According to Wall Street Journal, Binance, the leading cryptocurrency exchange, has <\/span>ceased<\/span><\/a> operations with several sanctioned Russian banks from its peer-to-peer service. This move is seen as a measure to distance itself from allegations that emerged, highlighting its possible role in facilitating fund movement for Russians amidst increasing global scrutiny.<\/span><\/p>\n Post the onset of Russia\u2019s offensive in Ukraine, Binance publicized a decrease in its Russian endeavors, adhering to the European Union\u2019s stringent sanction regime. However, the authenticity of this assertion has been challenged.\u00a0<\/span><\/p>\n <\/p>\n Data sources, notably the <\/span>Wall Street Journal <\/span><\/a>(WSJ) and the Russian Central Bank, present contrasting narratives. Records reveal that despite Binance\u2019s announcement, there\u2019s an enduring ruble trading footprint on its platform. Peer-to-peer trades by Russian entities averaged a monthly total of $428 million over half a year.<\/span><\/p>\n The current system in place at Binance is under the lens for its possible multi-layered intermediaries, which might facilitate sanctioned Russian organizations in converting their funds into Binance balances.<\/span><\/p>\n<\/blockquote>\n <\/p>\n Read More: Binance\u2019s Acquisition Deal With Gopax Reportedly Failed<\/a><\/strong><\/p>\n <\/p>\n Disturbingly, Binance\u2019s peer-to-peer platform <\/span>reportedly<\/span> had listed several sanctioned Russian banks, including giants like Rosbank and Tinkoff Bank, as payment options. The U.S. Treasury Department is notably alarmed, viewing these figures as potential gateways for evading sanctions.<\/span><\/p>\n Despite these concerns, Binance remains staunch in its defense. A spokesperson firmly countered these allegations, underlining the exchange\u2019s rigorous commitment to adhering to global sanctions and categorically denying any affiliations with Russian banks.<\/span><\/p>\n <\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n –><\/p>\n –><\/p>\n Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114<\/a> and reach out to him at sunil (at) coingape.com <\/p><\/div>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n <!– <\/p>\nLegal Troubles for Binance Over Russia<\/strong><\/h2>\n
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