Belarusian Crypto Users Lose Access To Binance Services In New Economic Sanctions

One of the biggest inconveniences in the cryptocurrency world is the way that various countries restrict it with their regulatory measures. However, economic policies outside of cryptocurrencies, like bans against doing business with certain countries, can lead platforms to modify their policies on the areas that they are willing to function in. Users in Belarus found themselves in this predicament with Binance recently.

Many Belarusian users have already been notified by email regarding an announcement from Binance, who has decided to withdraw their services from the country. This is just one of the many announcements that has happened to other countries as well, like the Islamic Republic of Iran and Zimbabwe.

At first, the news was so unbelievable that users took to Twitter and Reddit, believing it was a hoax. However, the thread ultimately determined that these emails are authentic, though there have been rumors that Binance is targeting certain areas, like the aforementioned Iran.

One user, blueEyes, nailed the problem on the head –

“Basically, Binance is kicking out its users based in Iran, but it’s not really the company’s own fault.”

The case in Belarus, and Serbia as well, isn’t quite the same. They fall outside the Euro area, and they aren’t part of the SMS accessible list, like Liberia and Zimbabwe. SMS is required for two-factor authentication (2FA), which is essential for the security of users. One of the biggest attacks happened earlier this year against the user that had no 2FA. There’s the Google Authenticator, but the 2FA is what keeps users the safest.

The “Prohibition of Use” section of the Terms of Use page explains more about a preexisting policy. It states,

“By accessing and using Binance and any of its services, you acknowledge and declare that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list or OFAC (Office of Foreign Assets Control of the U.S. Treasury Department). Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny its services to certain countries. The content of this Agreement shall not be excluded from the laws of the country under which the user belongs. Binance maintains its stance that prohibited users are not to use or access Binance and any of its services.”

While the section is clear about Binance’s right to “select its markets and jurisdictions to operate,” there’s no details that specifically discuss the recent email. The only statement that users have to go off is from a representative of the Russian Federation involving Binance, Gleb Kostarev. Kostarev confirmed the authenticity of the email, but he said that it wouldn’t impact his own country.

Investors should keep in mind that this is definitely not a ban on cryptocurrencies in their nation. They have become one of the most crypto-friendly countries with comprehensive regulations, but they still don’t include the circulation and exchange of crypto. By Binance withdrawing, their ability to buy, sell, and trade becomes harder.

Right now, the best options for Belarusian investors are to seek out options online with platforms like Best Change, LocalBitcoins, and Crexby.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

European Commission Proposes Legislation to Turn Crypto-Assets into Regulated Financial Instruments

The European Union is set out to regulate crypto assets in the bloc, in the world’s most comprehensive set of rules to protect its...

Is Bitcoin Out of the Woods Yet or Are We Looking for Deeper Losses?

This week has been somewhat of a whirlwind. We entered the week on a negative note, with a weak performance on the past weekend. On...

Despite Regulatory Uncertainty, Huobi Exchange Launches A Mobile Trading App for Russian Users

Huobi, one of the leading crypto exchanges, launches a mobile trading app for its Russian customers. The new mobile trading app would allow Russian...

Parity Technologies Releases Substrate 2.0 to Build Custom, Scalable Blockchains Interoperable with Polkadot

Substrate has achieved a major milestone; the blockchain framework has released version 2.0, which is also compatible with Polkadot, which, along with Kusama, is...

Bureau Of Fiscal Service Revisits Blockchain Technology Development To Streamline Grants

The Bureau of Fiscal Service, BFS, is focusing its energies on innovative technologies such as blockchain technology in a bid to enhance the government’s...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today