Binance is reevaluating its crypto business in Russia and even considering an exit from the market as the exchange is facing fresh allegations of allowing Russians to take out their money using sanctioned banks, the Wall Street Journal reported.
“All options are on the table, including a full exit,” a Binance spokesperson told the publication.
Binance revealed its Russian position days after another media report revealed that the exchange was allowing its users in Russia to purchase cryptocurrencies on its peer-to-peer trading platform using six sanctioned banks. It included Tinkoff Bank, the second-largest credit card provider in the country, and Rosbank, which Société Générale previously owned.
The crypto exchange promptly dropped support for the sanctioned banks from its P2P platform, calling it a “gap” in its service.
Binance, the largest crypto exchange in terms of trading volume, was also joined by ByBit and OKX to take down their support of sanctioned banks for purchasing cryptocurrencies in Russia on P2P platforms. All of them still offer services in the country, allowing payments
