BYDFI, a notable crypto exchange with over 500,000 users across over 150 countries, offers remarkable crypto services to its users. However, BYDFI needs help in expanding its availability to certain countries.
Through this blog post, you can discover the extensive reach of BYDFI across diverse regions, empowering users from various parts of the world. Let’s begin our exploration.
Learn more about the exchange in our full BYDFi review.
BYDFI Restricted & Banned Countries
BYDFI presently faces limitations in functionality across six countries, as outlined by BYDFI authorities in their terms of service. Those countries are mentioned below.
- China
- Pakistan
- Bangladesh
- Kazakhstan
- United Kingdom
- Iran
Also, BYDFI does not extend its services nor engage in Know Your Customer (KYC) processes in above mentioned countries. This unavailability hinders crypto enthusiasts residing in these countries from accessing the platform, a measure undertaken to align with regulatory compliance standards.
Which Countries Does BYDFi Support?
BYDFI caters to a diverse array of countries spanning many countries like Australia, Canada, some European countries and the USA. With an expansive reach, the platform welcomes users from over 150 nations, affirming BYDFI’s dedication to offering a globally accessible experience.
To access the official list of supported countries on BYDFI, you can conveniently refer to their website for the most up-to-date information. If you want to know more about BYDFI check out our comprehensive review.
Is BYDFI Legal in the United States?
BYDFI not only operates within the legal framework in the USA but also stands as the second-largest cryptocurrency exchange in the country. Catering to crypto enthusiasts, BYDFI offers an impressive platform with a user-friendly interface and extensive features. Users in the USA can benefit from BYDFI’s seamless access to a diverse range of crypto assets. With its secure trading environment and investment opportunities, BYDFI actively contributes to the increasing adoption of digital assets in the region.
Can I Use BYDFI with a VPN?
Using BYDFI with a VPN might seem like a convenient option, but it’s important to exercise caution, especially considering the legal system of your state. Even though BYDFI is legal in the USA, using prohibited apps in areas where they are not accessible through a VPN could result in severe consequences. For instance, By U.S. regulations, using banned apps could lead to a significant 20-year imprisonment term and a substantial $250,000 fine.
It is of utmost importance to acknowledge and comply with the legal framework of each country, carefully considering the potential legal consequences before attempting to bypass geographical restrictions. Remember to prioritize adherence to laws to avoid any unintended legal troubles
BYDFI Alternatives
If you happen to live in a country where access to BYDFI is restricted, it is highly recommended to consider exploring other cryptocurrency exchanges. In areas of the United Kingdom where BYDFI is inaccessible, Kraken serves as a licensed platform welcoming customers.
For those residing in regions without BYDFI availability, alternative options such as Bitget are noteworthy. These platforms are renowned for their low transaction fees and significant trading volume, making them appealing choices for users. Read out our Kraken and Bitget reviews to get insight into their features.
Does BYDFI Require KYC?
BYDFI mandates Know Your Customer (KYC) verification exclusively for deposits made through Indonesian, Vietnamese, or Thai fiat channels. In these instances, individuals are obligated to fulfil 20% of the transaction deposit amount on perpetual contracts before becoming eligible for withdrawal.
It is essential to note that BYDFI, in general, does not necessitate KYC verification for its users. However, there are specific scenarios, namely deposits through Indonesian, Vietnamese, or Thai fiat channels, where users must adhere to the KYC process Individuals must be aware of the varying requirements based on their geographical location or chosen fiat channel for deposits.
Final Thoughts
Confronting the challenges posed by BYDFI restrictions in certain countries may seem discouraging, yet embracing alternatives like Kraken or Bitget provides a hopeful avenue for users. For a thorough examination of BYDFI features, advantages, and limitations, check out our comprehensive BYDFI review. Remember, your cryptocurrency journey need not be restricted by constraints; making informed decisions lays the foundation for a smooth and rewarding trading experience.
