Crypto Exchange Binance has blocked Russian users
Crypto Exchange Binance said on Monday that it would freeze the accounts of any Russian clients targeted by sanctions but will not freeze the accounts of others after Ukraine’s call for a restriction on Russian users on key digital currency platforms.
“We’re barring the accounts of individuals on the sanctions list (if they have Binance accounts) and ensuring that all sanctions are fully implemented,” a company spokeswoman said on Monday, declining to provide any specifics.
Following Russia’s invasion of Ukraine, the United States, the United Kingdom, Europe, and Canada imposed further sanctions against Russia on Saturday, including the barring of specific lenders’ access to the SWIFT international payment system. continue reading
Ukraine’s Vice Prime Minister Mykhailo Fedorov said on Sunday that he has demanded that significant cryptocurrency exchanges restrict Russian users’ digital wallet addresses, which enable crypto coin transactions. Fedorov, also the minister of digital transformation, promised a “substantial reward” on Saturday for information about the digital wallets used by Russian and Belarusian officials.
“It is critical to block not only addresses associated with Russian and Belarusian leaders but also addresses associated with ordinary users,” he added.
According to a separate Binance official, “We are not going to freeze the accounts of millions of innocent people unilaterally. The cryptocurrency is created to provide people worldwide greater financial independence.” Crypto Exchange Binance announced its intention to expand in Russia and neighboring states last month. Russia is a significant market for Binance, as evidenced by its Russian-language Telegram channel having over 113,000 subscribers.
Crypto Exchange Binance began accepting deposits and withdrawals of Russian roubles via payments company Advcash in 2019. Advcash, headquartered in Belize, told Reuters that customers would be allowed to continue using their digital wallets to make immediate payments and withdrawals on Crypto Exchange Binance.
“Some users may encounter restrictions on our platform as a result of sanctions imposed on specific institutions,” it noted. “Our major aim has always been to ensure that our services are transparent, properly regulated, and supplied in line with all applicable laws.”