- Binance and Coinbase seize operating in Zimbabwe
- Why it is now more difficult to forex trade in Zimbabwe
- Crypto currency has a weakness
The forex trading community in the country continues to shrink as more online trading platforms continue to restrict the access for simply being Zimbabwean.
The outcry comes after users revealed on social media that access to their Binance and Coinbase accounts had been restricted. Earlier this year, other popular exchange facilitators Skrill and Neteller also seized their operations in the country.
Despite trending for being free on government regulations and taxes, cryptocurrencies have a weakness. For you to have crypto, you first need to change your fiat currencies (real money) into online currency which can only be facilitated by platforms such as Binance itself and Skrill.
Therefore governments who fear the potential of online currency make it difficult for people to exchange currencies by targeting these facilitators.
Some Zimbabweans have in the past tried to be clever using virtual private networks (VPN) and Linux to mask their identities (IP) to enter restricted platforms. However, it seems the operators have found a way to unmask your IP as those who tried the trick have been identified as Zimbabwean.
Perhaps it is time that we understand we are not welcome on these platforms and stop risking our money trying to forcefully enter. Once lost your money will never be recovered as there is nobody that regulates the use of crypto