Malta-based cryptocurrency exchange, Binance, has reportedly
extended its blockade of Zimbabwean users to include non-resident
citizens. As a result of the new measures, all Zimbabwean nationals are
now precluded from using the Binance trading platform.
Zimbabwean Nationals Blocked
Prior to the introduction of this new measure, Binance apparently
allowed Zimbabwean nationals with non-Zimbabwean residential addresses
to access its trading platform, while those residing in-country were
blocked. Still, some Zimbabwe-based crypto users were able to circumvent
this blockade by installing virtual private network (VPN) apps on their
devices. The new measures appear to have plugged these loopholes.
In a letter addressed to one user, Binance, which recently installed
former U.S. banks regulator Brian Brooks as CEO of its U.S division,
refuses to divulge the reasons why it is now rigorously enforcing the
U.S. Office of Foreign Asset Control (OFAC) measures against Zimbabwe.
Instead, the crypto exchange is warning of consequences that Zimbabwean
users face if they fail to withdraw their digital assets in time. The
letter explained:
You have identified yourself as a Zimbabwean national in
your submitted document and as a result, we are unable to serve you
further in accordance with our terms of use. Kindly note that the
trading function is not available for this account. As such, we
recommend that you withdraw your assets in their original form.
In addition, the undated letter warns the affected users to “withdraw
all funds as soon as possible within the three days.” Afterwards, the
trading account will be permanently deactivated.
Decision Slammed
In the meantime, one affected user has slammed the new Binance policy
of targeting users “based on their nationality rather than their
location.” Although Binance has so far refused to furnish users with the
reasons for its actions, the new measures suggest the exchange may be
attempting to shake off a perception that it enables money launderers
and tax evaders.
As previously reported
by Bitcoin.com News, Binance is already under a U.S. Department of
Justice (DOJ) investigation. Therefore, by excluding all Zimbabwean
users from its trading platform, Binance may be signaling its newfound
interest in adhering to the U.S. government’s sanctions policies.
source link : https://news.bitcoin.com/binance-extends-blockade-zimbabwe-crypto-users-include-non-resident-traders/
