Regulators in Italy, Malaysia, Singapore, Japan, and Germany have warned the financial services provider to cease operations. Still, the Bitcoin exchange has come under intense scrutiny as it operates in many regions without the required clearance. No, Binance is not regulated, but it has licenses to operate in some jurisdictions. In other words, it means that at any moment, you may see your account closed for any reason. Here’s a list of countries whose traders are banned from trading on Binance:īesides, Binance protects itself by stating the possibility of closing an account at its sole discretion in its terms of use. This blurs the lines between cryptocurrency tokens and company stocks, which has raised concerns among regulators. Binance’s stock tokens: Binance has a new product called “stock tokens”, which are cryptocurrencies pegged to the value of several stocks.Some regulators feel uncomfortable with this possibility. Crypto derivates: These instruments allow investors to borrow to leverage the amount they invest, which is hazardous for retail investors.Lack of transparency: Many regulators believe that Binance is not making the best effort to alert for the risks associated with crypto trading, including that investors can lose all their money (not only through their investments but also in company aspects not controlled by investors – Remember what happened to FTX?).No regulation, no operation: Since most financial markets regulators do not supervise the crypto space, they may ban and even prohibit advertising from Binance.In most countries, the exchange has been accused of operating without regulatory clearance. The Binance exchange has suffered multiple regulatory clampdowns worldwide. Many users have reported that Binance closed their accounts because they reside in one of their unsupported countries – including users from Serbia, Bosnia, Iran, Myanmar, among other countries.
You can this information here (AMF website). įinally, in May 2022, France has become the first big European nation to grant Binance (“BINANCE France SAS”) as a Digital Asset Service Provider (DASP) registered by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This includes the UK, Belgium, France, Germany, Italy, and others. For instance, the exchange has a list of countries it supports for crypto to fiat withdrawals. While Binance doesn’t have a detailed list of supported nations, it does have a list of specific features allowed for certain countries. However, due to strict financial regulations globally, Binance has restricted its product offerings to customers in certain countries. The exchange continues to operate in several countries in the Americas, Europe, Asia, and others. Since Binance is just crypto to crypto exchange, until recent times, it could operate in almost every country worldwide – unless the country had decided to block Binance for some reason, including not complying with the country’s regulation.Īt press time, Binance does not have an official list of supported countries.
Generally, conversion of crypto to fiat is restricted in some countries and has to follow tight regulations.
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