Users from 29 Countries Blocked by Binance DEX

Binance CEO's Big Reveal: Binance DEX will Go Live in April
Users from 29 Countries Blocked by Binance DEX
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Binance DEX, a decentralized features-based exchange, has announced that from July, users from not only the United States but also 28 other countries, will not be permitted to use this Binance exchange or buy Binance coins. The reason for this is the tokens that are registered on this platform are being questioned on governing controls.  This effectively means that there will be no transactions permitted via Binance.org.

The Block, a source reliable for all crypto related matters, published that Binance has issued this caution to all customers who use the Binance exchange via a unique address (IP address) from any of the countries concerned, that with effect 1 July, the website will not be available to them.

Using a Virtual Private Network (VPN) and other methods such as alternate crypto exchanges that encourage trading, will grant access to the website but it is the consensus that consumers will not opt for these methods.

The Block cited that the countries that have been blocked have been as the result of a recent case where the founder of EtherDelta, a decentralized exchange, was found guilty by the US Securities and Exchange Commission of not having registered the exchange but continuing operations.

Listing process of Binance Dex

In April, Binance Dex was launched but while it was visible to users, trading and transactions were only expected to commence in July.  Currently, users can see the link and connect the BEP2 token wallets to the link.

Just one week prior to this announcement and launch, this cryptocurrency exchange also made public its own independent blockchain, the Binance Chain.

Following the launch of the Binance BNB token, there has been a switch from Ethereum ERC-20 standard to the new BEP2. The goal of Binance Dex is to make possible an increased number of publicly evaluated schemes which will hopefully increase the number of Binance coins bought and currently listed on Binance.com by tenfold. The issuing of a token on Binance Change has always been accepted as being automatically listed on Binance Dex.  This is however not the case which has resulted in Binance Exchange being condemned for their process being non-transparent.  With the new clear cut and transparent registering process for Binance Dex, these negative views will be dispelled, and users will be more accepting of the policies adopted.

Binance assured users that all information on the project, the listing application together with feedback from the community, will be available on the Binance Chain Community Forum.  Following the review of the feedback, the decisions made by Binance Chain Validators who hold the voting power will be based on what the community is looking for and where they would like to see Binance in the future. Binance Exchange has only been in operation since the start of the year and has to date had a trading capacity of $10 million.  However, it is to be noted the larger part of this is focused on ONE/BNB.

OKEx, a cryptocurrency exchange based in Malta, has indicated that they too are considering the option of introducing decentralized trading platforms.  Whether these will be restricted to users of certain countries remains to be seen.

About Ali Raza

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A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.