Binance, a global cryptocurrency exchange, may be considering withdrawing its services from Russia due to sanctions imposed by countries such as the United States. According to a spokesperson from Binance, all options related to Russia are being considered, including a full exit. Recently, the exchange removed certain sanctioned Russian financial institutions from its peer-to-peer payment platform and added fiat currency restrictions for Russia-based users.
Bybit and OKX followed Binance’s actions by eliminating certain Russian banks from their payment option lists. Furthermore, Russia’s central bank announced its plans to begin testing digital rubles in August and to have them in widespread use by 2027.
Binance, which has no physical headquarters, operates in many countries, but the exchange has faced opposition from Russian authorities regarding its activities. In June, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance, Binance.US, and CEO Changpeng Zhao for an unregistered securities offering. Additionally, the Justice Department is reportedly investigating Binance for potential violations of US sanctions imposed after the Russian invasion of Ukraine.