Binance Pay Imposes Industry And Regional Restrictions On Certain B2C Merchant Businesses
In Brief
Binance will restrict access to Binance Pay Services for certain industries and countries to comply with local regulations and meet strict compliance standards.
Cryptocurrency exchange Binance announced that it will restrict access to Binance Pay Services for certain industries and countries to comply with local regulations and meet strict compliance standards. Merchants in these restricted industries or unsupported regions will not be able to onboard as Binance Pay Merchants.
The restricted industries include companies involved in the sale of arms and ammunition, sanctioned entities or those with a connection to sanctioned individuals or groups, unlicensed casinos or gambling operations (both online and offline), including video games related to these activities, the pornography and adult industry, and any other businesses or activities considered illegal or sensitive at Binance’s discretion. This list is not exhaustive and may be updated as needed.
Additionally, Binance has updated its list of unsupported countries and regions, which now includes: American Samoa, Australia, Bahrain, Canada, Cuba, Cyprus, Guam, Indonesia, Iran, Japan, Kazakhstan, North Korea, New Zealand, Northern Mariana Islands, Philippines, Puerto Rico, Russia, Singapore, Syria, Thailand, Ukraine (including Crimea and the regions of Donetsk, Luhansk, Zaporizhzhia, and Kherson), United States Minor Outlying Islands, the USA, Vietnam, the U.S. Virgin Islands, Malaysia, the Netherlands, the United Arab Emirates, and the United Kingdom.
What Is Binance Pay?
Binance Pay is a cryptocurrency payment solution developed by Binance. It allows users to make payments with cryptocurrency at participating merchants or send cryptocurrency to friends and family globally. Binance Pay supports over 300 cryptocurrencies for transfers to individuals and more than 80 cryptocurrencies for merchant payments. The service is accessible through both the Binance application and website.
Recently, Binance Pay formed a partnership with xMoney, a European Web3 payment provider, to expand cryptocurrency payment options for both businesses and consumers. This collaboration connects Binance Pay users with xMoney’s merchant network, streamlining transactions by enabling direct payments from Binance accounts and improving the overall payment experience.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
