Binance is currently one of the most important and popular cryptocurrency exchanges. In binance review, we have fully explained about the facilities and how to operate in this exchange. But regardless of the features of this exchange, the question that may arise for many ” is binance legit ? “
Binance is legit , but not for everyone !
Binance exchange is legit for those who follow its rules. You may say that it is clear, but sometimes some rules can be strict.
Normal binance activity does not require KYC and users can trade and withdraw their assets without doing so.
But binance system is able to identify the IP of its users. Several countries are not allowed to operate in this exchange. This is one of the cases where binance is not legit for users in countries where it is banned. UK users have also recently been banned from the exchange. According to CNBC, the UK regulator has recently restricted access to binance.
What are the restrictions for users of banned countries?
Users are identified by their IP in this exchange. For example, people may have registered and operated in binance using IP change methods. But if binance detects this, they will be disqualified.
This ban can be applied immediately after IP identification. In this case, the assets of this group of users may be blocked in this exchange. So binance is not legit for this group of users.
List of restricted countries by binance
This is a list of countries where Binance Dex has restricted user activity.
This list is taken from an article on the financemagnates website.
Banned countries are these countries:
USA, Albania, Syria, Democratic Republic of Congo, Belarus, Bosnia, Burma, Libya, Croatia, Central African Republic, Democratic People’s Republic of Korea, Cote D’Ivoire, Kosovo, the Crimea region of Ukraine, Iraq, Cuba, Herzegovina, Iran, Lebanon, Liberia, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Venezuela, Zimbabwe, and Yemen.
It should be noted that this list is related to Binance DEX ( Decentralized Binance Exchange ). Some countries may also be removed or added to the list over time.
Before working on it, make sure binance is legit for you.