Binance, the world’s leading cryptocurrency exchange by market cap, is reportedly considering exiting the Russian market. This news was reported by The Wall Street Journal, as the crypto exchange continues to face regulatory challenges in the US and Europe.
Binance took steps to block accounts belonging to Russian nationals with a connection to the Kremlin, after allegations that it was helping its customers move money outside the country. The company was also forced to align itself with international sanctions, set forth by the US Treasury.
In 2022, the crypto-exchange took steps to block accounts belonging to Elizaveta Peskova, the daughter of Dmitry Peskov, the spokesperson for Russian leader Vladimir Putin. It also shut down accounts belonging to other top-level executives and their families.
In an effort to comply with regulatory requirements, Binance informed its customers in Belgium that they can access the services through its Poland unit. Additionally, this month, the crypto-exchange discontinued support for its crypto-backed debit card for customers in Latin America and the Middle East.
As the US and EU have imposed sanctions against Russia after it invaded Ukraine last year, bans have been imposed on the importation, transfer, and acquisition of coal, as well as other fossil fuels. Key Takeaways:
• Binance is considering exiting the Russian market due to regulatory issues in multiple countries.
• The crypto exchange blocks accounts belonging to Russian nationals with a connection to the Kremlin.
• Customers in Belgium can access the services through Binance Poland, its Polish-regulated arm.
• Binance discontinued its crypto-backed debit card for customers in Latin America and the Middle East.
• The US and EU have imposed sanctions against Russia in response to the invasion of Ukraine.