Binance Pay Sets Limits on Specific B2C Merchant Categories and Regions
In Brief
To ensure compliance with local laws and regulations, Binance will limit access to Binance Pay Services for a selection of sectors and nations.
Cryptocurrency platform Binance has revealed that it will impose access restrictions to Binance Pay Services for specific sectors and countries to adhere to local laws and fulfill stringent compliance requirements. Merchants who belong to these restricted sectors or operate in unsupported regions will be unable to register as Binance Pay Merchants.
The sectors facing restrictions include entities involved in arms and ammunition, those under sanctions or connected to sanctioned individuals or organizations, unregulated casinos or betting operations (both online and offline), including video games related to such activities, industries focused on adult content, and any other businesses deemed illegal or sensitive at Binance’s discretion. This list may be revised periodically as necessary.
Furthermore, Binance has revised its roster of unsupported countries and regions, now including 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 (encompassing Crimea and the territories of Donetsk, Luhansk, Zaporizhzhia, and Kherson), the 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 platform that Binance has created. It enables users to execute cryptocurrency transactions with participating merchants or send funds to friends and family around the world. Binance Pay accommodates over 300 cryptocurrencies for individual transfers and supports more than 80 cryptocurrencies for business transactions. Access is available through the Binance app and website.
Recently, Binance Pay formed a partnership in collaboration with xMoney, a European Web3 payment provider, to broaden options for cryptocurrency transactions for both businesses and consumers. This partnership links Binance Pay users to xMoney’s merchant network, facilitating seamless interactions through direct payments from Binance accounts and enhancing the payment experience.
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