Russian Traders on Binance Offered ‘Green’ and ‘Yellow’ Cards as Payment Options
Binance, the largest digital asset exchange, has renamed the cards of Sberbank and Tinkoff on its platform. Russian users can now choose between a “green local card” for Sberbank and a “yellow local card” for Tinkoff in the payment options menu.
Key Points:
– Binance changed the names of the cards of two Russian banks on its peer-to-peer platform.
– The renaming follows a report by the Wall Street Journal stating that Binance is under investigation by the U.S. Department of Justice for possible violations of U.S. sanctions against Russia.
– Sberbank and Tinkoff are both on a U.S. sanctions list, but the renaming allows Russian users to continue using their cards as payment methods on Binance.
– Binance has stated that it follows global sanctions rules and has no banking relationships for its P2P service.
– The investigation by the U.S. DOJ could add to Binance’s legal troubles in the United States, where it already faces lawsuits from the SEC and CFTC for allegedly breaking U.S. laws.
Hot Take:
Binance’s decision to rename the cards of Sberbank and Tinkoff on its platform is likely an attempt to address the investigation by the U.S. Department of Justice. By providing alternative names for the cards, Binance allows Russian traders to continue using them while potentially avoiding the scrutiny of U.S. authorities. This move reflects the challenges faced by cryptocurrency exchanges in navigating international regulations and sanctions.
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