Binance recently closed its Naira Nigeria trading services on its platform and also applied for a license withdrawal in Abu Dhabi.
Binance, the world’s largest digital currency trading platform, has restricted its services in multiple countries worldwide and completely ceased operations in some countries due to legal pressure in those locations.
According to the list of banned countries by the exchange, Binance cannot operate in Canada, the Netherlands, the United States, Cuba, the Democratic People’s Republic of Korea, Iran, Syria, the Crimea region, or any non-government-controlled area in Ukraine.
Furthermore, this leading exchange has faced rigorous scrutiny from regulatory authorities in Nigeria and recently had to shut down all Naira Nigeria (NGN) trading services on its platform when accused of sponsoring terrorism and money laundering in the region.
In addition, the exchange has also applied for a license withdrawal in Abu Dhabi. The registration form was submitted a year ago on November 7. Moreover, the spokesperson for Binance stated:
Binance is currently in negotiations with Indian regulatory authorities after the government blocked user access to the platform’s mobile app and website. Officials claimed that the exchange did not comply with the regulations of the Prevention of Money Laundering Act (PMLA) and the Financial Intelligence Unit (FIU).
Notably, Germany’s BaFin regulatory agency has rejected the application for a cryptocurrency custody license by Binance following regulatory actions by the US Department of Justice, Securities and Exchange Commission (SEC).
In early February, Changpeng Zhao, former CEO of Binance, confirmed that his company had withdrawn some investments made in the United States due to legal pressure in the region.
