Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is banned in a number of countries. The list of countries where Binance is banned includes China, Russia, Iran, and North Korea.
Binance first came under fire in China in September 2017 when the country’s central bank released a statement banning ICOs (initial coin offerings). The ban forced Binance to relocate its headquarters to Japan.
In March 2018, Binance was again in the news when it was one of several exchanges that were ordered to cease operations in Russia by the country’s central bank.
In April 2018, Binance announced that it would be banning Iranian users from using its platform in compliance with U.S.
sanctions against Iran.
And most recently, in September 2018, Binance announced that it would be banning North Korean users from using its platform due to U.N.
sanctions against North Korea.
So why are these countries banning Binance?
The simple answer is that these countries are cracking down on cryptocurrency trading and ICOs. China, Russia, and Iran have all issued bans on ICOs, and North Korea is subject to U.
Binance is just one of many exchanges that have been caught up in these crackdowns. But because Binance is one of the largest exchanges by trading volume, it has been affected more than most.
The good news for Binance is that it has been able to quickly adapt to these changes and continue operating despite being banned in several countries.