Binance Pulls Out Of Belarus

Binance Pulls Out Of Belarus

Many individuals in the cryptocurrency community have praised the fact that cryptocurrencies aren’t subject to government regulation or the exorbitant fees often associated with traditional financial institutions. Unfortunately, Binance, the world’s largest cryptocurrency exchange, has terminated its service for users in the country of Belarus.

The announcement follows similar declarations in Iran and Zimbabwe. Although a specific date and time when the service will no longer be available were not stated – Binance did state that it was related to the latest update in its Terms of Use (TOU). Many Belusarian users have already been notified through e-mail.

In its TOU; Binance points out that customers acknowledge that by accessing and utilizing Binance’s services, they are declaring that they are not on trade/economic sanctions lists. This certainly would explain Binance cutting ties with Iran, considering it is the subject of many Western sanctions. The company also states that it “maintains the right to select its markets and jurisdictions to operate and may restrict or deny its service to certain countries.”

Belarus Hi-Tech Park, Minsk, Belarus

Although the move is a blow to Belarus – the country has been very open to cryptocurrency in general, in comparison with many other countries around the world. Specifically, cryptocurrency-related businesses are completely legal in the country and have been since March. In addition, no taxes will be imposed on cryptocurrency businesses, or even on individuals who profit from mining or trading cryptocurrencies, until 2023.

The fact that the government has embraced cryptocurrency to this extent has led to a significant increase in cryptocurrency-related businesses operating from the Hi-Tech Park in Belarus. The Park was created in 2005 to encourage technological innovation and business development in general and enjoys a status as a “special economic zone”, as well.

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