Sri Lanka Clarifies Crypto Exchange Status Amid Online Gambling Crackdown

A screenshot circulating on Facebook and other platforms claimed that the government of Sri Lanka had banned Binance and Bybit, two popular cryptocurrency exchanges used by thousands of Sri Lankans. However, an investigation found no truth to these claims.

The posts in question included a background image with the logos of Binance and Bybit alongside the words 'TRADING BAN', framing them as gambling platforms. However, this was misleading.

According to an official statement from the Ministry of Digital Economy, 24 illegal online gambling and betting websites operating without valid local licenses were blocked with immediate effect. The list did not include Binance or Bybit.

Cryptocurrency remains unregulated in Sri Lanka, and users are cautioned that trading on these platforms is done entirely at their own risk. While the Central Bank of Sri Lanka has issued advisories warning about the risks of cryptocurrency use, no new law prohibits Sri Lankans from trading on platforms such as Binance.