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 volumes 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!
What countries is Binance available in?
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 that it supports for crypto to fiat withdrawals. This includes the UK, Belgium, France, Germany, Italy and others.
Which countries cannot use Binance?
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 of these 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.
- 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)
- UK (more about it below)
Does Binance work in the 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 regulated exchange operating in the US, Binance.US supports fewer cryptocurrencies. The exchange offers about 53 digital assets for trading to customers.
There’s also more liquidity on the Binance global exchange compared to its US subsidiary.
Binance.US is available to traders in all American states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont.
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, CySEC, and FINRA. It offers its services internationally in more than 140 countries globally! On the downside, the range of cryptos supported and liquidity is lower than other platforms. Full eToro review is available here.
Disclaimer: 67% 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 68 million users spread across 103 countries.
Gemini crypto exchange is another Binance rival. Gemini is a New York Trust company operating in over 60 countries and is regulated by top authorities, including the notorious New York State Department of Financial Services (NYSDFS).
Kraken is the fifth largest Bitcoin exchange globally, according to trade volumes. Kraken is operational in over 200 countries, with a chunk of its 10 million users resident in Europe.
Disclaimer: Investing involves the risk of loss.
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?
Yes. Binance is regulated in some countries. However, the Bitcoin exchange has come under intense scrutiny as it has been operating in many regions without the required clearance. Regulators in the UK, 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 the UK, Germany, Liechtenstein, Spain, Slovenia, etc. Users from the EEA can even benefit from a Binance Visa Card.
What are other top cryptocurrency apps out there?
Other top crypto apps available in the market are Coinbase, eToro, Gemini, FTX, and Kraken.
Does Binance work in Singapore? 🇸🇬
Yes, Binance operates in Singapore through an alternative platform.
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).