# Entropy Restricted Countries: US, Canada, UK, Panama

> Entropy's terms name the US, Canada, UK and Panama as Restricted Jurisdictions. What the live geo-block does, what the terms say, and what is not checked.

*Source: https://entropyguides.com/privacy/entropy-restricted-countries*

Entropy's Terms of Service name four countries as Restricted Jurisdictions: the **United States of America, Canada, Panama and the United Kingdom**. That list is enforced in the product. A request to Entropy's own public geo endpoint from a US IP address returns `restricted: true`, and the trading terminal shows a red banner where the order ticket should be.

This page reports what Entropy's documents say and what its frontend does, both checked on **August 26, 2026**. It does not tell you whether any of it is lawful where you live, and it does not tell you how to get around an access control.

> **Note:** **Affiliate disclosure.** EntropyGuides is independent and has no relationship with Entropy or Bursa Global Inc. Some links on this site carry a referral code and may earn us a rebate at no cost to you. See our [disclaimer](/disclaimer) and [methodology](/methodology).

![The io:ANTH trading terminal on entropy.io loaded from a US connection, with the red geographic restriction banner across the top and the order book, chart and mark price still fully visible underneath](/images/shared/entropy-anth-terminal.webp)

That screenshot is the whole story in one frame. Everything loads. The chart renders and the order book streams live, with the mark and oracle prices updating in the header. The banner across the top is the only thing standing between the visitor and the order ticket.

## The four countries named in the terms

Section 2.2 of the Terms of Service, last updated August 11, 2026, reads:

> *"Without limiting the foregoing, the United States of America, Canada, Panama and the United Kingdom are Restricted Jurisdictions..."*

| Jurisdiction | Named in ToS section 2.2 | Note |
|---|---|---|
| United States of America | Yes | Also covered separately by the "U.S. Person" definition below |
| Canada | Yes | |
| Panama | Yes | Bursa Global Inc., the operator, is incorporated in Panama |
| United Kingdom | Yes | |

That Panama line is worth reading twice. Entropy's operator, **Bursa Global Inc.**, is described in its own legal pages as *"a company incorporated under the laws of the Republic of Panama"*, and Panamanian law governs the terms. The same terms list Panama as a Restricted Jurisdiction. We report that as an observable fact about the document. We do not know why it is written that way and we will not guess.

> **Warning:** The "Without limiting the foregoing" wording matters. Those four countries are named **in addition to** a broader definition, not as a complete list. The clause is written to be open-ended.

## The definition reaches past those four countries

Two other categories sit inside the same definition, and either one can catch someone who does not live in the four named countries.

**Sanctions lists.** The definition covers persons subject to sanctions administered by OFAC, the United Nations, the European Union, or the UK's Office of Financial Sanctions Implementation.

**"Any U.S. Person."** The terms attach that phrase to **Regulation S Rule 902(k)** and to CFTC guidance at **78 FR 45292** and **17 C.F.R. section 23.160**, and say the term should be *"construed broadly"*. Those are US securities and derivatives definitions that turn on more than the country you happen to be sitting in. A US citizen abroad, certain entities organized under US law, and certain accounts held for the benefit of US persons all appear somewhere in those source definitions.

We are not going to tell you whether you fall inside any of them. That is a question for a lawyer who knows your circumstances, and the primary sources are public: read Rule 902(k) and 17 C.F.R. section 23.160 directly.

## What the block actually does

Entropy exposes its restriction state on a public endpoint that anyone can call. From a US connection on August 26, 2026:

```
GET https://entropy.io/api/geo/status

{"restricted":true,"country":"US","mode":"trading","reason":"country"}
```

Read the `mode` field first, because it is the part that surprises people. It says `trading`, not `site`. Entropy does not serve a blank wall to a restricted visitor. The marketing site, the docs, the leaderboard, the funding page and all 319 market pages on the frontend keep loading and streaming live data. What is switched off is order entry, and nothing else.

The `reason` field says `country`, which is the other thing worth noting. The decision is made on the IP your connection resolves to, and no identity check is involved at any point. More on that below.

The check itself runs at the entropy.io edge rather than deep inside the application, which is why the banner appears before you have connected a wallet. Forged country headers and query parameters returned the same restricted response in our testing, so this is not a client-side flag you can flip in a console.

If you are hitting a rejection at the order ticket for a reason that is *not* geographic, the more common causes are documented separately in [why you can't open a position on Entropy](/troubleshooting/cannot-open-position). Open interest caps and delisted markets produce a rejection too, and they look nothing like this banner.

## Entropy's terms prohibit VPNs, proxies and Tor

Section 2.3 of the Terms of Service prohibits using VPNs, proxies or Tor to circumvent geographic restrictions.

That is what the document says. **EntropyGuides does not publish circumvention guides**, will not describe methods for defeating an access control, and takes no position on what happens to anyone who tries. If you searched something along the lines of "hyperliquid vpn" and landed here, this section is the whole of our answer: read section 2.3 at entropy.io/terms and take advice from someone qualified to give it.

---

## There is no KYC at any point

This surprises people who assume a geographic restriction implies an identity check. It does not. As of August 26, 2026 there is **no identity verification anywhere in Entropy's onboarding**: no document upload, no selfie, no name or date of birth, no address, no proof of residence.

Three gates run instead.

| Gate | What it is | What it checks |
|---|---|---|
| IP geo-check | `GET /api/geo/status` at the entropy.io edge | The country your connection resolves to |
| Wallet screening | `POST /api/compliance/wallet-screen` | The address you connect, against a risk database |
| Self-attestation | A click-through in onboarding | Non-Sanctioned Status, Geographic Compliance, Legal Authorization |

The third gate is the one most readers click past. It is a self-declaration. You are the one asserting that you are not in a Restricted Jurisdiction, that you are not a sanctioned person, and that you are legally authorized to use the product. Nothing verifies that assertion.

On the wallet screen: the shipped JavaScript bundle is literally named `elliptic-screening-*.js`, which points at Elliptic as the provider. Elliptic is not named in Entropy's Terms of Service, Privacy Policy, or any other legal page, so treat that as a code-level observation rather than a disclosed relationship.

Two gaps in the Privacy Policy are worth knowing about if data handling is what you actually care about. Section 4.1 says the only user-provided data is *"Email address (if provided)"*. Section 4.2 does **not** list IP address, even though the geo endpoint derives your country from it. And the policy names no processors at all, despite the frontend connecting to Privy, Supabase, WalletConnect and a self-hosted Grafana Faro instance with session tracking. There is more on this in [is Entropy safe](/privacy/is-entropy-safe).

## The notice that is not published

Entropy's terms refer to a **"Restricted Jurisdictions Notice"**. We could not find that notice published anywhere: not on entropy.io, not on docs.entropy.io, not in the sitemap, not in the shipped bundle.

That matters because the notice is the mechanism by which the list could change. The four named countries are the ones written into section 2.2. Whatever else might be on the Restricted Jurisdictions Notice is not something a reader can check. If you are trying to work out whether your own country is covered, that gap is the honest answer: the public list is four countries plus two open-ended categories, and the supplementary document those terms point at is not available.

> **Note:** Entropy's terms also promise that *"Material changes are published in the changelog with at least two weeks' notice."* **`entropy.io/changelog` returns 404.** Both of these are worth checking yourself rather than taking from us, since either could be fixed the week after this page is published.

## The FCA Warning List entry names Hyperliquid, not Entropy

This one gets confused constantly, so read the labels carefully.

The UK **Financial Conduct Authority** published a Warning List entry for ** Hyperliquid** on **May 21, 2026**, updated **June 7, 2026**. The wording is the FCA's standard formula: *"This firm is not authorised by us and may be targeting people in the UK."* Consumers dealing with an unauthorized firm are not covered by the Financial Services Compensation Scheme. It is at [fca.org.uk/news/warnings/hyperliquid](https://www.fca.org.uk/news/warnings/hyperliquid).

**That entry is about Hyperliquid.** It does not name Entropy, it does not name Bursa Global Inc., and it is not a statement about Entropy's markets.

The relationship between the two is worth stating plainly because it is easy to get wrong. Entropy is a **HIP-3 builder-deployed venue**, which means it rents Hyperliquid's matching engine, margin system and clearinghouse and defines its own markets on top. It is a tenant. It is not a subsidiary, not a partner, and not part of Hyperliquid Labs or the Hyper Foundation, which are themselves three separate things. We explain the arrangement in [HIP-3 explained](/ecosystem/hip-3-explained) and [what is Entropy](/ecosystem/what-is-entropy).

The reason the FCA entry belongs on this page at all is that the UK turns up in both places: on Entropy's own Restricted Jurisdictions list, and on the FCA's Warning List for the venue Entropy settles on. Those are two separate facts from two separate publishers, and neither one is a conclusion about the other.

## "Perp DEXs that can be used in the USA"

This is a real, high-volume search, so here is a real answer rather than a list.

We will not publish a ranked table of venues that "work" in the United States, for two reasons. The first is the rule this whole site runs on: we do not make legal or regulatory conclusions, and a list like that is a legal conclusion wearing a table's clothes. The second is more boring. Venue availability changes without notice, our fact base marks the live status of most general perp DEXs as **unverified**, and a stale list on this subject is worse than no list.

What we can report is what specific operators state or observably do:

| Venue | Observable position | Source type |
|---|---|---|
| Entropy (`io`) | ToS section 2.2 names the US as a Restricted Jurisdiction; geo endpoint returns `restricted:true` from a US IP | Their document, our test |
| Ostium | Geo-blocks the US | Observable frontend behavior |
| Coinbase | Operates as a CFTC-regulated US venue and lists ANTHROPIC-PERP, OPENAI-PERP and SpaceX pre-IPO perps | Their own product pages |

The Coinbase row is the one worth noticing if your actual question was "where can I get exposure to Anthropic". It contests the idea that a HIP-3 venue is the only liquid route, and we compare the options in [where to trade Anthropic pre-IPO](/compare/where-to-trade-anthropic-pre-ipo).

For everything else, check the operator's own terms and geo policy on the day you are asking. Not a blog post, and not this one.

---

## What we could not find

Being explicit about gaps is more useful than filling them with confident-sounding guesses.

- **No published reason** for the four-country list. Entropy has made no public statement explaining it, and we do not speculate about motive.
- **No Restricted Jurisdictions Notice**, despite the terms referring to one.
- **No changelog**, despite the terms promising two weeks' notice of material changes there.
- **No regulator statement naming Entropy or Bursa Global Inc.** by any authority, as of August 26, 2026. For a venue that took its first trade on August 19, absence of a statement is expected rather than reassuring.
- **No corporate-registry confirmation** of "Bursa Global Inc." in Panama that we were able to verify independently.

## Bottom line

Entropy's Terms of Service name the **United States, Canada, Panama and the United Kingdom** as Restricted Jurisdictions, extend that definition to sanctioned persons and to "any U.S. Person" construed broadly, and prohibit VPNs, proxies and Tor for circumventing geographic restrictions. The restriction is enforced at the entropy.io edge, scoped to trading rather than to the whole site, and applied without any identity check. Separately, the UK FCA published a Warning List entry for Hyperliquid, the settlement layer Entropy builds on, on May 21, 2026.

Those are the observable facts. Every one of them is checkable against a primary source you can open yourself: [entropy.io](https://entropy.io/?r=concept211) for the terms and the geo endpoint, and fca.org.uk for the Warning List entry.

> **Note:** **This is general information, not legal advice.** Nothing on this page states whether using Entropy is lawful for you, whether any instrument on it is or is not a security, or how anything you do there would be taxed. EntropyGuides is not a law firm and has no relationship with Entropy or Bursa Global Inc. Read Entropy's Terms of Service and Risk Disclosure in full, read the primary regulatory sources they cite, and confirm your own position with a qualified professional licensed in your jurisdiction before you act on any of it.

## Related reading

- **[Is Entropy safe?](/privacy/is-entropy-safe)**: custody model, the missing 2FA, and the key that can halt trading
- **[What is Entropy?](/ecosystem/what-is-entropy)**: the venue, the operator, and the two markets it actually deploys
- **[HIP-3 explained](/ecosystem/hip-3-explained)**: what "builder-deployed perpetual" means and who is responsible for what
- **[Why can't I open a position?](/troubleshooting/cannot-open-position)**: the non-geographic reasons an order gets rejected
- **[Where to trade Anthropic pre-IPO](/compare/where-to-trade-anthropic-pre-ipo)**: Anthropic exposure across venues, including regulated US ones
- **[Deposit not arriving?](/troubleshooting/deposit-not-arriving)**: gas, chains, and the wallet that hides your funds