Binance Limits Services in Several Countries Due to Regulations

• 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Further, the exchange has also withdrawn its application for an Abu Dhabi license, as per a report from Reuters on March 7.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 ou…

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