Binance is one of the largest global platforms for trading digital currencies, and many Egyptians and Arab countries rely on it to buy, sell and invest in currencies such as Bitcoin and Ethereum. However, in recent years, many problems have emerged regarding access to the platform, due to blocking decisions or restrictions by local authorities, and the last problem occurred today, December 16, 2024, when a large number of users in Egypt complained that they were unable to access the platform normally due to its blocking on local Internet networks.
What are the reasons that make the platform blocked in Egypt?
Lack of regulatory frameworks
Cryptocurrencies are not yet officially regulated in Egypt, which causes platforms like Binance to face problems with local authorities who consider these transactions to be a risk to the economy or the banking system.
Security concerns
The Egyptian government, like other countries, is concerned that cryptocurrencies are being used for things like money laundering or financing suspicious activities, which is why they impose restrictions on the platforms.
foreign exchange control
Egypt is suffering from economic pressures and a problem in providing hard currency, and digital currencies such as Bitcoin provide an opportunity to transfer money outside the banking system, and this affects foreign reserves.
Situation in Arab countries
Blocking problems are not limited to Egypt only, but many Arab countries have faced the same scenario:
Saudi Arabia:
Initially there was a partial ban on cryptocurrency platforms, but things started to improve with better regulations being put in place.
The UAE:
Although it is advanced in the field of digital currencies, it requires strict licenses from platforms, and Binance has begun to meet the requirements there.
Iraq and Algeria:
Countries like ZD have banned cryptocurrencies entirely for economic and security reasons.
Blocking effect
Disruption of work and investments
Many people rely on Binance for trading and investing, so this blocking stops their work.
Find alternative ways
Such as using VPN or unknown platforms, which increases security risks.
Withdrawal and deposit problems
Difficulty in depositing or withdrawing money affects confidence in the platform.
Today, there were many complaints from users in Egypt who were unable to access Binance because it was blocked on local networks. Many people had to use a VPN to be able to access it, which is a temporary solution but increases complexity and risks.
Solutions that people resort to
Use VPN
This is the most popular method, but it may be illegal depending on local laws.
Alternative platforms
Some people turn to other platforms, but the problem is that many of them are not reliable.
Local Brokers
Some people resort to brokers who work informally, but this increases costs.
What solutions can be found soon?
Regulating cryptocurrencies in Egypt
If the government put clear laws for digital currencies, these problems would be reduced.
Binance cooperation with official authorities
The platform may work to comply with Egyptian conditions, as happened in the Emirates.
User awareness
People need to understand the risks associated with using untrusted platforms or bypassing blocks.
The Binance blocking issues in Egypt reflect major challenges between modern technology and traditional laws. The best solution is for the government and platforms to find common ground to regulate this field, instead of there being complete restrictions or chaos in use.
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