- Binance recently shut down all Nigerian Naira (NGN) trading services on its platform.
- The exchange also withdrew its application for an Abu Dhabi license.
- German regulator BaFin rejected Binance’s application for a license.
Binance, the world’s largest digital currency trading platform by trading volume, has restricted its services in multiple countries around the world while completely ending operations in some, due to the regulatory pressure in these nations.
As per the exchange’s list of ‘prohibited countries,’ Binance is not operable in Canada, the Netherlands, the United States, Cuba, the Democratic People’s Republic of North Korea (“DPRK”), Iran, Syria, the Crimea region, or any non-government controlled areas of Ukraine.
On the other hand, the leading exchange has faced scrutiny from regulators in Nigeria and was recently forced to shut down all Nigerian Naira (NGN) trading services on its platform. The platform has been accused of terrorism financing and money laundering in the region.
Further, the exchange has also withdrawn its application for an Abu Dhabi license, as per a report from Reuters on March 7. “When assessing our global licensing needs, we decided this application was not necessary,” said a Binance spokesperson while noting that the application was filed a year ago on November 7.
Binance is also currently in negotiation with Indian regulators after the authorities blocked users’ access to the platform’s mobile application and website. The exchange failed to comply with the Prevention of Money Laundering Act (PMLA) and Financial Intelligence Unit (FIU) regulations, claimed the authorities.
Notably, German regulator, BaFin, rejected Binance’s application for a cryptocurrency custody license after the regulatory action taken by the US Department of Justice and Securities and Exchange Commission (SEC).
Earlier in February, Changpeng Zhao, the former chief executive of Binance, confirmed that his firm had pulled back on some of the investments made in the United States owing to the regulatory pressure in the region.
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