Binance Decentralized Exchange To Block Users From US And 28 Other Countries

News | June 3, 2019 By:

Binance, the world’s largest crypto exchange, has announced that its decentralized exchange, Binance DEX, will block access to users based in 29 countries.

Binance DEX, the first use case of the company’s own blockchain Binance Chain, is a decentralized order-matching engine that claims to offer faster transaction times and cheaper fees than ethereum due to its simplicity. Since its launch in April, Binance DEX has already surpassed most DEX exchanges in terms of trade volume, with a 24-hour trading volume of over $9 million.

In its latest announcement, Binance DEX said that it will start geo-blocking 29 countries starting on July 1. Users from the blacklisted countries will no longer be able to trade or access wallets through the site, unless they use a VPN or an app that supports native trading. Blacklisted countries include the USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

“Please note that by 1 July 2019 (UTC 00:00) trading and accessing to the wallet interface through www.binance.org will no longer be available to users with IP addresses from the countries listed above,” the company said.

The Block Crypto reported that the decision to block the US could be connected to the Securities and Exchange Commission (SEC) charging the founder of decentralized exchange EtherDelta with operating an unregistered securities exchange in November 2018. Binance theoretically could not prevent anyone from issuing a security token.