Binance is the world largest cryptocurrency platforms. The platform is believed to have affiliated with Money laundering and that's why many top tier nations around the world are restricting it operations.
Nigeria is the latest country in Africa and world to have Binance's operations banned. Binance was restricted in Nigeria due to continual support it's giving the depreciation of Naira. Hence, Nigeria authority slammed the crypto platform with $10 billion fine and have it P2P trading marketplace suspended.
However, in latest development, the country's office of the National Security Adviser (NSA) has detained two of the top Binance Executives, demanding for all Nigerians data that are using the Crypto Exchange.
Binance was incepted in 2017 by Changpeng Zhao, popularly known as CZ, and since then, the crypto exchange has been facing global scrutiny, including investigations by the US Department of Justice and IRS for alleged money laundering, among others.
Binance had also suffered several access limitations from multiple jurisdictions such as thr United Kingdom, Singapore and Canada. Information from Data Wallet cited that Binance is banned in the UK by the Financial Conduct Authority from conducting any regulated activities.
Also in Japan, Binance faces scrutiny from the Financial Services Agency (FSA). The agency restricted Binance from operating without the necessary regulatory approval. In Canada, Binance was banned due to its inability to meet the country's securities regulation criteria.
Binance has also been banned in Malaysia, Bangladesh, France, Thailand, Kazakhstan, Vietnam, Netherlands, Belgium, Italy, Philippines, Australia, Iran, India and China. In a nutshell, Binance's operations have been restricted in over 19 countries around the world.