Binance Contemplates Withdrawal from Russia Amid Sanctions and Legal Challenges
Summary:
Binance considers withdrawing services from Russia amid sanctions. The global cryptocurrency exchange faces challenges from authorities and legal actions in multiple countries. Investigations are underway regarding potential violations of U.S. sanctions. Description: Binance may withdraw services in Russia due to sanctions and ongoing legal issues around the world.
Cryptocurrency exchange Binance is contemplating the possibility of discontinuing its services in Russia due to sanctions imposed by various countries, including the United States. According to The Wall Street Journal's report on August 28, a spokesperson from Binance stated that the exchange is exploring all potential options for Russia, including a complete withdrawal. This comes after Binance removed certain sanctioned Russian financial institutions as payment options on its P2P platform and imposed fiat currency restrictions for users based in Russia. Operating globally without a physical headquarters, Binance has faced opposition from authorities with respect to its operations in Russia. In the United States, Binance, Binance.US, and CEO Changpeng Zhao are currently facing a lawsuit filed by the Securities and Exchange Commission in June. Additionally, the Justice Department is reportedly investigating the global exchange for potential violations of U.S. sanctions that came into effect following the Russian invasion of Ukraine. This remains a developing story, and more information will be provided as it becomes available.
Published At
8/28/2023 5:20:54 PM
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