Binance has denied rumors that it is facilitating funds transfer to several sanctioned Russian banks.
The leading cryptocurrency exchange, Binance, has distanced itself from allegations claiming it facilitated fund movement for Russians amidst increasing global scrutiny.
For this reason, Binance, has ended its operations with several sanctioned Russian banks from its peer-to-peer service.
Post the onset of Russia’s offensive in Ukraine, Binance publicized a decrease in its Russian endeavors, adhering to the European Union’s stringent sanction regime.
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However, the authenticity of this assertion has been challenged.
Data sources, notably the Wall Street Journal (WSJ) and the Russian Central Bank, present contrasting narratives.
Records reveal that despite Binance’s announcement, there’s 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.
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.
Disturbingly, Binance’s peer-to-peer platform reportedly had listed several sanctioned Russian banks, including giants like Rosbank and Tinkoff Bank, as payment options.
