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

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:

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

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 has not received a response as of publication time.

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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