Binance's P2P Exchange in Russia Under Fire for Transactions with Sanctioned Banks
Summary:
Binance P2P cryptocurrency exchange in Russia continues to facilitate transactions through sanctioned banks despite previously denying any relationships with them. The exchange has renamed the payment options associated with these banks as a response. The news follows the promotion of Binance services on a popular YouTube channel and raises questions about compliance with Western sanctions on Russia. Other P2P exchanges like Huobi and OKX also enable transactions involving the sanctioned banks. Binance has not commented further on these developments.
Binance’s cryptocurrency exchange in Russia, known as Binance P2P, has reportedly been facilitating transactions through sanctioned banks like Rosbank, despite previously denying any relationships with such institutions. To address the issue, the exchange has taken to renaming the troubled payment options associated with these banks, replacing names like "Tinkoff" and "Rosbank" with terms like "Yellow" and "Green" cards. Binance P2P currently allows customers to sell cryptocurrencies like Tether (USDT) for Russian rubles and receive them using sanctioned banks like Tinkoff or Rosbank. This move to rename the banks came shortly after a report from The Wall Street Journal claimed that Binance offered Russian clients the option of using sanctioned Russian banks for processing payments. In response, Binance executives denied any involvement with these banks and reaffirmed their commitment to adhering to global sanctions rules. This news follows the promotion of Binance services in Russia on a popular YouTube channel, where the platform was advertised in exchange for signing up and earning 5 USDT. It remains unclear how these recent developments align with the Western sanctions against Russia, which included sanctions on banks like Tinkoff and Rosbank. It is worth noting that Binance is not the only cryptocurrency exchange enabling such transactions in Russia, as other major P2P exchanges like Huobi and OKX also allow transfers involving these sanctioned banks. Binance has not provided further comments regarding its advertising activities on the YouTube channel or the renaming of the sanctioned banks.
Published At
8/24/2023 1:29:47 PM
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