It seems that the website for Binance DEX, Binance’s decentralized exchange, will begin to geoblock users from certain countries. Perhaps most notably, the Binance DEX website will block US users accessing it – along with users from 28 other countries. This announcement comes just months after Binance launched the decentralized trading platform.
Binance DEX website to block users from 29 countries
This news comes directly from the Binance DEX website. A message announcing the upcoming restrictions will greet anyone attempting to access the website from the 29 countries.
“It seems you are accessing www.binance.org from an IP address belonging to one of the following countries: USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, or Zimbabwe.”
The message announces that starting July 1st, the website will geoblock these regions from accessing www.binance.org. As such, trading and accessing the wallet interface through IP addresses from the affected countries will no longer be available.
Moreover, the document includes a link to ”alternatives” – namely other wallets with support for the Binance Chain (BNB) mainnet. As such, Binance recommends users to use these to manage, trade, and hold assets on Binance DEX.
Binance CEO clarifies that the website blocks users, not the blockchain
This announcement is already receiving a fair share of online criticism from users. The Twitter user ”Whale Panda” tweeted a harsh criticism of the Binance DEX following this news:
“Reminder that it was never a DEX so stop calling it a DEX. It’s just a word they used to pump $BNB, it was never meant to be decentralized.”
Nevertheless, Binance’s CEO Changpeng Zhao recently countered any misconceptions that Binance DEX blockchain is blocking any countries. Zhao tweeted:
“The messages being passed is wrong. binance.org (the website) blocks certain countries; DEX (the blockchain) does not, it can’t.”
With that said, however, the news that the Binance DEX website will geoblock US users is not a definitive usage barrier. Rather, users could presumably employ a Virtual Private Network (VPN) to still access the website.
The Binance exchange has, however, relatively quickly reached a $10 million trading volume. It will be interesting to see how this latest announcement will affect the exchange’s trading volume.
It is unclear exactly why Binance will begin to geoblock some regions around the world. Cryptocurrency news outlet The Block speculates it could connect to a charge by the SEC against the founder of the decentralized exchange EtherDelta, back in November of 2018. However, this is neither confirmed nor denied, and should – as such – be regarded as loose speculation.
Image Source: Bit Gid / Flickr
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.