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Binance Extends Blockade Of Zimbabwean Crypto Users To Include Non-Resident Traders – Exchange Bitcoin News

Malta-based cryptocurrency exchange, Binance has reportedly extended the blockade on Zimbabwean users to include non-resident citizens. As a result of the new measures, all citizens of Zimbabwe are now barred from using the Binance trading platform.

Zimbabwean citizens blocked

Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean citizens with non-Zimbabian residential addresses to access its trading platform, while those residing in the country were blocked. Nevertheless, some Zimbabwe-based crypto users were able to circumvent this blockade by installing a Virtual Private Network (VPN) app on their devices. The new measures seem to have removed these loopholes.

In a letter addressed to a user, Binance, who recently Established Former US bank regulator Brian Brooks declined to disclose the reasons as CEO of its US division, which is now vigorously implementing US Office of Foreign Asset Control (OFAC) measures against Zimbabwe. Instead, the crypto exchange is warning of the consequences if Zimbabwean users fail to withdraw their digital assets on time. The letter explained:

You have identified yourself as a citizen of Zimbabwe in your submitted document and as a result, we are unable to further serve you in accordance with our Terms of Use. Please note that the trading function is not available for this account. Therefore, we recommend that you get your assets back in their original form.

In addition, the undated letter warns affected users to “withdraw all funds as soon as possible within three days”. Afterwards, the trading account will be permanently deactivated.

slammed the verdict

Meanwhile, one affected user has criticized the new Binance policy of targeting users “based on their nationality rather than their location”. Although Binance has so far declined to present users with reasons for its actions, the new measures suggest the exchange may attempt to dispel the notion that it enables money launderers and tax evaders. .

as before Reported By news, Binance is already under investigation by the US Department of Justice (DOJ). Therefore, by excluding all Zimbabwean users from its trading platform, Binance may signal its renewed interest in complying with the sanctions policies of the US government.

What are your thoughts on Binance’s new Terms of Use? Tell us what you think in the comment section below.

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