By Adedapo Adesanya

Oil prices rose minimally on Friday, as ​traders held on to hopes for a successful outcome from attempts to secure peace between ‌the United States and Iran.

Brent futures were up 14 cents or 0.19 per cent to $71.94 a barrel, and the US West Texas Intermediate (WTI) grew by 9 cents or 0.13 per cent to $68.78 a barrel.

Trading ​was light as US markets were closed ahead of the country’s Independence Day holiday on Saturday. ​On Thursday, the two oil benchmarks hit their lowest levels since before the US-Israeli war with ⁠Iran began in late February.

Analysts noted that investor hopes for a full reopening of the Strait of Hormuz are being ​buoyed by peace talks between the US and Iran. The dealmaking process remains fragile but continues for ​now, as the question of the Strait of Hormuz tolls and administration remains contentious.

Citi Bank noted that there are expectations that the memorandum of understanding (MoU) will hold, not because trust has suddenly emerged, but because the incentives to break are poor for both sides.

China’s crude buying remains weak; physical prices have crumbled due to the surge of prompt supply from the Middle East, while inventories have drawn far less than expected.

Some shipping has resumed through the Strait of Hormuz, as called for under the initial US-Iranian deal, but ​uncertainty is high after the two countries exchanged strikes last weekend following an Iranian attack on a cargo ship.

With the ‌prospect of ⁠shipping more oil, Gulf producers are working to increase output. Kuwait’s oil production rose sharply to 1.65 million barrels per day in June, from 580,000barrels per day in May while at least five supertankers carrying a total ​of 10 million barrels of ​Saudi oil have left ⁠the strait and Saudi Aramco has switched to spot pricing from longer-term contracts to speed sales in Asia.

According to Reuters’ monthly survey, the 11 members of the Organisation of the Petroleum Exporting Countries (OPEC) produced 19.43 million barrels per day in June, up 3.3 million barrels per day from May, when output plunged to the lowest level recorded by the survey since at least 2000.

Saudi Arabia and Iraq also boosted output, while Nigeria and Libya posted smaller increases despite avoiding the worst of the Gulf disruptions.

By Adedapo Adesanya

The seven-member subgroup of oil producers under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) is set to extend a series of output quota hikes by 188,000 barrels per day when they meet on Sunday, July 5.

The small group launched the hikes after the US and Israeli forces struck Iran in late February, setting off the latest war in the Middle East.

According to Reuters, the OPEC+ subgroup, including Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan, and Oman, will likely decide to boost their production quotas for August by another 188,000 barrels daily, after last month agreeing a same-size production boost for July, which, unlike the previous hikes, may actually take place.

OPEC+ has been hiking production almost since the war began, but these hikes have remained on paper as production in the Persian Gulf remained paralysed by the hostilities and Iran’s decision to close the Strait of Hormuz.

This decision forced Gulf producers to stock up after shutting in wells. Iraq was especially hard hit by the Hormuz shutdown, with its production dropping from over 4 million barrels daily to less than 2 million barrels daily while the United Arab Emirates (UAE) started shipping record volumes of crude abroad, right after it quit OPEC.

After six decades as a member, the Emirates decided to reduce the group members to 11 after it pulled out, sparking predictions that they would immediately start boosting production, but for now, the country is only boosting exports.

The Iran war has led to a sharp drop in production among key members, with OPEC+ output ​dropping to 33.13 million barrels per day in May, according to OPEC data, from 42.77 million barrels per day in February.

Still, oil prices have returned to pre-war levels, pressured by weaker Chinese imports, higher exports from non-Middle East producers, a record strategic stock release coordinated by ​the International Energy Agency (UAE) and the US-Iran memorandum of understanding to end the war that helped ease supply ​concerns.

Binance is still the world’s largest cryptocurrency exchange by trading volume, but access to it has become one of the more complicated conversations in the digital asset space. Some countries retain full access. Others sit in a grey zone where the platform loads but key features are missing. A few, including Nigeria at various points in the last two years, have moved between “available” and “restricted” on very short notice.

The result is that a growing number of traders, particularly in markets where regulatory action has been sharp and sudden, have begun using proxy servers to manage their connection to the exchange. The practice is more common than most traders will admit publicly. This article walks through why it is happening, the actual mechanics, the risks that come attached, and what to check before setting anything up.

Why Some Regions Restrict Binance Access

Binance operates in more than 100 countries, but the list of jurisdictions with full or partial blocks has been growing rather than shrinking. It is worth understanding that a full block is only one form of restriction.

• International sanctions. Binance is prohibited from serving customers in countries such as Iran, Cuba and North Korea under OFAC rules, with additional UN and EU sanction regimes layered on.
• Regulatory exits. In some markets, Binance either did not obtain or did not pursue local licensing. The United States saw the earliest such move, with Binance withdrawing and being replaced by a separate US-facing platform in 2019.
• Government bans. Some governments have moved quickly and with minimal notice. Nigeria transitioned from active access to a heavily restricted status over the course of a few days in early 2024, following a broader crackdown by authorities on cryptocurrency platforms, a case that traders here remember well.
• Binance Futures. Not available in 44 countries, including all EU member states, the UK, Australia and Canada.
• Staking and lending. Disabled in the UK, Canada, Australia and Japan.
• Fiat deposits. Removed in a number of markets, including the eurozone and Canada.

For Nigerian traders in particular, the ongoing tension between the Central Bank of Nigeria, the Securities and Exchange Commission and international exchanges has produced a shifting landscape. Access that works today is not guaranteed to work next month, and prudent traders have started to prepare for both scenarios.

How Proxy Servers Enter the Conversation

A Binance proxy server sits between your device and the exchange. Instead of your real IP address reaching Binance, the proxy’s IP does. From Binance’s perspective, the connection appears to originate wherever the proxy is located. For traders in restricted regions, this becomes a way to route their connection through a country where the exchange remains accessible.

Geographic access is not the only reason traders use proxies, though it is the most common.

Controlling API Rate Limits

Binance allows 1,200 requests per minute per IP. For traders running bots across multiple pairs simultaneously, that ceiling is reached quickly. Rotating proxies spread requests across different IPs so the bot continues without being throttled.

Running Multiple Accounts

Binance tracks multiple accounts originating from the same IP address. Traders operating several accounts use different proxies for each to keep the accounts from being associated with one another.

Accessing Region-Specific Features

Available tokens, trading pairs and pricing vary across regions. Traders can view and interact with region-specific offerings by routing through the relevant location.

Keeping WebSocket Connections Stable

Real-time price feeds and order book data run over WebSocket connections. Binance may throttle these if requests from a single IP look irregular. Clean residential IPs help hold those streams stable and reduce reconnection loops.

Security and Account Risks Traders Should Watch

Binance Uses Multiple Signals to Detect Location

IP is only one factor. On mobile, Binance also verifies GPS location, SIM card country code and device fingerprint. Mismatches raise flags. A proxy IP that shows the United States while the SIM card is registered in a restricted country is exactly the kind of inconsistency the system is designed to catch.

Mid-Session IP Switching Can Trigger Verification

Changing IPs while already logged in is one of the fastest ways to receive an additional verification prompt or a temporary account freeze. This is why sticky sessions matter — holding a single IP for an extended period rather than rotating aggressively.

Dirty IPs Are a Real Problem

Not every proxy IP is clean. Shared or previously compromised addresses may already have a history of suspicious activity attached, and Binance may have flagged them before you connect. A provider with a well-maintained IP pool reduces this risk substantially.

Funds Can Be Frozen

Binance may freeze accounts quickly if it detects unusual activity or determines that the account is being accessed from a restricted region. Recovery through support can take time, and in some cases access is not restored at all.

Choosing Between Residential, Mobile and Datacenter Proxies

Residential Proxies

Residential proxies use IP addresses assigned to real home internet connections. They appear as normal user traffic and are much harder for Binance to flag. This is the most common recommendation for traders needing consistent access. They are slower than datacenter and more expensive.

Mobile Proxies

Mobile proxies use IPs from real cellular carriers. Because mobile networks share IPs across many users naturally, distinguishing individual traffic is difficult. These are the strongest choice for traders in higher-risk areas who prioritise clean connections. They are also the most expensive option.

Datacenter Proxies

Datacenter proxies are fast and cheap, but Binance has invested heavily in detecting them. They originate from server farms rather than real devices, which makes them straightforward to identify as non-human traffic. They can still work for casual browsing and API data collection, but they are more likely to be blocked for account access in restricted regions.

What to Watch For When Setting Up

Match Your Proxy Location to Your KYC Country

If your account was verified with documents from one country and your proxy routes you through another, the mismatch can trigger review. Choose a proxy address that lines up with the country on your account.

Use Sticky Sessions for Account Access

Proxies that rotate IPs frequently are useful for scraping and bot work, less useful for logins. For anything involving direct account access, use sticky sessions that hold the same IP throughout the session. Quality providers offer sessions up to 24 hours.

Test the Connection Before Trading

Before using real money, confirm that the proxy is not leaking your real IP and is functioning as expected. A basic IP leak test will show what Binance actually sees when you log in. Several free tools online can display your visible IP and location.

Disable GPS on Mobile

If you are using the Binance app on a mobile device, turn off location services for the app. GPS data reveals your true location, and if it does not match the proxy location, Binance’s system will notice.

Pick a Provider With Clean IPs

Avoid free proxies. Their reputations are almost universally poor and their integrity questionable. Paid providers maintain IP pools and replace flagged addresses on an ongoing basis. Look for providers who are transparent about how they source IPs and who offer some form of IP quality filtering.

Final Thoughts

Proxy servers can be useful for traders dealing with Binance connectivity issues, but they are not a guaranteed solution and they come with real risks. The platform’s detection systems are more sophisticated than most users realise, and a poorly configured setup can create more problems than it solves, from repeated verification prompts to account freezes.

If you go this route, the setup matters more than the proxy itself. Having a proxy is not enough. Match the proxy location to your KYC country, use sticky sessions, and choose a provider with clean IPs for stability.

For most traders, residential proxies are the sensible starting point. They are reasonably reliable, sufficiently anonymous, and priced within reach. Traders in higher-risk regions or those needing additional trust signals may consider mobile proxies. Datacenter proxies are best reserved for tasks that do not involve direct account access.

The Nigerian context in particular calls for caution. Regulatory positions can change quickly, and traders who set up their connectivity today should also be prepared for the possibility that the ground shifts again. Backup plans, cold storage discipline, and awareness of the local legal landscape are as important as any proxy configuration.