Binance decentralized cryptocurrency exchange is going to start blocking users from the United States and 28 other countries from accessing its portal starting from July of this year.
More Than 30 Countries is on the Block List
The ban is reportedly as a result of regulatory concerns relating to the tokens listed on the platform. Once this ban is in place, users from this region will not be able to trade via Binance.org.
Binance recently started warning users who access its DEX from an IP address related to affected countries – which include the USA, Cuba, and Venezuela – that from July 1 onward they’ll no longer be able to access the website.
Reportedly, this block is likely over a case whereby the founder of decentralized exchange EtherDelta was charged by the U.S. Securities and Exchange Commission (SEC) with operating an unregistered national securities exchange.
Although the exchange won’t be adding all coins launched on the Binance Chain as a listing is a “transparent and community-driven” process with Binance, the company is likely unable to control security tokens on the exchange.
“Binance’s goal with its listing process it to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com.”
Binance DEX Records a Trading Volume of $10 Million
The decentralized exchange which was also launched earlier this year, already accumulated a trading volume of $10 million. Importantly, the majority of this volume is centred around a single trading pair the ONE/BNB.
The success recorded by coins on the platform has also made other centralized exchanges like OKEx start to contemplate launching their own launched decentralized trading platforms.
Whether they will also sensor those who can access the platform is not clear yet.
It is important to know that users from the banned countries can circumvent the block using a Virtual Private Network (VPN) and as well as compatible wallets that already support trading.