Crypto exchange Binance allowed withdrawal from the Russian market

Binance is re-evaluating its market in RUSSIA and admits leaving it. This comes amid investigations against the company in the US and suspicions that it violates sanctions by allowing Russians to transfer money.

Cryptocurrency exchange Binance is considering leaving the Russian market, reports The Wall Street Journal (WSJ), citing a company representative.

“All options are on the table, including full exit,” he said.

On August 22, the WSJ released a story in which it said the exchange was “helping Russians transfer money abroad,” which could affect its already complicated relations with the United States.

In June of this year, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its founder, Changpeng Zhao, for "flagrant disregard for federal securities laws" and enrichment at the expense of customers.

The WSJ source also said that the US Department of Justice is investigating the exchange because of a possible violation of sanctions against Russia. Bloomberg’s interlocutors also spoke about this: according to them, the investigation is connected with money transfers carried out by the Russians and the circumvention of sanctions. Binance has stated that it is complying with the restrictions.

“Binance follows the rules of global sanctions and applies them to people, organizations, entities and countries that have been blacklisted by the international community, denying such entities access to the platform,” she said in a statement.

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A few days after the publication of the WSJ material, Binance banned Russian clients from transactions with any currency other than the ruble through its own p2p platform (trading between users without the participation of an exchange). Users who have been verified as citizens of other countries have been disconnected from transactions with rubles. This limited the opportunities for Russians both within the country and abroad to convert rubles into other currencies, pay for foreign online services, etc.

Back in March 2023, the exchange closed access to p2p transactions in US dollars and euros for Russians due to sanctions, but they still had the opportunity to use other currencies. In addition, in August, Binance banned customers from paying through banks that fell under the restrictions, although this was previously possible.