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Binance is a leading global cryptocurrency exchange, and more precisely a centralized exchange (or Cex) founded in 2017 by Changpeng Zhao (aka CZ in the industry). They offer an extensive selection of digital assets, catering to both novice and experienced traders seeking diversified investment opportunities in the crypto industry. However, due to government regulations Binance is restricted in some countries and even prohibited in others. So you may wonder where is it legal to use Binance? 

Introduction to Binance

Binance is a globally recognized Cex, it is available in a multitude of countries internationally. This platform is widely used as the team work closely with financial institutions in their countries of use, which makes it legal and safe for their users. It is straightforward to use and therefore ideal when starting investing in crypto. They have blogs about how to start investing in crypto in their Binance Academy, which is perfect for beginners looking for guidance. Depending on your country of residence here are the transactions that you may have access to:

• Buy crypto (with your credit or debit card, bank account transfer, Apple Pay, P2P and others)
• Sell crypto (withdraw your crypto)
• Deposit crypto (receive crypto from another crypto wallet)
• Send crypto (send funds to another crypto wallet)
• Trading bots (automate trading transactions)
• Hold funds in your wallet
• Access the markets (see live buying and selling transactions from other traders)
• Binance payment card (which allows you to convert your cryptocurrency into fiat (traditional currencies) and use it to pay as you please)
• And more

Through its innovative features like Binance Academy, Futures and Margin trading, and its own Binance Coin (BNB), Binance continuously evolves, solidifying its position as a leading force in the global cryptocurrency exchange market.

Enhanced Security Measures

Binance diligently strives to maintain a secure environment for their users. Putting their users first is one of their fundamentals, and this is why they work this closely with government regulators. They are renowned for their high security protocols including advanced encryption and multi-factor authentication. They also use an advanced multi-tier and multi-cluster system architecture, which provides an additional layer of security by distributing their operations across multiple servers. Additionally, they have established a Secure Asset Fund for Users (SAFU) to protect user funds.

They stand out for their low transaction fees and strong customer support system which is available 24/7. This ensures users to have a cost-effective and supported trading journey. KYC (or Know Your Customer – a questions form that requires you to provide some of your personal details) is another really important factor on the platform. In fact, you cannot use it without completing the latter. Depending on where you live, you may be asked to provide some or all of the following:

• Full name
• Date of birth
• Email address
• Phone number
• Home address
• Country of residence (with a copy of a proof of address)
• Citizenship country (where you pay for your taxes)
• Copy of your ID (passport, identity card, driver’s license…)
• And others

On top of all of this, they have a global advisory board with a representative in the following countries: USA, Nigeria, Korea, France, Brazil, Mexico, Germany, United-Kingdom and Europe.

Where is Binance legal to use?

Binance is authorized in a lot of countries worldwide as it has successfully complied with the regulatory frameworks and licensing requirements set by local financial authorities. This compliance involves implementing robust anti-money laundering (AML) procedures, ensuring customer protection through secure handling of assets, and providing transparent operational practices. Also, Binance’s willingness to work with regulators and adapt to the legal standards of different jurisdictions demonstrates their commitment to fostering a safe and regulated environment. Such operation not only helps in mitigating potential financial crimes but also promotes the growth of the crypto industry while aligning with local laws and regulations. All of this makes it a favorable platform for both users and regulators.

Their list of eligible countries is constantly updated, so it is best to make sure that it is available and legal in your country before starting using it. Despite of being available in some countries, some may have restricted features.

They are currently licensed and regulated in the following countries:

Europe: France, Italy, Lithuania, Spain, Poland and Sweden

Commonwealth of Independent States: Kazakhstan

Middle East: Abu Dhabi, Bahrain, Dubai

Asia Pacific: Australia, Indonesia, Japan, New Zealand, Thailand

Americas: Mexico, El Salvador, (Some states in North America)

Africa: South Africa

Countries in which Binance is Prohibited

There are restrictions and prohibitions in some countries due to a variety of regulatory concerns. One primary reason is the challenge of enforcing anti-money laundering (AML) and combating the financing terrorism (CFT) regulations. In fact, the anonymous nature of cryptocurrencies can make it difficult for authorities to trace illicit funds. Additionally, the lack of a comprehensive regulatory framework for cryptocurrencies in certain jurisdictions can lead countries to err on the side of caution. This can lead to restricting such platforms to protect investors from potential scams and market manipulation. Moreover, the decentralized nature of cryptocurrencies poses challenges to central banks and financial institutions. They in fact, tend to be concerned about maintaining control over their national financial systems and safeguarding economic stability.

Here are the most recently updated list of countries where Binance cannot operate.

According to their latest update, Binance.US is not available in the following regions:

Alaska, American Samoa, Canada, Hawaii, Main, New York, Northern Mariana Islands, Texas, US Virgin Islands and in Vermont.

Other countries in which Binance is prohibited at present are:

The Netherlands, Cuba, Democratic People’s Republic of North Korea, Iran, Syria and crime region and any non-government controlled areas of Ukraine.

The regulations and updates regarding which countries can legally use Binance may be confusing as they are constantly updated. If your country happens to be on the list of prohibited countries it may not be permanent. Keep on checking Binance’s website as they provide regular updates and work hard to extend their use to as many countries as possible.