Binance Cuts Off Users from Restricted Jurisdictions
Binance, has now revoked access to users from countries targeted by the United States economic sanctions in accordance to its controversial revised terms of use. Contrary to the main target of the U.S government to only restrict access to financial services by target individuals and companies, Binance’s restriction has affected the entire population in these countries.
Restricted Jurisdictions
According to a recent report, users of
Earlier this month, William Chui, a virtual currency broker in one of the affected countries cried out, saying that he had just gotten the dreaded message after he attempted to carry out a trade on the platform. He further explained that he had liquidated most of his tokens but he was at crossroads on where to keep them as not many wallets supports his coins.
Zimbabwe is Not Left Out
For almost two decades, Zimbabwe has been sanctioned under the reach of the Zimbabwe Democratic and Economic Recovery Act (Zidera) and this has been a subject of controversy for a long time as the U.S. insists that the sanctions are aimed at institutions and individuals associated with bad governance. Users of
Other than to satisfy the interests of the United States, the reason for the ban still remains unclear both in Zidera or Finance’s new terms. It is not clear why a company which is based outside of the U.S. has gone out of its way to satisfy the requirements of the OFAC sanctions list.
