expressed concerns regarding the potential involvement of these exchanges in money laundering activities, aiding tax offenders, or facilitating crypto scams.
Over the past few years, Binance has faced challenges related to compliance issues in various countries. The exchange has been slow in adhering to local money laundering regulations and has failed to register for business operations in several jurisdictions.
On May 12, 2023, Binance decided to exit the Canadian market due to stricter regulations surrounding stablecoins and investor limits. Canada has also implemented stricter regulations for crypto asset trading platforms by introducing a pre-registration process.
In Nigeria, telecommunications companies have been directed to limit access to the websites of cryptocurrency firms like Binance, OctaFX, Coinbase, and others. This directive comes months after the Central Bank issued guidelines to regulate the activities of digital asset operators.
This new measure to restrict crypto websites aims to curb currency speculation activities in the country. Binance clarified that its platform is not intended for currency pricing, responding to user complaints about the inability to purchase dollars.
Despite the ban on Twitter in 2021, Nigerians found ways to continue using the platform through Virtual Private Network (VPN) apps. Similarly, it is anticipated that Nigerians will find ways to access crypto platforms, as the country is home to one of the largest crypto communities globally.
Binance Holdings Ltd., known as Binance, is a multinational corporation that operates the world’s largest cryptocurrency exchange based on the daily trading volume of digital assets.
Binance, a cryptocurrency trading platform, was founded in 2017 by Changpeng Zhao, a developer known for creating high-frequency trading software. Initially based in China, Binance later moved to Japan but had to relocate again to Malta due to restrictions imposed by the Chinese government. Currently, Binance does not have an official company headquarters.
However, Binance has faced challenges in various jurisdictions. Countries like the United States, Singapore, Canada, and the United Kingdom have imposed restrictions on the platform. In 2021, Binance came under investigation by the United States Department of Justice and Internal Revenue Service for alleged money laundering and tax offenses.
Furthermore, the UK’s Financial Conduct Authority ordered Binance to cease all regulated activities in the United Kingdom in June 2021. In Nigeria, Bayo Onanuga, a special adviser to President Bola Tinubu on information and strategy, called for a ban on Binance and other crypto platforms. This followed the directive of the Central Bank of Nigeria (CBN) to financial institutions to close accounts involved in cryptocurrency transactions and refrain from dealing with crypto assets.
The CBN justified its actions by citing concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies. The majority of restrictions imposed by different countries are primarily driven by licensing and money laundering issues.
Below is the list of countries where Binance has been restricted or banned:
United States
United Kingdom
Japan
Italy
Canada
Belgium
Nigeria
Australia
India
Netherlands
Thailand
Philippines
Germany
France
Bangladesh
Iran
Vietnam
Kazakhstan
Malaysia
China
