Why Binance doesn’t appear on the App Store, along with other reasons why it is missing, numerous users on iOS check the device’s App Store for the Binance app, only to be disappointed because there is none.
This is because of regulatory restrictions, Appel’s monetary policies, and compliance issues. Let’s examine some of the reasons why it is missing on the App Store.
Overview Binance
Founded in 2017, Binance has become the largest cryptocurrency exchange by trading volume, having over a hundred cryptocurrency pairs. Binance was founded by Changpeng Zhao, otherwise known as CZ.
The platform offers multiple services such as spot, futures, and margin trading, staking, savings, and a launchpad for crypto projects. Binance is known for low trading fees, high liquidity, and having robust features for both experts and beginners.
Moreover, Binance has its own blockchain network (BNB Chain), a decentralized wallet (Trust Wallet), and a blockchain native token (BNB).
While Binance is a popular exchange all over the world, the Binance exchange has had several challenges with compliance in different nations, which have resulted in restrictions. Despite the scrutiny, Binance continues to be the center for blockchain education, investment, and innovation around the globe.
Why Binance Is Not Available In App Store
Some regions cannot access the Binance app on the App Store due to compliance regulations and Apple’s financial app policies. Unlike most other countries, the rules positioned on cryptocurrency exchanges are decidedly unique.
For Apple, if Binance is unable to comply with those regulations or obtain the necessary licenses, its app, along with those of other geo-restricted entities, is restricted or removed locally. Moreover, regulations concerning fraud, security, and the absence of regulation that is protective enough, are other factors that Apple with caution considers.
Although Binance is the largest crypto exchange out there, it has faced several legal and compliance issues in the US and Europe. Because of this, there are still geo restrictions for Binance. The app is, however, still fully functional through the website and other apps that are available on the store, such as Trust Wallet, which is a Binance-owned app.
Why Users Expect it to be on the App Store
Global Popularity Bitcoin is the biggest cryptocurrency exchange; therefore, it is only natural for users to expect it to be as prominent as its competitors and be appraised on the App Store.
User Expectation Users expect Binance to be as convenient as other competitors like Coinbase, Kraken, and eToro, all of which are on the App Store.
User Expectation Trusted apps are often associated with those on the App Store e.g. Binance; its presence gives a sense of real application and security.
User Expectation: iPad and iPhone users prefer apps that are tailored for iOS, as opposed to the browser.
User Expectation By placing the Binance app on one’s home screen, it is easier to use as opposed to using the daily website. Many traders believe that they would only use the app with one short tap.
User Expectation Hearing that Binance is not available on the App Store may feel strange, especially since that is the most secure choice for all iOS devices.
Impact of the Removal on Binance Users And the Cryptocurrency Community
Loss of iOS Accessibility
The absence of Binance in the App Store results in the bane of circumventing seamless access for iPhone and iPad users. Now, instead of the app, they have to depend on browsers and other non-friendly options.
Increased Chances of Fraud
The absence of the official app greatly increases the chances of users falling victims to unofficial, fraudulent apps. Trust, not to mention, greatly diminishes on crypto platforms.
Earning Opportunity Losses for Users
Mobile users, in particular day traders, have been reported to face immense challenges while trying to execute trades on mobile browsers as opposed to native apps. This results in loss earning opportunities as well as immense disappointment.
Perceptions on the Binance Removal
The negative impacts of the removal reflect poorly on the regulatory stance of Binance while also simultaneously establishing their dubious reputation. For the rest of the crypto community, it outlines the continual friction that exists between regulators, app stores, and exchanges.
Decline in Users
Certain users relocate to other better-ranked and accessible crypto exchanges like Coinbase or Kraken that offer better services and access than Binance. This in turn, greatly impacts the user base and market share of Binance.
Security and Trust Concerns
Here’s a breakdown of Security and Trust Concerns regarding why Binance may not be available in the App Store:
Previous Incidents: Binance has lost millions due to security breaches and hacks in the past. These counts are issues with most security policies and a potential reason why they are flagged.
Concerns about scams: Fraudulent Binance applications are regularly exposed, and Apple thus takes the precaution of denying access to the actual app to avoid user liability.
Neglect of Investigatory Authorities: Binance has been exposed to numerous investigations regarding unlicensed operation within a borderless country. Instead, these investigations add to their reputation deficits.
Privacy Violations: Binance has been accused of being silent on politics. Not answering or hindering access to available questions degrades their credibility.
Potential Damages to the Investors: With pending legislation, Apple is likely to sustain the protection of its users. Thus, these restrictions will be more firmly applied to frameworks that permit risky financial transactions.
Will Binance Return To the App Store In The future?
Binance has Taken Steps to Improve Compliance.
Binance’s KYC (know Your Customer) and AML (Anti-Money Laundering) policies have strengthened its chances of retention.
Binance is Actively Pursuing Official Licenses in Several Locations
Approval of the exchange’s official licenses in various jurisdictions can aid in re-entry to the App Store.
Compliance is Easing
Binance has been increasingly compliant and is starting to work more closely with financial authorities.
Alignment with Apple’s Policy
Apple might approve the app for use in certain restricted regions of the world if Binance meets its requirements for financial service apps.
No Guarantees on How Long it Will Take
Binance’s ability to respond to outstanding regulatory issues will determine re-entry. This period is expected to range from 1 to 3 years.
Conclusion
In conclusion, it is Binance’s omnipresent nature as the unparalleled cryptocurrency trading leader, coupled with geopolitical strife, which directly influences its absence within the App Store.
Aside from the App Store, Apple, in particular, tends to put its harsh principles of mobile security protocols first.
This has left specific iOS individuals with restricted access, with them, for the time being, gaining Binance access through the Binance website, as well as the Trust Wallet, which sidesteps the primary security protocols Apple has in place.
FAQ
Use the official website or Trust Wallet (available on the App Store).
Because of regulatory restrictions and Apple’s strict financial app policies.
Apple enforces strict guidelines for apps dealing with money, trading, or cryptocurrencies. Apps must comply with local financial regulations, provide user security, and maintain transparency. If Binance does not meet these standards in certain countries, Apple may restrict it.