Binance May Exit Yet Another Nation As Troubles Continue To Mount…
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August 30, 2023 12:35 pm
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Binance has been facing mounting legal pressures both inside the United States and abroad. …
The world’s biggest centralized cryptocurrency exchange has been dealing with an investigation from the U.S. Securities and Exchange Commission (SEC).
It can be argued that this investigation was the catalyst for Binance’s international troubles, to date the company has exited The Netherlands and is under investigation in both France and Brazil. …
Now we are seeing reports that Binance is considering a full exit from Russia—citing increased regulatory concerns and legal pressures.
Multiple sources noted the potential exit of Binance from Russia:
NEWS: Binance’s consideration for an exit follows a series of sanctions levied against Russiahttps://t.co/qHkOjXjwkM
— Blockworks (@Blockworks_) August 29, 2023
📢 #Binance imposes restrictions on Russian users, limiting fiat currency options. Only Russian residents can utilize the Russian ruble on Binance P2P, while other currencies are off-limits. Stay updated on the latest developments in the crypto space! #cryptocurrency #Russia
— Block Savvy (@Block_Savvy) August 28, 2023
JUST IN:
Binance exchange is considering a complete withdrawal from Russia.
— Whale (@WhaleChart) August 28, 2023
According to state-affiliated media Russia Today:
“All options are on the table, including a full exit,” a company spokesperson told the US newspaper, without providing further details.
The news comes after Binance recently announced that Russian users can now trade on the P2P (peer-to-peer) platform in fiat currency in rubles only.
The option is restricted to local users who have passed Binance’s ‘know your customer’ (KYC) verification.
Anti-crypto Democrat Elizabeth Warren attempted to stir anger over the favorite subject of Democrats: Russia and Russian sanctions.
She claimed: “I rang the alarm about sanctions evasion by Russia using the crypto platform Binance—and urged The Justice Department to investigate potentially false statements it made to Congress. We need stronger crypto regulations to rein in illicit finance.”
I rang the alarm about sanctions evasion by Russia using the crypto platform Binance—and urged @TheJusticeDept to investigate potentially false statements it made to Congress. We need stronger crypto regulations to rein in illicit finance. https://t.co/OmiWqKiD1k
— Elizabeth Warren (@SenWarren) August 25, 2023
DailyCoin provided this figure:
According to the Bank of Russia, Russians made P2P trades worth around $428 million monthly from October through March. Moreover, the U.S. Treasury Department has flagged such P2P crypto transactions as a potential way of evading U.S. sanctions.
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