Regulation News

Binance has Restricted The Access to its DEX

The exchange of choice within the crypto space has geo-blocked 30 countries from its non-custodial DEX service due to certain issues the countries may have regarding cryptocurrencies.

Geo-Block list:

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, or Zimbabwe.

Why did Binance take such actions?

Well, Binance took such actions most likely due to regulatory issues the countries may have regarding crypto businesses and currencies.

So, the users from blocked countries can’t access the DEX at all?

Well, not exactly since the system can be tricked with a VPN service. By changing the IP to a non-blocked country, the users will be able to use the DEX.

The restriction has been applied by Binance on the 1st of June, and I believe this action has the potential to slow the growth of the DEX since some countries mentioned above contain a large number of investors. To be honest, many investors may not know how to set up a VPN, and those that do may consider it a risk.

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