Binance, the world’s largest digital asset exchange, has removed Russian banks under Western sanctions from its P2P service due to criticism. Russian users still have other payment methods available, including Raiffeisenbank and Russian Standard Bank. However, they are only allowed to use the ruble for transactions, as buying or selling foreign fiat currencies is restricted. This move comes after Binance faced investigation by the U.S. Justice Department for facilitating transactions with sanctioned Russian banks. The exchange has faced scrutiny for allegedly helping Russians move money abroad in circumvention of sanctions. In compliance with EU sanctions, access to P2P transactions in U.S. dollars and euros has been restricted for Russians.
Hot Take: Binance’s decision to remove sanctioned Russian banks from its P2P service reflects the increasing pressure on cryptocurrency exchanges to comply with regulations and avoid facilitating illegal activities. This move also highlights the challenges faced by crypto users in countries under sanctions, limiting their options for fiat currency transactions. As governments tighten their grip on the crypto industry, exchanges will need to adapt and ensure compliance to maintain trust and legitimacy.
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