Binance Smart Chain network’ biggest Dex will block 9 countries users
Decentralized Crypto exchange PancakeSwap is planning to block the users of 9 locations in the world through IP blocking.
PancakeSwap exchange is a biggest decentralized exchange based on the Binance smart chain network. This exchange is known for its decentralized trading services. However, there are several crypto decentralized Exchanges in the crypto industry but it is getting support from early movers in the Binance Smart Chain ecosystem.
On 10 February, CryptoClub, a Persian language cryptocurrency community hub, shared a message that it received from the PancakeSwap exchange. Through the message note, it is confirmed that Dex will block all the users of Iran, Belarus, Cuba, The Democratic Republic of Congo, Iraq, North Korea, Sudan, Syria, Zimbabwe, and Crimea.
However, blocking the users based on compliance-based orders by Centralized exchanges is a very common thing but now such moves by the Decentralized exchange are not common.
Here PancakeSwap will Block the users, which will access the platform through the mentioned geolocation IP addresses. However, these things can be bypassed through VPN but surely it is not the responsibility of PancakeSwap. Countries’ Watchdog may work at their best to set up a team to monitor such types of VPN user traders.
PancakeSwap will start to block the users from 8 March, which means users who have locked their funds in the Dex can withdraw in this interval of time.
Earlier this, popular decentralized exchange 1 inch also followed the same kind of decision to ban the US-based users.
It is worthful to note that, In October 2021, the US Treasury’s Office of Foreign Asset Control (OFAC) published guidelines to restrict the decentralized and Centralized crypto exchanges to use the VPN user’s monitor tool, to keep the users away from the platform.
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