Binance accused of violating sanctions placed on Russia
Binance, the largest crypto exchange by trading volumes, is accused of engaging with sanctioned companies in Russia. Binance on focus An Aug. 22 report from WSJ alleges that despite Binance’s assertion of compliance and non-engagement with sanctioned entities, the exchange continues to operate actively in Russia. Binance started limiting operations in Russia in April 2022. Despite this, the WSJ report pointed to the high ruble-based crypto trades as aggregated from external sources. It is alleged that through several layers of intermediaries, clients can deposit funds directly from sanctioned banks in Russia. At the same time, Binance allegedly continues to facilitate peer-to-peer (P2P) rubles trade for crypto assets. Citing user screenshots and messages in official chat groups, it is claimed that Binance coordinate with sanctioned banks to make this possible. A recent examination of Binance’s service website also revealed that they provided Russian clients access to...