Which countries have banned cryptocurrencies?

The list of countries that wholly banned cryptocurrencies includes China, Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh and (as of this month) Kosovo. Forty-two others have passed restrictions to this effect, prohibiting crypto exchanges or limiting the ability of banks to engage with crypto.

What is Nigeria's crypto ban?

Nigeria doubled down on its crypto ban in February 2021. The largest cryptocurrency market in Africa has had a ban on banks and financial institutions providing on and off-ramp crypto services since 2017. In addition, the announcement even threatened to close bank accounts found using cryptocurrency exchanges.

What does the US crypto ban mean for investors?

The ban also prohibits crypto firms from paying third parties such as social media influencers or websites to promote their services or crypto trading. Experts have been warning investors to exercise caution and avoid taking any hasty decisions while investing in cryptos.

Why is Turkey banning cryptocurrency exchanges?

However, this move wasn’t a surprise, as the country had been tightening restrictions on the cryptocurrency exchanges over the last few months. Turkey’s reason for this ban is the lack of regulation and a central authority for the coins. They consider this a risk to investors who can’t recover any losses.