Binance Drops Support for P2P Payments from Sanctioned Russian Banks
Binance, one of the largest cryptocurrency exchanges, has cut ties with five sanctioned Russian banks, withdrawing support for peer-to-peer (P2P) payments. This move comes after reports emerged that Binance’s P2P exchange was involved in trades with these banks, violating international sanctions.
Key Points:
- Russian crypto traders have turned to P2P alternatives after other exchanges terminated or limited Ruble-based services due to international sanctions.
- Binance was enabling P2P trades of rubles for cryptocurrencies involving sanctioned Russian banks such as Tinkoff Bank and Rosbank.
- The banks were identified by color on the P2P platform to obscure their names.
- Binance is currently under investigation in the US for facilitating sanctions violations.
- ByBit, another cryptocurrency exchange, has also cut ties with sanctioned institutions and imposed stricter limits on certain Russian bank cards.
This recent development further complicates the situation for Binance, adding to the ongoing investigation in the US. By delisting cards held with sanctioned banks and banning Russian users from conducting P2P transactions with non-ruble currencies, Binance aims to address the concerns raised by its involvement with sanctioned banks.
Hot Take: Binance’s decision to drop support for P2P payments from sanctioned Russian banks reflects the increasing scrutiny and pressure faced by cryptocurrency exchanges to comply with international sanctions. The move highlights the challenges faced by both exchanges and traders in navigating the complexities of regulatory compliance in the crypto space.
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