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Binance stops providing services to Belarusian users

Binance stops providing services to Belarusian users


Binance stops providing services to Belarusian users

According to Mars Finance reported encryption Currency Exchange Binance has recently notified customers of Belarus, will no longer provide service in the country/region. Previously, there have been reports of such restrictions on residents of other countries in the Islamic Republic of Iran and Zimbabwe that were subject to economic sanctions.

Belarusian users cannot access the global exchange

According to Forklog, Binance, the world’s largest digital asset trading platform, does not specify when this restriction will take effect. However, the exchange pointed out that the terms of use of the exchange (ToU) were recently updated and urged Belarusian users to understand the changes.

Under the “prohibited use” clause of the ToU page, the exchange explained that if you want to access and use any of the exchange’s services, the client must acknowledge and declare that his or her region is not on any trade or economic sanctions list, such as the UN Security Council and US Treasury. Ministry of Foreign Assets Control ( OFAC ).

Binance stated that it “retains the right to choose its market and jurisdiction operations and may limit or refuse to provide services to certain countries”. The Exchange also maintains its position to “prohibit users from using or accessing the Binance Exchange and any of its services” and reserves the right to modify or change the terms and conditions of its User Agreement at any time and in its sole discretion.

Binance announced the news shortly after imposing restrictions on other countries under Western sanctions.According to members of the local cryptocurrency community, in November last year, a number of global exchanges, including Binance, cut off relations with Iran. In addition, Zimbabwean users were told that the exchange was unable to provide services in its country and requested that it withdraw funds.

The representative of the Russian Federation of Binance, Gleb Kostarev, confirmed to the media the authenticity of the Belarusian announcement. In an interview with Forklog, he also pointed out that the new restrictions will not affect Russian residents. However, the different treatments of the two countries have also raised questions about the reasons behind the decision.

Both countries are members of the Eurasian Economic Union and a common market, and they are all sanctioned by the United States. But while Washington continues to expand its measures on Russia, Washington has provided sanctions for nine major Belarusian companies over the past three years. In October, OFAC extended the exemption for one year. The move is part of a policy aimed at encouraging reform in the country, and Belarus is a traditional ally of Moscow.

Belarusian users can still purchase cryptocurrency

Belarus is one of the few jurisdictions in Europe that adopts cryptocurrency-friendly legislation. Since the entry into force of its President, Alexander Lukashenko’s Decree No. 8, in March, the number of financial technology entities operating in the country has been growing. The decree legalizes the activities of cryptocurrency and blockchain companies registered in the Belarusian High-Tech Park (HTP) in Minsk.

However, the circulation and trading of cryptocurrencies remains largely unregulated. There is no cryptocurrency exchange in HTP, and Binance’s decision to limit the country’s services will make it more difficult for Belarusian users to buy, sell and trade cryptocurrencies.

Fortunately, there are other options currently available. Many online platforms offer trading services in the post-Soviet area. For example, Best Change lists dozens of verified online exchanges through which cryptocurrency enthusiasts can acquire and trade digital currencies, regardless of whether the foreign powers impose sanctions or whether the government imposes a ban.

Many of these platforms support popular payment methods, such as Qiwi and Yandex Money, as well as credit/debit cards for purchases. Belarusian users can order prepaid MasterCards from the country’s leading commercial bank, Belarusbank. Its Carte Blanche card supports four currency deposits: Belarusian rubles, Russian rubles, euros and US dollars. Thereafter, legal funds can be used to purchase digital currency on any platform that supports such transactions.

Belarusian users who want to trade tokens can also use peer-to-peer exchanges like Localbitcoins. Crexby, the first Belarusian cryptocurrency trading platform recently launched by Belarusians in the United States, also indicated to news.Bitcoin.com that it plans to introduce support for the Belarusian ruble deal. The company has been in contact with government officials in Minsk to ensure compliance with local regulations.

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