Binance, one of the world’s largest cryptocurrency exchanges, has ceased offering its clients the option to conduct peer-to-peer transactions through sanctioned Russian banks. This decision follows a Wall Street Journal exposé that revealed how the exchange allegedly facilitated the movement of funds from Russia to other countries.A spokesperson from Binance stated that the exchange regularly updates its systems to ensure compliance with local and global regulatory standards. They further emphasized that payment methods conflicting with their compliance policies are unavailable on the platform.The Wall Street Journal reported that Binance allegedly facilitated peer-to-peer trades of rubles for digital tokens, often involving sanctioned banks, including Rosbank and Tinkoff Bank. The exchange allowed clients to convert funds held in these banks into balances on Binance through a network of intermediaries.The US Department of Justice has been investigating potential violations of American sanctions on Russia by the exchange. In response to these allegations, the exchange spokesperson affirmed that Binance aims to diligently comply with global sanctions rules and enforces sanctions on individuals, organizations, entities, and countries blacklisted by the international community.Despite the measures taken, some traders in Binance’s official Telegram chat group for Russian clients claimed they could still utilize sanctioned banks by selecting alternative payment options and providing their Rosbank or Tinkoff bank details. The Binance spokesperson assured that they are aware of efforts to circumvent their controls and are proactively taking action to ensure that controls remain strong.The exchange finds itself under increasing pressure to navigate the complex landscape of regulatory compliance and address concerns related to its operations in Russia.
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 9 |
| People | None |
| Companies | Binance, Wall Street Journal, Rosbank, Tinkoff Bank, US Department of Justice |
| Currencies | Rubles, Bitcoin, Ethereum, Tinkoff Bank, Rosbank |
| Securities | None |
