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.
“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.