₦airaland Forum

Abiodun February 29, 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.

When Nigeria banned Twitter in 2021, Nigerians continued using the platform with Virtual Private Network (VPN) apps. The same is expected, with the country boasting one of the largest crypto populations in the world.

Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies.

It was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.

Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies.

Binance subsequently left Japan for Malta and currently has no official company headquarters.

Cryptocurrency trading platform is facing restrictions in multiple jurisdictions, such as the United States, Singapore, Canada and the United Kingdom.

In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

Also, the UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

The Nation reports Bayo Onanuga, special adviser to President Bola Tinubu on information and strategy, had advocated that Binance and other crypto platforms should be banned from operating in Nigeria.

Onanuga’s call for a ban on cryptocurrency trading platforms followed the directive of the CBN on February 5, 2021, to banks, non-bank financial institutions (NBFIs), and other financial institutions (OFIs), to close accounts of persons or entities involved in crypto transactions.

The regulator also warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.

CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

Majority of restrictions across countries stem from licensing and money laundering issues.

The countries where Binance has been restricted or banned in no particular order are as follows:

United States

United Kingdom

Japan

Italy

Canada

Belgium

Nigeria

Australia

India

Netherlands

Thailand

Philippines

Germany

France

Bangladesh

Iran

Vietnam

Kazakhstan

Malaysia

China 

Niccoloimhotep:
Stupid countries

Nigerian National Pledge: I pledge to Nigeria my country. To be faithful, loyal and honest. To serve Nigeria with all my strength. To defend her unity, and uphold her honour and glory. So help me God.

Binance Pledge: I pledge to binance my saviour. To be faithful, loyal and honest. To serve binance with all my strength. To defend binance even though I appear stupid, and uphold binance's honour and glory against my country of birth. So help me devil.