Channels

Read

<div class="coingape"> 
 <h2 id="b-the-backdrop-binance-and-russia-b"><b>The Backdrop: Binance and Russia</b></h2> 
 <p><span style="font-weight: 400;"><a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s relationship with <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a> has seen turbulent waves in recent months. Following the commencement of </span><span style="font-weight: 400;"><a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>’s actions in Ukraine</span><span style="font-weight: 400;">, the exchange voiced a reduction in its dealings within the <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n territory. This appeared to align with the European Union’s robust sanction directives.&nbsp;</span></p>  
 <div class="quads-location quads-ad90952 " id="quads-ad90952" style="float:none;text-align:center;padding:0px 0 0px 0;"> 
  <div class="ad1">
   <div class="advertised">
    <span class="ad-placeholder">advertisement</span>
   </div> 
  </div>  
  <div id="my-banner-ad" class="d-inline-block"></div> 
 </div> 
 <p><span style="font-weight: 400;">Yet, skepticism surrounds Binance’s actual implementation of these limitations. Critics have raised concerns over the company’s multi-layered intermediary system, suggesting it could be a potential avenue for sanctioned Russian entities to convert their funds into Binance balances covertly.</span></p>  
 <div class="quads-location quads-ad124348 " id="quads-ad124348" style="float:none;text-align:center;padding:0px 0 0px 0;">   
 </div> 
 <p><span style="font-weight: 400;">The severity of these implications was underscored by revelations that Binance’s peer-to-peer platform had listed major sanctioned </span><span style="font-weight: 400;">Russian banks</span><span style="font-weight: 400;">, such as Rosbank and Tinkoff Bank, as viable payment options. Such associations have not gone unnoticed, with the U.S. Treasury Department expressing significant concerns about these platforms potentially becoming conduits for sanctions evasion.</span></p> 
 <h2 id="b-taking-precautionary-measures-b"><b>Taking Precautionary Measures</b></h2> 
 <p><span style="font-weight: 400;"><a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> has started implementing more rigorous measures in its <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n operations to distance itself from these controversial allegations. A recent communication to its users signaled a restriction in its peer-to-peer trading within <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>. The </span><span style="font-weight: 400;">updated guideline</span><span style="font-weight: 400;"> mandates users to only exchange digital tokens for rubles, cutting off other currency options.</span></p>  
 <div class="quads-location quads-ad148831 " id="quads-ad148831" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;"> 
  <div class="NewTrendin dsdsd m-on"> 
   <h5> 
    <svg class="inline-block w-5 ml-1 text-black _text-digg-blue" width="34" height="20" xmlns="//www.w3.org/2000/svg" viewbox="0 0 17 17" fill="currentColor"> <path fill-rule="evenodd" d="M12 7a1 1 0 110-2h5a1 1 0 011 1v5a1 1 0 11-2 0V8.414l-4.293 4.293a1 1 0 01-1.414 0L8 10.414l-4.293 4.293a1 1 0 01-1.414-1.414l5-5a1 1 0 011.414 0L11 10.586 14.586 7H12z" clip-rule="evenodd"></path>
    </svg>Recommended Articles </h5> 
   <div class="TrendSList owl-carousel owl-relatedpostar"> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/cf35a15cb82cd1ed6fc87ff4ecbfc001.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4"> Crypto Presale Projects For 2023 To Invest; Updated List </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/fa6133ad6e87ee1c4776d3849180d46b.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/fa6133ad6e87ee1c4776d3849180d46b.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="crypto exchange affiliate programs" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Best Crypto Trading Bots List 2023</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/f88de9f91a8c6b7926f52e209e8f697e.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/f88de9f91a8c6b7926f52e209e8f697e.webp" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4"> Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] </h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/27/472515f3ab5ae759f4e49d6afa8bc33a.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/27/472515f3ab5ae759f4e49d6afa8bc33a.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Crypto Telegram Channels List 2023 [Updated]</h6> <span>Must Read</span> 
    </div> 
    <div class="BoXtrendsI bg-white"> 
     <div class="ImgFrmI"> 
      <img width="1200" height="627" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201200%20627'%3E%3C/svg%3E" alt="ethereum price crypto news" decoding="async" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/28/48cfebc8a0493db9937bed5dd005ee19.webp">
      <noscript>
       <img width="1200" height="627" src="https://cdn.thebittimes.com/images/2023/08/28/48cfebc8a0493db9937bed5dd005ee19.webp" alt="ethereum price crypto news" decoding="async" loading="lazy">
      </noscript> 
     </div> 
     <h6 class="mb-4">Top 10 Web3 Games To Explore In 2023; Here List</h6> <span>Must Read</span> 
    </div> 
   </div> 
  </div> 
 </div> 
 <p><span style="font-weight: 400;">Moreover, the exchange has </span><span style="font-weight: 400;">severed ties</span><span style="font-weight: 400;"> with several blacklisted <a rel="dofollow" title="Russia" href="https://thebittimes.com/tag/russia.html">Russia</a>n banks on its P2P platform. While this move is seen as a proactive measure to dissociate from any potential sanctions breach, it illuminates the scale of <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>’s challenge in ensuring its operations remain above board.</span></p> 
</div>    
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/breaking-binance-contemplates-full-exit-from-russian-market-tbt60690.html">https://thebittimes.com/breaking-binance-contemplates-full-exit-from-russian-market-tbt60690.html</a></p>

Breaking: Binance Contemplates Full Exit from Russian Market

Table of Contents

TheBitTimes

Other articles published on Aug 28, 2023

$40M Worth of Crypto Trapped in Inaccessible Wallet PrimeTrust Multisig Wallet

Bitcoin Cash Weekly News August 28 2023 by the Bitcoin Cash Foundation

10.6T $PEPE in Multisig Transferred to New Wallet, Team Promises Burn

HK HashKey Exchange in Talk with Brokerages to Connect Crypto Trading to Brokerage Platform

Buying What Can’t Be $old - The Secret of Crypto Scarcity

Chainlink’s Fresh Oracle Innovations Signal Market Mastery: Big Fish Dive into LINK, $ROE & DOT

Join our free newsletter for daily crypto updates!