Accusations against Binance for engaging with sanctioned companies in Russia
The largest crypto exchange, Binance, is accused of actively operating in Russia and engaging with sanctioned companies, despite claiming compliance.
Key points:
- Binance limited operations in Russia in April 2022
- High ruble-based crypto trades allegedly facilitated through intermediaries
- Binance allegedly coordinates with sanctioned banks for peer-to-peer rubles trade
- Service website provided Russian clients access to payment processing through sanctioned lenders
- Binance spokesperson refutes allegations and states adherence to legal frameworks
In late July, several hundred traders on Binance’s P2P platform offered to buy or sell rubles worth almost $1 million
Hot Take:
Binance is facing accusations of non-compliance with sanctions in Russia, raising concerns about its operations and involvement with sanctioned banks. While Binance denies these allegations, the evidence presented suggests otherwise. This situation highlights the need for stricter regulations and transparency in the crypto industry.
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