Binance Narrows P2P Services In Russia, Drops Sanctioned Banks

Binance, the largest cryptocurrency exchange in terms of trading volume, stopped offering its Russian clients the option to pay through five sanctioned banks on its peer-to-peer (P2P) crypto trading platform, the Wall Street Journal reported.

The named banks include Rosbank and Tinkoff, which are facing sanctions by Western countries amid the invasion of Ukraine by Russia. Russian banks were also kicked out of SWIFT, which made it nearly impossible for ordinary Russians to take their money out of the country.

Binance’s P2P is one of the few platforms that allowed Russians to transfer funds in rubles. Another recent report by the Wall Street Journal also pointed out that the crypto platform is helping Russians to transfer their money abroad, circumventing the heavily sanctioned banking system.

“We regularly update our systems to ensure compliance
Compliance

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a

In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a
Read this Term with local and global regulatory standards,” a Binance spokesperson told media platforms. “When gaps are pointed out to us, we seek to address and remediate them as soon as possible. In line with our ongoing commitments, payment methods on the Binance P2P platform that do not fit with our compliance policies are not available on our platform.”