Cryptocurrency exchange Binance has recently informed Belarusian customers that its services will no longer be available in their country.
The announcement follows reports of similar restrictions for residents of other nations under economic sanctions, such as the Islamic Republic of Iran as well as Zimbabwe.
Belarus Population Loses Access to Global Exchange:
The correspondence from Binance, currently the world’s largest virtual asset trading platform by daily volume, does not specifically say when the restrictions will go into effect.
Under “Prohibition of Use” on the ToU page, the exchange explains that by accessing and using any of its services, customers acknowledge and declare they are not on any trade or economic sanctions lists, such as those prepared by the United Nations Security Council and the Office of Foreign Assets Control of the U.S. Treasury Department.
Binance says that it “maintains the right to select its markets and jurisdictions to operate and may restrict or deny its services to certain countries.” The exchange also insists on its stance that “prohibited users are not to use or access Binance and any of its services” and reserves the right to modify or change the terms and conditions of its user agreement at any time and at its sole discretion.
The announcement comes very shortly after Binance imposed restrictions on other countries under Western sanctions.
In November, several international exchanges, including Binance, cut ties with Iran, according to members of the local cryptocurrency community. Zimbabweans have also been informed that the exchange is unable to provide services in their country and have been advised to withdraw their funds.
Belarus Citizens Can Still Buy Crypto:
Belarus is one of only a few jurisdictions in Europe that have adopted crypto-friendly regulations. The number of fintech entities operating in the country has been growing since President Alexander Lukashenko’s Decree No. 8 entered into force in March.
The circulation and exchange of cryptocurrencies, however, remain mostly unregulated. There are no cryptocurrency exchanges in the HTP and Binance’s decision to restrict services in the country will make it harder for Belarusians to buy, sell and trade crypto coins.
Fortunately, other options are available. A number of online platforms offer exchange services in the post-Soviet space. Best Change, for instance, lists dozens of verified online exchanges where crypto-enthusiasts can acquire and trade virtual currencies, regardless of sanctions by foreign powers or bans introduced via their own governments.