Binance is one of the most popular platforms for cryptocurrency exchange and trading. The company has amassed many users globally who have played a vital role in bringing the company rankings to the top, making it the largest cryptocurrency trading platform in terms of trade volumes. Binance also provides its users with crypto futures contracts, also known as COIN-margined contracts, allowing users to receive Bitcoin whenever their futures position yields profits.
Even with Binance being such a vast app, some countries are still restricted by Binance. One of the main reasons trading platforms are banned in certain countries is the crypto to fiat exchange. However, Binance is a crypto to the crypto exchange platform, so they do not have a long list of restricted countries.
Let’s look at a detailed picture of the countries where you can sign up with Binance and those where you cannot.
What Countries Can Use Binance?
Binance supported countries were almost worldwide when it first started to gain traction. You can access Binance from several European countries, which include Spain, Germany, Slovenia, and Liechtenstein, among many others. If you are from the European Economic Area, you can even access a Binance Visa Card.
Nowadays, with different countries changing their policies about trading, Binance cannot be operated from some of these places. As of now, the comprehensive Binance country list that tells you which countries are entirely banned is concise.
Here is the list of the countries from where trading in Binance is allowed:
Binance Volume by Country
The most recent data for Binance exchange volume annually was a staggering USD 7.5 trillion, according to a 2021 study.
Binance Users by Country
In a survey dated October 2021, Binance has more than 28.5 million users globally. The highest number of Binance users is from Turkey, which makes up 6.57% of users globally. Russia is in second place with 5.51% and Brazil in the third position with 5.18%.
Binance.us for US users:
In September of 2019, Binance first launched its US operations. The branch in the US was then named Binance.us. This subsidiary was formed as a separate entity from the parent company. The only legalities that connected the two were trademarks, licensing software and the wallet technology on the platform.
If you look at how Binance.us works alongside Binance, the global company, you can see that they share some similarities, but mostly, the workings of both platforms are different. One of the main differences you can notice firsthand is the support each platform has on the number of digital assets.
The global Binance platform supports more than 500 cryptocurrencies currently at the top of the line in the cryptocurrency world, whereas, for the US branch, it supports only about 53 digital assets. The liquidation of the global Binance platform is also more if you compare it with the US Binance platform.
If you are a resident of the United States, you will access Binance.us in all the states except for Idaho, New York, Louisiana, Texas, Connecticut, Vermont and Hawaii.
Binance Country Restrictions
There are many reasons why a country can ban the usage of Binance, and not all reasons apply to all the Binance restricted countries. Many users from certain countries have also reported that their Binance accounts have shut down in these countries where Binance is banned.
Here are some of the significant reasons why Binance may be banned from a country:
The instrument of Crypto derivates:
This feature in the Binance trading platform allows investors to borrow and leverage the amount of money they invest. This is harmful to retail investors who cannot compete with such investors. Even if there are no investors who do such a thing, most countries are trying to avoid this from happening as there is always the possibility of this happening.
No transparency on the platform:
Many of the countries that have banned the usage of the Binance platform believe that it lacks transparency. They claim that Binance is not the best at informing its users about the risks of crypto trading, which is always a possibility. Cryptocurrency platforms should alert their users that investors may even lose all their money when trading.
No regulatory clearance:
Many well-known financial market regulators have no ties with Binance, and it is a matter of “no regulation, no operation” in such a case. These countries that have no control over the cryptocurrency trading space in their own countries may even ban advertisements of Binance.
Stock Tokens in Binance:
An added feature in Binance is the “Stock Tokens,” which allows the cryptocurrency on the platform to be attached to the value of various stocks. This feature makes the line between company stocks and cryptocurrency tokens become a little hazy, which causes unease for financial market regulators.
Terms and Conditions:
In Binance’s terms and conditions, you will see that they reserve all the rights to close down an account at their discretion. This means that your account at Binance can get closed without any real reason if the company feels like it. This condition makes the platform loo sketchy and a little concerning for regulators.
Binance Country Blacklist:
Binance is From Which Country?
The origin of Binance can be dated back to 2017 when Changpeng Zhao developed the application in China. The registration of this application is in the Cayman Islands, which is a British Overseas territory in the Caribbean Sea.
When Binance first came out, it was based in China with its headquarters there but soon moved out of China and into Japan due to increasing scrutiny by the Chinese government. When the cryptocurrency trading rules became even stricter, the company moved to Malta and even signed a memorandum with the Government of Bermuda. Currently, it has its subsidiary, Binance.us, in San Francisco, California.
Binance Country FAQs
No. It is impossible to change your country on your Binance profile after signing up. You will have to ensure that each part of the signing up process is done in sharp detail and make sure that the information in your residential ID proof is the same as what you enter o the form when signing up.
Once you sign up for Binance, you cannot change your country location unless you have valid Residential ID proof.
– Log into your Binance account
– Click on User Center
– Go to Identification
– Choose a country from the drop-down list
– Enter the rest of the personal details
– Click on continue
Ensure that you have entered the correct information because you will not be able to change it once it is confirmed.
Serbia, Myanmar, Iran, Bosnia, China, Thailand, Malaysia, Europe, Ontario, Japan, and the UK