{"id":143365,"date":"2023-09-01T17:56:58","date_gmt":"2023-09-01T12:26:58","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=143365"},"modified":"2023-09-01T17:56:58","modified_gmt":"2023-09-01T12:26:58","slug":"binance-delists-sanctioned-russian-lenders-from-p2p-services-wsj-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binance-delists-sanctioned-russian-lenders-from-p2p-services-wsj-crypto-news\/","title":{"rendered":"Binance delists sanctioned Russian lenders from P2P services: WSJ &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Binance, the world\u2019s largest crypto exchange, has removed sanctioned Russian banks from its peer-to-peer (P2P) trading service, the Wall Street Journal <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/currencies\/binance-drops-sanctioned-russian-banks-from-peer-to-peer-service-fef93a1d\">reported<\/a> on Friday.\u00a0<\/p>\n<p><strong><em>See related article: <\/em><\/strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/binance-denies-russia-sanctions-violations\/\">Binance denies Russia sanctions violation reported by WSJ<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>Binance\u2019s P2P service has reportedly ceased processing transactions involving five blacklisted Russian banks. Although the exchange began <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/changes-of-services-to-users-in-russia-4887e569afdf4b1e89e024371d3a49b9\">restricting<\/a> certain Russian nationals from cryptocurrency trading and deposits in April 2022 and by March 2023 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.forbes.ru\/investicii\/485880-krupnejsaa-kriptobirza-zakryla-dla-rossian-pokupku-dollarov-i-evro-cerez-p2p\">barred<\/a> Russian users from P2P transactions in euros and U.S. dollars, the exchange still enabled ruble-based transactions via sanctioned institutions, notably Sberbank and Tinkoff Bank, according to the Wall Street Journal.<\/li>\n<li>On Binance\u2019s P2P platform, payment options through Sberbank and Tinkoff Bank were labeled as \u201cgreen\u201d and \u201cyellow\u201d instead of the institutions\u2019 names, according to Russian media outlet <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.rbc.ru\/crypto\/news\/64e623559a7947181192238e\" data-type=\"link\" data-id=\"https:\/\/www.rbc.ru\/crypto\/news\/64e623559a7947181192238e\">RBC<\/a>. These coded designations have since been removed from the platform.\u00a0<\/li>\n<li>P2P trading platforms, by design, enable users to transact directly, bypassing centralized crypto exchanges. This can complicate enforcement of sanctions, as P2P exchanges often capture fewer transaction details, as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.csis.org\/analysis\/cryptocurrencies-and-us-sanctions-evasion-implications-russia\">highlighted<\/a> by the U.S. think tank, the Center for Strategic and International Studies.<\/li>\n<li>The development came days after a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/finance\/binance-cryptocurrency-russia-sanctions-ddb948c3?mod=article_inline\">separate<\/a> Wall Street Journal report last week alleged the platform facilitated overseas money transfers for Russian entities.\u00a0<\/li>\n<li>\u201cAs a matter of policy, Binance aims to diligently comply with the global sanctions rules and enforces sanctions on people, organizations, entities, and countries that have been blacklisted by the international community, denying such actors access to the Binance platform,\u201d a Binance spokesperson told <em>Forkast<\/em> on Monday, referencing the exchange\u2019s decision to drop sanctioned Russian banks from its P2P platform.<\/li>\n<li>Binance faces mounting regulatory challenges, including in the U.S. where the Department of Justice is reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-05-05\/binance-faces-us-probe-of-possible-russian-sanctions-violations?sref=IIP4JEyu\">investigating<\/a> whether the crypto exchange was illegally used to help Russian entities bypass the U.S. sanctions. The platform is also facing <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/binance-us-ceo-sec-lawsuit-securities-violations\/\">charges<\/a> from the U.S. Securities and Exchange Commission for alleged securities law violations.<\/li>\n<li>Elsewhere, Dubai-based exchange Bybit has also halted ruble transactions through sanctioned Russian banks including Sberbank and Tinkoff Bank, as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ru.beincrypto.com\/bybit-tinkoff-sber\/\">reported<\/a> by Web3-focused news outlet BeInCrypto last Friday.<\/li>\n<\/ul>\n<p>See related article: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/small-but-significant-crypto-global-conflicts\/\">First aid kits, boots and batteries \u2014 how small but significant crypto funds are used in global conflicts<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the world\u2019s largest crypto exchange, has removed sanctioned Russian banks from its peer-to-peer (P2P) trading service, the Wall Street Journal reported on Friday.\u00a0 See related article: Binance denies Russia sanctions violation reported by WSJ Fast facts Binance\u2019s P2P service has reportedly ceased processing transactions involving five blacklisted Russian banks. Although the exchange began restricting [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":143366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-143365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=143365"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143365\/revisions"}],"predecessor-version":[{"id":143367,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/143365\/revisions\/143367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/143366"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=143365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=143365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=143365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}