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The big exchange of cryptocurrency Binance sent a letter to Belarusian users in which he announced the end of the work with the customers of our country. Details and expert reviews read in our material.
A short letter indicates that the changes concern updates to the conditions of use of cryptobirds:
Reader: "Even with a VPN, you can not trade"
Ivan, the Onliner reader, turned out to be one of the Belorussians to have received a letter from Binance:
– Yesterday, only verified users were blocked and today by IP address. Even via VPN, you can not trade if you have noticed that you are from Belarus. You can only withdraw money and people then have trouble removing some coins. What kind of people – I do not know, I do not have any.
– Have you managed to transfer your funds?
– Yes, I just transferred to another exchange. There are many badumptions. But nothing is officially confirmed – Binance simply writes that all the information is in terms of use.
– Have you worked with this exchange for a long time?
– Since the end of last year. There were some hacks, the updates were delayed, but the blocking of the users … I read that this nonsense was already with the users of Iran.
Binance: "The list is constantly changing."
The public relations manager of Binance Gleb Kostarev discussed the situation with Onliner:
"Unfortunately, yes, we have stopped repairing." If you look at the terms of use, this indicates that the company may terminate the service of clients from countries listed on the UN Security Council Sanctions List. or OFAC. In fact he [прекращение работы с белорусскими пользователями] because of
– Any other work with Belarusian users are planned?
– The list is constantly changing and we hope that we may soon be able to return to the market. But until now, unfortunately, we have what we have. The launch of a decentralized exchange is scheduled for the first quarter of next year.
– He seems to have stopped working with Iran?
– Yes, Iran and a number of countries have fallen … But I can not express them. This did not affect only Belarus.
Analyst: "Cryptocurrency is only a negotiable instrument"
The Director of International TradingView Financial Platform Development, Rao Hbadan, explained the link between such situations and the anonymity of cryptocurrencies and explained why other exchanges continue to operate in Belarus:
– Anonymity is one of the characteristics of crypt, but here the restriction is imposed on the exchange, where the cryptocurrency is only a negotiable instrument. The exchange itself is a legal entity with corresponding responsibility for the services provided. At the very beginning of the crypto-trade, the exchanges were not regulated because of the absence of legal field, but as and when it was created, this requirement was gradually refined.
At present, there is no universal rigid requirement that cryptobirds should be regulated. As a result, most do not apply the restrictions imposed by Binance. The stock exchanges are engaged in self-regulation, which prepares legal access to regulated markets, mainly the United States and Japan.
Here, it is not the instrument (cryptocurrency) that is mainly regulated, but the service – trading on the stock market. From a customer perspective, it is always advantageous to choose regulated trading platforms. Just remember the example of the Japanese stock exchange Zaif, victim of hacking in September. Since the exchange was regulated, the company was purchased by another regulated member and the funds from the transaction were used to restore the accounts of the customers.
The OFAC acronym hides the Office of Foreign Assets Control, which is part of the US Treasury Department and deals with financial intelligence, as well as development and enforcement of sanctions to maintain national security and foreign policy of the United States. Sanctions on the Republic of Belarus are available on the link.
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