Connect with us

Technology

Binance DEX steers limitations in line with different countries

Published

on

Binance DEX steers limitations in line with different countries
Source: Pixabay

The major crypto exchanges had started to impose restrictions on the countries in order to maintain the guidelines set by the international crypto governing bodies. The next in line to restrict the crypto trade was Binance DEX. 

Binance DEX’s site was blocking clients with IP addresses from 29 different nations. The news spread like a forest fire and the fear started generating among the users about the restrictions being imposed, according to the sources.

The news was incomplete and thus provided relief to the crypto fans, as the geoblocking was applicable only for the Binance.org, the official site for the users to get to the exchange. 

Traders were allowed to gain access to the DEX by means of some of the wallet applications that were supported by the exchange. This step permitted users to reach the DEX exchange, bypassing the need to get on the website. 

Reacting to the issue, Changpeng Zhao, the CEO of Binance, pushed for the utilization of Virtual Private Networks [VPNs] to sidestep such limitations. This was not appreciated by many of the traders who preferred to use different platforms for transactions purposes. Moreover, many of the VPNs were not oriented with the Binance DEX Terms of Service [ToS].

The strategic move to geoblock U.S. users might force traders and major trading avenues to drift towards better service providing exchanges in the offing. The bull run of the digital coins was not affected by the major exchanges shifting their operations outside of the U.S. Soil due to trade regulations. 

Where to Invest?

Subscribe to our newsletter

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.