Geoblock
19 hours agoA geoblock, also known as an IP block, is a security feature utilized by cryptocurrency exchanges and crypto applications that restricts access to their services based on the user's geographical location.
An example of a geoblock that many U.S. residents may have encountered is when attempting to create an account with a crypto exchange located in another country.
The exchange has chosen to operate outside the regulations set by various U.S. government agencies, which prevents it from providing services to users accessing the exchange from within the U.S.
Geoblocks implemented by crypto services, such as exchanges, typically restrict entire countries from accessing their websites or mobile applications.
This restriction is achieved by comparing a user's IP address against a list of permitted and prohibited IP addresses.
IP addresses indicate a person's geographical location, allowing crypto services to block access from specific countries, regions, states, cities, or even individual IP addresses.
While geoblocks are straightforward to implement and effectively prevent users from certain countries from accessing a company's services, they can be easily bypassed.
Virtual private networks (VPNs) can mask a user's actual location, rendering geoblocks ineffective.
Although VPNs have become quite common, crypto companies are aware of this technology and actively block the IP addresses of VPN nodes and servers.
This creates a cat-and-mouse dynamic, with new VPN providers emerging globally while crypto companies swiftly work to block additional IP addresses.
Specifically, crypto exchanges are now demanding more personal information during the registration process to verify user identity.
Requirements such as a copy of a passport or a utility bill that shows the user's country of residence or home address serve as secondary filters for determining location. These requirements diminish the effectiveness of using a VPN to bypass geoblocks.
Decentralized cryptocurrency exchanges (DEX) aim to attract more users by promoting their lack of KYC requirements for account registration. DEXs only require users to connect with a funded crypto wallet to exchange currencies or conduct trades.
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