Binance Delists Sanctioned Russian Banks From P2P Service

Police & Regulations
Aug 26, 2023 at 01:56 pm

Binance, a prominent cryptocurrency exchange, has severed its connections with five Russian banks under sanctions. These banks were previously featured on Binance's peer-to-peer service, allowing users to transfer funds in Russia's native currency, rubles. This move comes as part of Binance's ongoing efforts to uphold regulatory standards and adhere to both local and global sanctions regulations.

The decision was driven by Binance's commitment to addressing any identified gaps and promptly rectifying compliance issues. The exchange emphasized that payment methods conflicting with their compliance policies will not be supported on their platform. A representative from Binance, speaking to Bitsday, reiterated their dedication to resolving compliance concerns swiftly.

The situation was initially highlighted by the Wall Street Journal, shedding light on how Binance had inadvertently facilitated the movement of funds abroad for Russian users. This predicament placed the exchange in a complex legal position.

This development occurs amidst a series of legal hurdles Binance has encountered throughout the year. Notably, the exchange faced a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), alleging non-compliance with federal securities laws.

In a separate blow, two major credit institutions, MasterCard and Visa, recently terminated their partnerships with Binance. These events collectively underscore the challenges that Binance is navigating in an increasingly regulated environment.

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