Binance Reportedly Closing Down Accounts Across Europe - Bitsonline

Binance Reportedly Closing Down Accounts Across Europe

Cryptocurrency exchange Binance is warning users in multiple countries in Europe that it will be closing their accounts on short notice. Most of the users reporting the issue come from non-European Union countries in Central and Eastern Europe.

Also read: New Dawn: Treasury Dept. Levies Bitcoin Address Sanctions

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Binance “Does Not Serve Customers From Certain Areas”

According to reports from multiple users, Binance, one of the largest and most popular crypto exchanges, is closing down trading accounts in Bosnia and Herzegovina, Serbia, Romania, Moldova, Macedonia, and possibly other countries.

Bitsonline spoke with a Binance user from Bosnia and Herzegovina who shared screenshots of their communications with Binance customer support.

When the user logged into their account on November 29th, 2018, they saw this warning message:

binance closing accounts

After the user contacted Binance customer support, the exchange replied:

“We regret to inform you that, in line with our Terms of Use, Binance does not serve customers from certain areas. If you have an account with Binance, please withdraw your assets from Binance as soon as possible.”

The user did not receive any warning emails from Binance and had only learned their account was going to be closed after logging into it. There was also no firm timeline given for when the user’s account would be closed. The user was referred to the Binance Terms of Use, which said a user has five working days to remove their funds after all fees to Binance have been paid.

Others Reporting the Same Story

Another Binance user from Serbia shared screenshots with Bitsonline from their communications with Binance customer service, who said that:

We discontinue support for specific countries based on their approach to money laundering and anti-terrorism actions. There are specific international organisations that monitor all regions and provide a report to the public with high-risk countries. If you would like to know more why Serbia was recently included in the list this information is available for the public online. Whenever a country is included in the high-risk category we discontinue supporting that region/country.

In regards to a timeline for when the user’s account would be shut down, Binance told them that:

In regards to withdrawals, we would suggest you do it as soon as possible, but currently, we are unable to provide a specific deadline as to how long it will be supported.

A Reddit post entitled “WTF Binance? No warning or anything? What do I do?” has reports from users in Serbia, Bosnia and Herzegovina, Macedonia, Romania, Moldova, and Iran all saying they have been warned their accounts will be closed.

Twitter user @dcryptosloth also found users from Myanmar and Belarus with the same issue:

The news comes just a day after the U.S. Department of the Treasury’s Office of Foreign Assets Control sanctioned two Iranian nationals and bitcoin addresses associated with them.

Bitsonline contacted Binance but did not receive a response.

Editor’s Note: This piece has been updated to reflect additional information gathered by Bitsonline.

Are you a Binance user who has received a warning about their account? Leave your comments below.


Images via Pixabay, Binance

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