Binance Seeks to Satisfy US Interests
Binance users in Iran, Belarus, Serbia, Bosnia, Myanmar and other restricted jurisdictions have reportedly been cut off for a month now after the global exchange sent a notice of termination. Although Binance’s terms now prohibit individuals and countries on the U.N. Security Council and the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC) sanctions lists, Russia is conspicuously exempt.
Many Zimbabweans who relied on Binance to buy and sell cryptocurrency are now in the lurch as only a handful of other global exchanges accept new account registrations from Zimbabweans due to sanctions. Local financial regulators have already crippled operations of erstwhile popular trading platforms like Golix with a backdoor ban on virtual currencies. After that, trading went underground and continues to flourish on social media platforms like Whatsapp and on emerging peer-to-peer exchanges.
“I just got the dreaded message when I tried to do a trade [on Binance] this evening,” lamented William Chui, a cryptocurrency broker, on Jan. 4. “Liquidated most of what I had and was keeping elsewhere. But where do I store these tokens?” he pondered, in reference to Binance coin (BNB) and cardano (ADA). Not many wallets support such assets.