Binance, the world’s leading cryptocurrency exchange, is facing allegations of operational ties in Russia, according to a report from the Wall Street Journal. Despite Binance’s confirmation of a reduction in its Russian operations to comply with European Union sanctions, data suggests that the exchange still has a persistent ruble trading presence on its platform. This has raised concerns of sanctions evasion by the U.S. Treasury Department.Binance has denied any association with banks, Russian or otherwise, and has stated that it strictly adheres to international sanctions. However, customer-service volunteers have reportedly told users in a Telegram group that the exchange is no longer enforcing any trading limits on Russian clients.The U.S. Justice Department has launched a probe into the possible sanctions violations by Binance, following previous regulatory challenges from the Securities and Exchange Commission and the Commodity Futures Trading Commission. Cryptocurrencies have become a lifeline for Russians restricted by U.S. sanctions, as stablecoins such as tether enable them to swap rubles for digital currencies, which can then be exchanged for hard currency or transferred to other wallets. The Department of Justice is determined to investigate the matter further.

Information Details
Geography Europe
Countries 🇺🇦 🇺🇸
Sentiment negative
Relevance Score 10
People Changpeng “CZ” Zhao, Tinkoff Bank, Rosbank, U.S. Treasury Department, U.S. Justice Department.
Currencies Ruble, Euro, Tether, Bitcoin, Ethereum
Securities None

Leave a Reply