Binance, the world’s largest cryptocurrency exchange, has announced new trading conditions for its Russian user base on its peer-to-peer platform. Russian users are now restricted to using only the Russian ruble for transactions on the platform. Additionally, Russian nationals residing outside the country are now barred from accessing key global currencies, such as the euro, the US dollar and the Turkish lira, for their trades.In order to transact in the Russian ruble, users must meet two requirements: undergo a complete Russian Know Your Customer verification process and provide verifiable proof of residence within Russia. The exact reason behind Binance’s revised approach remains unknown, but it coincides with the recent plunge of the ruble against major global currencies.The U.S. Justice Department is investigating any potential breaches of sanctions by Binance. Publications such as The Wall Street Journal have highlighted potential inconsistencies in Binance’s disclosed activities within Russia. The sheer scale of these transactions, combined with potential third-party intermediaries within Binance’s transactional framework, has prompted regulatory watchdogs to take note.
This News Article was automatically generated by Bob the Bot(AI)
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇿 🇺🇸 🇹🇷 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | |
| Companies | U.S. Justice Department, The Wall Street Journal, Binance, Russian Central Bank, EU |
| Currencies | us dollar, euro, turkish lira, ethereum, russian ruble, bitcoin |
| Securities |
