Binance Takes Steps to Comply with Sanctions Against Russia

Image Credits: CryptoAvanza

Binance, the well-known platform for trading cryptocurrencies, has recently made important changes to how it offers peer-to-peer (P2P) services. These changes were made in response to concerns about following regulations and international sanctions. The exchange decided to stop working with certain Russian banks that were previously available on their platform for handling transactions involving the Russian ruble. This move was part of Binance’s ongoing efforts to make sure they’re following the rules set by local and global authorities.

A report from The Wall Street Journal initially brought this to light. Binance had listed Russian banks like Tinkoff and Rosbank, which were under sanctions, as options for making transfers through their P2P service. This caused some people to criticize and worry about whether Binance was breaking the rules by supporting these banks for transactions.

In response to these concerns, Binance acted quickly to fix the situation. By August 24, multiple Russian news sources reported that Binance had taken these sanctioned banks off the list of acceptable payment methods. However, the situation got a bit more interesting when these banks reappeared under the nicknames “yellow” and “green,” with “yellow” representing Tinkoff and “green” representing Rosbank.

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This raised even more questions, but Binance didn’t stop there. They removed these banks again, showing their commitment to following regulations and making things right. A spokesperson from Binance said, “We regularly update our systems to make sure we’re following the rules that are in place both locally and globally. Whenever we’re made aware of any issues, we work to address and fix them as quickly as we can.”

Right now, Binance has completely removed both the sanctioned Russian banks and their code word alternatives from their P2P platform. This means that there are now 16 different ways to convert Russian rubles into cryptocurrencies using Binance’s platform. These options include banks like Raiffeisenbank and Russian Standard Bank, as well as services like Payeer and AdvCash, among others. Binance’s actions show that they’re serious about navigating the complex world of cryptocurrency regulations while giving their users a safe and compliant place to trade.