Binance Has Cut Off Five Sanctioned Russian Banks From Peer-To-Peer Service: Reports

Binance has reportedly cut ties with five Russian banks that people were using to move money in rubles, Russia’s currency. They did this to follow the rules from both local and global regulators about sanctions and other standards. Binance was letting Russian customers use five banks that are under sanctions for making payments. Binance had earlier said it follows worldwide rules for sanctions and puts restrictions on people, groups, organizations, and countries that are on the blacklist.

A Binance spokesperson told Coindesk, “When gaps are pointed out to us, we seek to address and remediate them as soon as possible. In line with our ongoing commitments, payment methods on the Binance P2P platform that do not fit with our compliance policies are not available on our platform.”

It was earlier reported by WSJ that the U.S. Department of Justice (DOJ) is looking into whether Binance might be breaking U.S. rules about sanctions against Russia.

The crypto market in the US has faced some new rules from regulators lately, especially with the SEC’s lawsuit against Binance. People are worried that this could affect the price of Bitcoin and other cryptocurrencies in a big way. This big legal fight could change the rules in the US for how things are regulated. Coinbase also got a lawsuit from the SEC.

Back in June, the US Securities and Exchange Commission (SEC) took legal action against Binance.US and its global partner Binance.com. They said the platforms broke some securities laws. Binance.US, Binance.com, and the founder Changpeng Zhao disagreed with the claims made against them. On June 17, Binance and the SEC agreed to keep the assets of American customers in the US. However, only the employees of the company’s branch can access these assets.