Binance to Terminate Partnership with Russian Payment Provider AdvCash
Binance, the world’s largest crypto exchange, is planning to end its partnership with Russian payment provider Advanced Cash (AdvCash), according to the Wall Street Journal. The partnership allowed ruble-based transactions between sanctioned Russian banks and the exchange. Binance’s decision to terminate the cooperation is in line with its aim to fully exit the Russian market amid legal scrutiny following the Ukraine invasion.
Background of Binance and AdvCash Partnership
In 2019, Binance entered into a partnership with AdvCash, enabling consumers to make deposits and withdrawals in rubles. AdvCash provided links to independent exchange providers that facilitated transfers between customers’ accounts at Russian banks and Binance. Users could convert fiat-to-crypto and vice versa between their AdvCash and Binance accounts.
AdvCash Denies Facilitating Movement of Funds Between Sanctioned Banks
AdvCash has denied any involvement in facilitating the movement of funds between sanctioned banks and Binance. The company stated that it had not received any updates from Binance regarding the termination of their partnership. AdvCash emphasized its commitment to compliance with applicable legislation, including KYC and AML procedures.
Binance’s Compliance Strategy: Ceasing Operations in Russia
Last month, Binance announced its decision to cease operations in Russia, entrusting its operations to crypto exchange CommEX following a legal probe into allegations of assisting Russians in evading sanctions. This move demonstrates Binance’s commitment to complying with global regulatory standards amidst legal issues faced in various countries.
Hot Take: Binance Ends Partnership with AdvCash Amid Regulatory Scrutiny
Binance’s decision to terminate its partnership with AdvCash aligns with its efforts to comply with global regulatory standards and exit the Russian market. This move comes as Binance faces legal scrutiny in multiple countries, including allegations of assisting Russians in evading sanctions. By severing ties with AdvCash, Binance aims to distance itself from any potential compliance risks and reinforce its commitment to regulatory compliance.
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