Wondering if Binance is available in your country? We put together all information you need and a complete list of Binance Supported Countries!
Basic Information about Binance
Foundation and early years
Binance, founded by Changpeng Zhao in 2017, is one of the largest and most popular cryptocurrency exchanges globally. The platform’s rapid rise to prominence is attributed to its comprehensive suite of offerings and the extensive selection of cryptocurrencies it supports.
The genesis of Binance traces back to an Initial Coin Offering (ICO), which took place in July 2017. During this ICO, Binance issued its own token, Binance Coin (BNB), which has since become one of the top cryptocurrencies by market capitalization.
Changpeng Zhao, also known as “CZ,” had a strong background in financial systems and a deep understanding of cryptocurrencies prior to founding Binance. He was part of the team that developed Blockchain.info and also served as the Chief Technology Officer of OKCoin, another prominent cryptocurrency exchange.
Binance’s operations initially began in China. However, due to increasing regulatory pressures in the country, they moved their servers and headquarters to Japan in 2017. Binance continued to face regulatory scrutiny in Japan and later moved its operations to Malta in 2018, seeking a more favorable and stable regulatory environment. As of my knowledge cut-off in September 2021, Binance had an operational presence in various countries, providing it with a global footprint in the crypto space.
One of Binance’s distinguishing features is its extensive selection of cryptocurrencies. The platform supports trading for over 500 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and its own Binance Coin (BNB). Moreover, Binance has shown innovation in its offerings, introducing features such as futures and options trading, margin accounts, and lending services.
Furthermore, Binance has been instrumental in driving blockchain adoption through various initiatives. Binance Labs, a blockchain technology incubator, Binance Academy, an educational initiative; and Binance Charity, which uses blockchain for philanthropic purposes, exemplify the company’s commitment to the broader blockchain ecosystem.
Another remarkable aspect of Binance is its high trading volume. Regularly leading the charts, Binance’s daily trading volume often exceeds billions of dollars, further reinforcing its position as a leading cryptocurrency exchange.
Binance has a rich history and plays a crucial role in the global cryptocurrency ecosystem. Its innovative approach, diverse offerings, and commitment to blockchain technology have cemented its place as a leading cryptocurrency exchange.
All About KYC and Why it is Important to Understand the List of Binance Supported Countries
KYC, or “Know Your Customer,” is a mandatory process implemented by financial institutions around the globe. It requires these institutions to confirm the identity of their customers to combat illegal activities like money laundering and fraud.
For many crypto exchanges, the KYC process is a necessary step in user registration. Binance has changed its approach to KYC over the recent years and does strictly require KYC (Tier 1) verification for users to trade.
Despite this, Binance does encourage its users to complete the KYC process. Completing KYC verification on Binance opens up additional features and benefits. For example, users can increase their withdrawal limit and have access to fiat trading, among other things. The process involves providing personal details such as full name, national ID number, and a clear photograph for facial verification.
If you want to know more about crypto exchanges that don’t require KYC, you should head over to our latest blog post: How To Buy Crypto Without KYC
Using Binance without KYC
In most countries, it is no longer possible to use Binance without KYC. As stated on the Binance website, you can only sign up using your email address. However, it is impossible to trade or withdraw funds until you’ve completed the tier 1 KYC, including an ID check and selfie check.
List of Binance Supported Countries
As of 2023, Binance allows full KYC verification from the countries listed below. Keep in mind that, given that Binance adheres to international laws and local regulations, certain restrictions apply to users from specific regions.
|A||Afghanistan, Australia, Austria, Argentina|
|B||Belgium, Brazil, Bangladesh, Bulgaria|
|C||Canada, Czech Republic, Chile, Colombia, Cambodia|
|H||Hong Kong, Hungary|
|I||Italy, Iceland, India, Indonesia, Israel|
|M||Mexico, Mongolia, Myanmar,|
|N||Nigeria, New Zealand|
|P||Pakistan, Peru, Philippines, Poland, Portugal|
|S||South Africa, Slovakia, Slovenia, Spain, Switzerland, Saudi Arabia|
|U||Ukraine, United Arab Emirates|
However, some countries are restricted from accessing Binance due to their regulatory environments. It’s important for users to understand their local laws and regulations before signing up for any cryptocurrency platform.
The Complete List Of Binance Supported Countries (2023) — Summarized
In conclusion, Binance’s inclusive and expansive support for countries worldwide has established it as a leading global cryptocurrency exchange. It has managed to maintain an impressive balance between ensuring the security of transactions, adhering to international financial laws, and preserving user privacy.
It’s clear to see why millions of users worldwide have chosen Binance as their preferred platform for crypto trading. Its global reach, a vast selection of supported cryptocurrencies, and flexible KYC process make it a standout choice for newcomers and seasoned crypto investors.
In this rapidly evolving world of cryptocurrencies, Binance has positioned itself as a leader. It is a trusted platform known for its security, accessibility, and support for a wide array of countries. As it grows and adapt, it’s clear that Binance will play a significant role in the global cryptocurrency market.