Binance Holdings Limited, branded as Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017.
Recently, Binance has been banned in some major countries for various reasons. Reasons range from not acquiring a license of operation to invasion of tax, fraud, and so on.
Here are some countries where Binance is banned from operating:
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1. Italy
In July 2021, Italy’s Commissione Nazionale per le Società e la Borsa ordered Binance to be blocked from operating. In May 2022, Binance gained regulatory approval in Italy, allowing the company to provide digital asset services in the country.
2. India
On December 28, the Financial Intelligence Unit (India) recommended blocking the URLs of nine crypto entities, including Binance, on the grounds of non-compliance with the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). On January 12, 2024, the Binance application was removed from the App Store and Google Play Store to prevent Indian crypto investors from using it.
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3. Japan
On June 25, 2021, Japan’s Financial Services Agency warned Binance that it was not registered to do business in Japan. This was the second notice Binance received from the FSA. Previously, a similar warning was issued on March 23, 2018.
4. Netherlands
In April 2022, the Dutch central bank announced a €3.3m fine for Binance for offering services within the Netherlands without being registered in the country. The fine was issued to the company after an official warning was issued in August 2021. In June 2023, Binance announced that it was leaving the Netherlands after failing to obtain regulatory approval.
5. Nigeria
In June 2023, Nigeria’s Securities and Exchange Commission deemed Binance’s activities in the country as “illegal.” It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.
6. Philippines
On Monday, March 25, 2024, the Securities and Exchange Commission (SEC) of the Philippines moved forward with plans to block Binance’s website, citing concerns over the security of Filipino investors’ funds. This decision follows the SEC’s identification of Binance as operating without the necessary licensing for its investment and trading platform.
The SEC seeks assistance from the National Telecommunications Commission (NTC) and tech companies (Google, Meta) in blocking access to Binance’s website and affiliation, digital advertising efforts targeting Filipino users, although the Binance app remains available for download on mainstream app stores.
7. United Kingdom:
In January 2021, the UK’s Financial Conduct Authority began requiring firms dealing with crypto assets to register to comply with anti-money laundering rules. In June 2021, Binance was ordered by the FCA to stop all regulated activity in the United Kingdom. In June 2023, the FCA canceled unused permissions granted to Binance Markets Limited, meaning the company “can no longer provide regulated activities and products” in the UK.
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