What Countries are (not) Supported on the Binance Platform? Alternatives for 2023

Generally, conversion of crypto to fiat is restricted in some countries and has to follow tight regulations. Since Binance is just crypto to crypto exchange, until recent times, 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. 

At press time, Binance does not have an official list of supported countries. The exchange continues to operate in several countries in the Americas, Europe, Asia, and others. However, due to strict financial regulations globally, Binance has restricted its product offerings to customers in certain 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 has a list of countries it supports for crypto to fiat withdrawals. This includes the UK, Belgium, France, Germany, Italy, and others.

Finally, in May 2022, France has become 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 this information here (AMF website).

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.

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.

Here’s a list of countries whose traders are banned from trading on Binance:

• Ontario (Canada)
• Europe (for derivatives trading)
• Malaysia
• UK (more about it below)
• Thailand

Besides, Binance protects itself by stating the possibility of closing an account at its sole discretion in its terms of use. In other words, it means that at any moment, you may see your account closed for any reason. So, please keep this in mind.

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 about 53 digital assets for trading with customers. 

There’s also more liquidity on the Binance global exchange than its US subsidiary.

Binance.US is available to traders in all American states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

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: 

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.