- Binance Global Exchange supports and offers crypto services to over 100 countries, though this varies based on specific locations and regulatory rules.
- Traders in supported countries can access the Binance Earn and Staking feature to generate passive income.
- Binance.US debuted in 2019 to cater to residents in the US and adhere to regulatory policies.
- While the US entity is registered with the Financial Crimes Enforcement Network (FinCEN) and complies with US laws, restrictions apply to traders from Hawaii, New York, Texas, and Vermont.
Due to country-specific restrictions, many Binance investors have had their trading accounts restricted or temporarily or permanently shut down. This comprehensive guide explores the countries Binance supports and those determined from using the exchange.
What Countries Is Binance Available?
Binance holds a strong reputation as one of the most trusted exchanges globally and a quality exchange for trading crypto. This is due to its comprehensive cryptocurrency pairs, liquidity, transparency reports, and audits, which underline the protection of customers' assets and funds. Binance supports crypto trading in over 100 countries, spanning Africa, North & South America, Asia & Pacific, Europe, and the Middle East.
Below is a table outlining the ten major countries and regions Binance supports, their licenses, and applicable service restrictions.
|Binance Supported Country||Region||Licensed & Registered By||Applicable Restrictions|
|France||Europe||Autorité des Marchés Financiers (AMF) as a Digital Asset Service Provider (DASP).||P2P is unavailable, privacy tokens are banned, default daily deposit and withdrawal limit of €50,000/£50,000|
|Italy||Europe||Organismo degli Agenti e dei Mediatori (OAM) as a Virtual Asset Service Provider (VASP).||Futures and Margin Trading are not supported, privacy tokens are unavailable, default daily deposit and withdrawal limit of €50,000/£50,000, Mastercards are not supported for withdrawals|
|Poland||Europe||Polish Financial Supervision Authority (KNF) as a Virtual Currency Exchange (VCE)||No USD fiat currency deposit, limited cryptocurrency support, default daily deposit and withdrawal limit of €50,000/£50,000|
|Spain||Europe||Bank of Spain as a Virtual Currency Exchange (VCE)||Privacy tokens are not supported, no USD withdrawals, default daily deposit and withdrawal limit of €50,000/£50,000|
|Sweden||Europe||Swedish Financial Supervisory Authority (FSA)||Futures trading is not supported, Binance P2P marketplace is unavailable|
|New Zealand||Pacific||Financial Service Providers (FSP number FSP1003864)||Deposit of local fiat currency (NZD) is not supported, no bank transfer option, swap farming, Futures, Options, DeFi Staking are unavailable|
|Thailand||Asia||Thailand’s Ministry of Finance||Crypto staking and lending is prohibited, no fiat withdrawal option|
|Japan||Asia||Japanese Financial Services Agency (FSA)||Futures, staking and margin trading are not supported, very limited crypto offering|
|United Arab Emirates (UAE)||Middle East||Operational MVP License from Dubai's Virtual Assets Regulatory Authority (VARA)||Ban on anonymity-enhanced cryptocurrencies, such as Zcash and Monero|
|South Africa||Africa||Supported in some jurisdictions.||No support for margin trade, limited crypto offerings|
While Binance's list of supported countries is undoubtedly impressive, certain jurisdictions are restricted. Others, like the United States, have distinctive versions of the platform, such as Binance.US, to comply with local financial regulations. Additionally, specific trading services and functions, as highlighted above, are restricted due to local regulations. Traders should always refer to the Binance Support Team for more inquiries.
What Countries Does Binance Restrict?
- United States
- Netherlands, and
However, to cater to traders from the United States, Binance launched a subsidiary called Binance.US in September 2019. This US-based version is designed to strictly adhere to local regulations mandated by the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The list of restricted countries due to OFAC sanctions are:
- North Korea
- Iran, and
In accordance with the Office of Foreign Assets Control (OFAC), Binance also implements international sanctions on countries under the OFAC red flag list.
Which Countries Is Binance Fully/Partially Regulated In?
Like other top crypto exchanges, Binance is licensed and regulated in multiple countries worldwide. As a global trading hub, the platform complies with the regulatory framework of each country it serves. Some of the countries where Binance has obtained full license and regulation include:
However, investors should note that Binance.US offers limited products in the United States compared to the main global exchange.
While the entity is registered with the Financial Crimes Enforcement Network (FinCEN) and complies with US laws, special restrictions apply to certain states. These states are Hawaii, New York, Texas, and Vermont.
Additionally, US territories such as the U.S Virgin Islands (USVI) are exempted from the trading platform services. This is due to the unclear regulations by authorities in various jurisdictions. Investors should note that partial regulation comes with drawbacks not limited to crypto trading services and liquidity constraints.
Nonetheless, Binance’s services are expected to align its expansion and service operations to fit ever-evolving industry standards and regulatory policies in all supported countries and regions.
Can I Change Countries on Binance?
Yes, customers can change their country of residence on Binance. The crypto exchange allows users to update their personal KYC verification information, such as name, country, residential address, and birthday, through their account profile settings.
Here is a step-by-step process to get Binance identity verification done:
- Access the Binance account, click the profile symbol on the top right corner of the screen, and choose “Dashboard” from the drop-down list
- Click on “Identification” in the “Dashboard” Section
- Proceed to click “Verify” next to the “Country or Region” field on the Identification screen, select the country of choice, click “Confirm,” and follow onscreen instructions
While these changes can be easily processed, traders' access to Binance services and regulations may be affected. Here are some important points to consider:
- Verification. Depending on the updated country of choice, users might need to revisit the identity verification procedures to comply with new local regulations. It should also be noted the time to verify a Binance account can vary between regions and application types.
- Services. Some crypto trading services and features might not be available in the chosen country of residence due to regulatory differences, limiting users' access to certain services.
- Account Impacts. Switching countries may affect users' trading limits and withdrawal options. This can cause issues and failure of withdrawals from Binance.
You can also review Binance’s Terms and Conditions, comprehensive guides, and contact the platform support team for further assistance on how to proceed to ensure an efficient transition.
Which US Commonwealths Can Use Binance.US?
Kentucky, Massachusetts, Pennsylvania, and Virginia are all recognized as commonwealth states in the US. Binance.US fully supports all four states. Residents of the four commonwealth states can buy and sell over 120 crypto assets, including top options like Bitcoin (BTC) and Ethereum (ETH).
Which US States Is Binance.US Not Available?
Binance.US extends support to 46 out of the 50 states in the United States. Unfortunately, residents of Hawaii, New York, Texas, and Vermont do not have access to the trading platform. These states have restricted Binance.US services within their regions due to the worry about investor protection in the crypto space.
Which Countries Can You Margin Trade on Binance?
Binance officially introduced Margin Trading as a feature on July 11, 2019, offering a whole new investment opportunity. This advanced trading tool enables users to increase their positions using borrowed funds from the exchange. As one of the most used crypto margin trading platforms, Binance supports the crypto products for many countries, including:
- Philippines and more.
In July 2023, Binance deactivated margin trading services and other derivative products in Germany, Italy, and the Netherlands. The global exchange cited the evolving crypto landscape as the major drive for the decision. More so, its US subsidiary does not support the advanced trading tool.
Which Countries Can You Stake and Earn Interest on Binance?
Binance exchange offers users staking and earning opportunities to generate passive interest on their crypto assets holdings, all without the need for active trading, thanks to its Binance Earn feature. Here are the major countries that these offerings are available:
- United States (through Binance.US)
- New Zealand
- Japan and more.
Investors seeking further assistance can contact the customer support team.
Frequently Asked Questions
The Binance exchange restricted Americans from its platform due to regulatory issues and compliance challenges. To adhere to US laws and crypto policies, the exchange created Binance.US. Binance.US is a standalone exchange designed to cater to US traders and comply with local crypto laws.
Binance.US does not support trading in four states – Hawaii, New York, Texas, and Texas due to regulatory considerations.
Yes, Americans withdraw their funds or assets from Binance through the Binance.US platform, specifically designed to cater to US customers.
Using Binance’s main platform to buy crypto in America might lead to restricted access. We recommend using the Binance.US entity to ensure full access and a seamless trade experience.
Binance operates in over 100 jurisdictions with regulations and certain restrictions. The cryptocurrency exchange platform offers users various valuable features, including the stake and earn program and an advanced margin trading system. However, it's essential to understand that the availability and specifics of these features can vary depending on the user's region.
For a seamless experience and aversion to legal issues, we recommend investors refer to Binance's Country Selector to see if the exchange is available in the country of residence.