Why is BNB banned in other countries?

[Starmix]

There are reasons why BNB is banned in other countries. BNB (Binance coin) and the Binance exchange itself face restrictions because of some complicated reasons, which include the following:

• Regulatory concerns
• Money laundering and terrorism;
• Investor protection;
• Competition and locale change’ and
• Data privacy concerns.

Many countries view BNB as a security offering, especially its initial coin offering. These countries require securities to be registered with regulatory bodies like the SEC. Binance has faced scrutiny for not complying with local regulations related to anti-money laundering, know your customer requirements, and securities laws.

Some countries have expressed concerns that BNB's procedures are not robust enough to prevent money laundering and terrorism financing. The perception that crypto exchanges, including Binance, can facilitate anonymous transactions raises concerns about illicit activities.

 

[gwolf666]

It's understandable why BNB and Binance face restrictions in several countries. Regulation in the cryptocurrency world is still developing, and many nations are concerned about issues such as money laundering, countering terrorist financing, and investor protection. The perception that anonymous transactions facilitate illicit activities makes regulators very cautious about platforms like Binance. Furthermore, the fact that some countries consider BNB a security and require its registration highlights the need for these platforms to comply with local laws to avoid legal issues. Regulation can be an obstacle, but it is also essential to ensuring a safer and more transparent market for all.

 

[Starmix]

BNB is banned in the Philippines because of the fraudulent activities done by some people leading them to lose huge money. It's also used in scamming the retired citizens who are lured by their schemes.

 

[Suba]

In my country, even Binance Instagram accounts are blocked and users cannot install Binance apps on either the AppStore or Google Store, but I can still access the Binance exchange via the Web and install the Binance app via APK, while BNB coins are still being traded on various local exchanges.

 

[kit_hung]

BNB has been banned by several countries over legal issues, money laundering and privacy. Binance has not played fair with the regulations of other countries. People are worried that it can be used to hide dirty deals. But there is still hope. Crypto is a long-term game. If it matures and clean laws are put in place, it can return to the market without stress. Don't give up. Water follows its course.

 

[Starmix]

It depends on a particular country why it bans BNB.In my country, it is banned because of some fraudulent activities done by scammers, and many were victimized, especially the retirees or pensioners.