Binance, the largest digital asset exchange in the world, has announced that it will no longer accept payments through Russian banks that are under Western sanctions on its peer-to-peer (P2P) platform. Russian traders will no longer be able to use cards issued by these banks for transactions, and they will also face restrictions on transactions involving foreign fiat currencies. This decision comes after Binance faced criticism for enabling payments through sanctioned institutions.
The move to drop Russian banks from its P2P service follows recent reports that Binance had renamed the bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff, to “green local card” and “yellow local card” in an attempt to circumvent the sanctions. The exchange has faced increased regulatory scrutiny, including an investigation by the U.S. Justice Department, over allegations of facilitating transactions involving sanctioned Russian banks.
Despite these restrictions, Russian users still have a selection of payment methods available to convert rubles into cryptocurrencies on the Binance platform. However, they are limited to using only the ruble as a fiat currency, and transactions involving U.S. dollars and euros are restricted due to EU sanctions. It remains to be seen whether Binance will introduce further restrictions for Russian users on its P2P platforms.
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