Binance will consider leaving Russia

potential secondary sanctions for binance due to helping Russians bypass sanctions
potential secondary sanctions for binance due to helping Russians bypass sanctions

Cryptocurrency exchange Binance is studying the likely ways of business development in the Russian Federation, including the complete withdrawal from the jurisdiction. It is reported by the WSJ.

“All options are under consideration, including a complete exit,” representatives of the platform said.

Binance, Bybit and OKX trading platforms have recently removed Sberbank, Tinkoff and Alfa banks under US sanctions from their P2P platforms. The first also banned Russians from exchanging transactions with any fiat currencies except for the ruble.

Despite the restrictions, merchants in the terms of the deal replace the names of the sanctioned banks with “yellow”, “green”, “Yellow Oleg” and others.

Refusal to serve citizens of the Russian Federation may apply to all other crypto exchanges. One of the experts interviewed by ForkLog suggested considering the possibility of blocking restrictive platforms in Russia.

Previously, Binance bypassed the ban on serving users from Belgium through the Polish agreement.

Recall that in early May, the media reported on the investigation of the US Department of Justice Department of Homeland Security in relation to the parent company, Binance Holdings Ltd. on the fact of possible non-compliance with sanctions against the Russian Federation.

In March, the CFTC filed a lawsuit against the stock exchange. It also claims that the exchange’s support team “teaches people how to get around sanctions.”

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