The popular crypto exchange Binance has limited access to its Web3 wallet for Russians. Representatives of the trading platform cite “regulatory reasons.”
Russians lost access to the Binance Web3 wallet a few days after its launch. The tool is presented in the mobile application of the crypto exchange.
Screenshot from the Binance mobile app
Binance announced the launch of a Web3 wallet on November 8, 2023. According to the developers, the tool should act as a gateway that gives users of the trading platform access to immersion in the world of the third generation Internet.
The Web3 concept implies anonymity and freedom of payment. In the case of Binance, only registered users of the crypto exchange can get access to the wallet. When creating a trading platform account, you need to provide personal information and verify the account. Therefore, users of the Binance Web3 wallet are obviously de-anonymized, which contradicts the principles of the concept.
Selective blocking of users from Russia became possible thanks to the deployment of a wallet based on a centralized crypto exchange. Such restrictions also contradict the Web3 concept.
Source: Cryptocurrency
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