Binance is a popular cryptocurrency exchange where investors buy, sell and store their digital assets. The company is the largest crypto trading platform by trade volume, with millions of customers globally.
Recently, many Binance traders have had their trading accounts frozen temporarily or permanently shut down due to their country of residence.
Why is Binance closing accounts? Which countries are supported or banned from using the Binance exchange? And what are the alternatives? Let’s find out!
Binance Supported Countries
Currently, Binance operates in over 100 countries, including:
- Africa: Nigeria, South Africa
- America: Argentina, Brazil, Chile, Colombia, Mexico, Peru
- Asia & Pacific: Afghanistan, Australia, Cambodia, India, Indonesia, Japan, Kazakhstan, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Taiwan, Vietnam
- Europe: Bulgaria, Czech Republic, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Switzerland, Turkey, Ukraine
- Middle East: Egypt, Israel, Saudi Arabia, United Arab Emirates
If you go to the “Countries and Regions” page (image above), you will quickly notice that despite stating “Binance is available in 100+ countries”, you can only see a little over 40 countries in that page. As such, Binance does not have an official full list of all the supported countries.
While Binance doesn’t have a detailed list of supported nations, it does have a list of specific features allowed for certain countries. For instance, the exchange lists countries it supports for crypto to fiat withdrawals. This includes the UK, Belgium, France, Germany, Italy, and others.
Generally, crypto conversion to fiat is restricted in some countries and has to follow tight regulations. Since Binance is just crypto to crypto exchange, until recently, it could operate in almost every country worldwide – unless the country had decided to block Binance for some reason, including not complying with the country’s regulation.
Finally, in May 2022, France became the first big European nation to grant Binance (“BINANCE France SAS”) as a Digital Asset Service Provider (DASP) registered by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR). You can find this information here (AMF website).
Binance Restricted Countries
Many users have reported that Binance closed their accounts because they reside in one of their unsupported countries – including users from Serbia, Bosnia, Iran, Myanmar, among other countries.
Here’s a list of countries whose traders are banned from trading on Binance:
The Binance exchange has suffered multiple regulatory clampdowns worldwide. In most countries, the exchange has been accused of operating without regulatory clearance. Reasons for exclusion include:
- No regulation, no operation: Since most financial markets regulators do not supervise the crypto space, they may ban and even prohibit advertising from Binance.
- Lack of transparency: Many regulators believe that Binance is not making the best effort to alert for the risks associated with crypto trading, including that investors can lose all their money (not only through their investments but also in company aspects not controlled by investors – Remember what happened to FTX?).
- Crypto derivates: These instruments allow investors to borrow to leverage the amount they invest, which is hazardous for retail investors. Some regulators feel uncomfortable with this possibility.
- Binance’s stock tokens: Binance has a new product called “stock tokens”, which are cryptocurrencies pegged to the value of several stocks. This blurs the lines between cryptocurrency tokens and company stocks, which has raised concerns among regulators.
Does Binance work in the US?
Yes, Binance works in the US through a different website: Binance US. It is available to traders in all American states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Binance launched its US operation in September 2019 as an extension of the international crypto brand. The new company was duly named Binance.us.
The subsidiary was created separately from its parent company, with only licensing software, trademarks, and wallet technology binding both parties. While there are similarities between both companies, Binance.US differs from the global brand.
The first and most obvious difference is in the number of digital assets it supports. The global brand has 500+ top and trending cryptocurrencies available to traders. As a registered exchange with the FinCEN operating in the US, Binance.US supports fewer cryptocurrencies. The exchange offers 50+ digital assets for trading with customers.
There’s also more liquidity on the Binance global exchange than its US subsidiary.
Binance Worldwide Alternatives
While Binance is often targeted for not adhering to financial regulations in areas where the exchange operates, several of its competitors are becoming more popular by the day. These exchanges offer similar services, affordable trading fees and are registered with applicable bodies.
If you are searching for Binance worldwide alternatives, here are a few trusted names:
Founded in 2007, eToro is a popular social trading platform for buying and selling cryptocurrencies. eToro is regulated by the UK’s FCA, ASIC, and CySEC. It offers its services internationally in more than 140 countries globally! On the downside, the range of cryptos supported is a bit lower than on other platforms.
Disclaimer: eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers US clients (only) crypto trading with low commissions (up to 0.18% of trade value) with no added spreads, markups, or custody fees. Cryptocurrency futures are also available on the same platform.
XTB offers Crypto CFDs on Bitcoin, Ethereum, Litecoin, Cardano and much more, with no commissions and competitive spreads.
Disclaimer: 79% of retail CFD accounts lose money.
Coinbase is a top crypto exchange in the US and the second-largest exchange worldwide by trading volume. The Bitcoin exchange is a prime destination for several US customers and is a fully regulated company. Coinbase has 90 million users spread across 110 countries.
Kraken is the fifth largest Bitcoin exchange globally, according to trade volumes. Kraken is operational in over 200 countries, with a chunk of its 12 million users resident in Europe.
Disclaimer: Investing involves the risk of loss.
Accepts clients from
77% of retail CFD accounts lose money.
79% of retail CFD accounts lose money.
Worldwide (+50 countries, exceptions apply).
Worldwide (+100 countries, exceptions apply).
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Worldwide (+220 countries, exceptions apply).
Binance is a crypto giant that has come under immense regulatory pressure in the past months. While the exchange continues to dialogue with regulators to make headway, our list of reputable Binance alternatives should serve your trading needs.
What do you think about our list of Binance alternatives? Do you trade Bitcoin on any of them? Let us know your thoughts and experiences in the comments below.
Other FAQs about Binance
Is Binance regulated?
No, Binance is not regulated, but it has licenses to operate in some jurisdictions. Still, the Bitcoin exchange has come under intense scrutiny as it operates in many regions without the required clearance. Regulators in Italy, Malaysia, Singapore, Japan, and Germany have warned the financial services provider to cease operations. In some of its biggest markets, like the US and the UK, Binance has begun working with regulators to run a more compliant operation.
Can I use Binance in the UK? Is Binance legal in the UK? 🇬🇧
Although running afoul of the Financial Conduct Authority (FCA) regulations, Binance still operates crypto trading services in the United Kingdom. However, Binance cannot offer crypto derivatives services that fall under the scope of the FCA jurisdictions, and the regulator ordered them to add a notice on its website saying it’s not authorized to operate in the UK. To fend off the assault in Europe, Binance is working on a Binance UK subsidiary, an FCA-regulated entity, to serve the UK and the broader EU market.
Can I use Binance in Europe? 🇪🇺
Yes. Binance offers crypto trading services in several European countries, including Germany, Liechtenstein, Spain, Slovenia, etc. Users from the EEA can even benefit from a Binance Visa Card.
What are the other top cryptocurrency apps out there?
Other top crypto apps available in the market are Coinbase, eToro, Interactive Brokers, Plus500 (Crypto CFDs), and Kraken.
Does Binance work in Singapore? 🇸🇬
No, Binance doesn’t operate in Singapore.
Does Binance work in Indonesia? 🇮🇩
Yes, Binance supports crypto trading in Indonesia.
Does Binance work in Argentina? 🇦🇷
Yes, the cryptocurrency exchange platform is available in the Latin American country Argentina.
Does Binance work in Australia? 🇦🇺
Yes. Binance operates in Australia. The exchange is registered as InvestbyBit Pty Ltd with the Australian Transaction Reports and Analysis Centre (AUSTRAC).