Decentralized crypto exchange Binance DEX has geo-blocked users from 29 countries from accessing the platform. The exchange is owned and administered by Binance Chain. Users, who have their IP addresses from the restricted countries, are getting pop-ups stating that their access is blocked.
These restricted countries include big names such as the US, Iran, Yemen, Zimbabwe, Venezuela, Albania, and North Korea. However, the reason for the mega-block hasn’t been pushed out directly, though it can be ascertained that the block was due to the growing restrictions in the blocked regions.
In the pop-up coming, users are getting the followings warning:
It seems you are accessing www.binance.org from an IP address belonging to one of the following countries:
USA, Albania, Belarus, Bosnia, Burma, Central African Republic, Democratic Republic of Congo, Democratic People’s Republic of Korea, Cote D’Ivoire, the Crimea region of Ukraine, Croatia, Cuba, Herzegovina, Iran, Iraq, Kosovo, Lebanon, Liberia, Libya, Macedonia, Moldova, Serbia, Somalia, Sudan, South Sudan, Syria, Venezuela, Yemen, or Zimbabwe.
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Though there hasn’t been any official announcement from Binance DEX, Binance CEO Changpeng Zhao tweeted that users can still use the DEX platform using any of the crypto wallets that support Binance Chain.
https://twitter.com/cz_binance/status/1135432360164450304?s=19
Many social media influencers have denounced the move stating that the DEX in Binance DEX doesn’t mean decentralized platform, as it had blocked users from the countries. Zhao further added that it was the website which is creating the block, and not the decentralized platform itself.
https://twitter.com/cz_binance/status/1135434923970457601?s=19
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The move, the motive of which isn’t clear yet, will seriously impact the business of Binance DEX. As per a recent report, most of the decentralized exchange’s business came in from the United States. Also, from the countries like Venezuela, which have the potential of rapidly growing crypto trade.
