Binance DEX To Block 29 Countries, the US Included
The decentralized exchange Binance DEX will block access for users located in about 29 countries within the next one month.
The DEX platform currently alerts would-be users from any one of these regions of the restriction, availing a message that goes on to list several countries.
This is the message that appears when one tries to access the platform.
The pop-up message from a U.S. IP address| Source: binance.org
The pop-up message also warns users that trading and access to the platform’s wallet interface will be blocked if the user’s IP address is in any of the listed countries.
The warning also provides a link to a document with a list of wallets that support the Binance Chain (BNB) mainnet. Potential users are advised to consider these as “alternatives and solutions.”
The move has, however, left many within the crypto community questioning the blocking if the platform is really supposed to be decentralized. One of those to question the move is the crypto enthusiast Whale Panda, who tweeted:
“Reminder that it was never a DEX so stop calling it a DEX.”
He adds that calling the platform decentralized was “just a word” that Binance used so as to pump its Binance coin (BNB). To Whale Panda, “it was never meant to be decentralized.”
Another crypto enthusiast suggests via a Steemit post that there are several other platforms that users can check out.
The post notes that some of these alternative platforms are decentralized exchanges or crypto trading platforms that don’t subject users to Know Your Customer (KYC).procedures.
Binance launched its DEX platform in April, well ahead of schedule, saying that trading would begin “soon.” the exchange also invited users to go on and create wallets as they awaited the launch of trading.
The potential ban affecting the 29 countries comes just days after a study revealed that the United States and Japan were the two leading sources of the traffic witnessed on cryptocurrency exchanges. The U.S. is one of the countries for which Binance DEX will block users.
At the moment, Binance has not responded to requests for comments on this.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.