Binance, a crypto exchange, has removed two payment options from its peer-to-peer service after being criticized for using code words to represent sanctioned Russian banks. The payment options were listed on the exchange’s message board, which allows users to buy and sell cryptocurrency. The payment options were removed after Binance learned that account holders were using the service to circumvent sanctions.Sixteen payment methods are still available for Russian ruble conversions to crypto, but Tinkoff and Rosbank are no longer on the list. Despite their official removal, some Binance P2P users are still advertising sales with “the green bank” as their payment method.Peer-to-peer crypto marketplaces have been controversial since their inception. Supporters argue these marketplaces are necessary to prevent government payment censorship, while detractors say they are used by criminals to move illicit funds. One of the most popular peer-to-peer marketplaces, LocalBitcoins, was shut down earlier this year, and some users moved to Binance P2P in response. Paxful co-founder Ray Youssef is working on a new marketplace called “Civ Kit” that he claims will be much more difficult for governments to shut down.
| Information |
Details |
| Geography |
Europe |
| Countries |
🇫🇮 |
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Ray Youssef, Tinkoff, Rosbank, The Wall Street Journal, Binance. |
| Companies |
Binance, Tinkoff, Rosbank, Raiffeisenbank, Russian Standard Bank, Payeer, Adv Cash, Ak Bars Bank, LocalBitcoins, Paxful, Civ Kit |
| Currencies |
Ruble, Bitcoin, Ethereum, Tinkoff, Rosbank |
| Securities |
None |
