Binance Countries 2022

Binance is a corporation that has an established track record of trading digital assets on its cryptocurrency exchange. As of 2017, this company’s registration address is in the Cayman Islands rather than China.

Binance was created by trading-software engineer Changpeng Zhao, who saw a need for a new cryptocurrency exchange.

As of 2021, the US Department of Justice and the US Internal Revenue Service were looking into the corporation for possible tax evasion and money laundering.

The United Kingdom has also issued an order prohibiting any further Binance-related business in its territories. This means the number of nations supported by Binance decreases annually.

Countries Binance is Available In

As of this writing, the number of countries where Binance is accessible is more than the number of countries where it is not. The largest marketplaces and busiest trading hubs in the world are located in the countries that have prohibited them.

Users have complained about their accounts being blocked or temporarily terminated, but this does not seem to be affecting the platform’s popularity. There has been no public reason for the permanent closure of these accounts.

Despite the open nature of the bitcoin market, it is not unusual for the reasons for account freezes to be kept secret. Though the blockchain itself cannot be hidden, the political and legal manoeuvres that affect individual accounts are not always made public.

There is a dearth of data about the causes of account closures and suspensions. Many times, when accounts are closed or blocked, the problem is not with Binance but with the users themselves.

Nevertheless, the number of countries where Binance is available will decrease due to claims of tax evasion and money laundering.

Given that Binance has relocated its headquarters from China to the Cayman Islands, many people question the reliability of its operations.

Just around 65,000 people are living in the Cayman Islands, yet 85% of all hedge funds in the world have their headquarters there because of the island’s tax-free status and reliance on foreign commerce.

In the British Overseas Territory of the Cayman Islands, Binance Labs has made a major investment. However, Binance Labs is unable to do business in the UK.

Also See: Amazon Revenue by Country 2022

Countries That Have Banned Binance

After the United Jurisdictions, Financial Crimes Enforcement Network demanded compliance from Binance on various levels of a cryptocurrency transaction, the exchange was banned in seven states due to regulatory infractions. This area is open for business in certain states.

In 2021, the Financial Conduct Authority (FCA) of the United Kingdom mandated a stop to any Binance-related activities inside the country’s borders.

After that, the FCA requested that hedge funds register under the new anti-money laundering legislation, but Binance did not comply. In the same month that China banned Binance, the Financial Services Agency in Japan blacklisted it for the same reason.

Binance has also been rejected by the SEC of Thailand, which has gone so far as to file a criminal complaint against the company for operating illegally. Even in nations where it is legal for Binance to do business like Canada, there are areas where it is not allowed to do so.