Binance restricts transactions with Russian crypto platforms

Binance, the world’s largest cryptocurrency exchange by trading volume, will restrict transactions with crypto platforms targeted by the European Union’s latest package of sanctions against Russia.

It said due to recent changes in legislation, Binance will no longer process transactions involving certain crypto-asset service providers/platforms, Caliber.Az reports.

The EU adopted its 21st package of sanctions against Russia on July 23, including restrictions on crypto platforms that European authorities have linked to sanctions evasion. The measures target 14 cryptocurrency services.

Restrictions on A7 Nigeria, A7 Africa and PilotFinance took effect on August 13. Measures targeting Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode, Exnode Pay, HTX and EXMO will take effect on August 23.

Binance will block transactions with these platforms and associated crypto wallets.

“Restrictions may be applied to the impacted wallet(s) while the review is ongoing and such activity may also constitute a breach of Binance,” the exchange noted.

In the spring, Binance came under scrutiny in the United States. Senator Richard Blumenthal launched a preliminary investigation into the exchange and sent CEO Richard Teng a request for information on transactions linked to Iran and Russia.

Blumenthal made clear that the probe was related to reports of $1.7 billion in transfers through Binance. He later said he intended to continue pressing Binance to comply with sanctions requirements and anti-money laundering laws.

Binance announced its exit from Russia on September 27, 2023, saying it had sold its Russian business to cryptocurrency exchange CommEX.

In November 2023, Binance also ended its partnership with payment system AdvCash, which allowed users to deposit and withdraw rubles, including through sanctioned Russian banks.

Following its exit from Russia, Binance continued to serve a limited number of Russian users, Cointelegraph reported, citing a company representative. According to the representative, Binance complies with restrictions concerning sanctioned individuals.

By Bakhtiyar Abbasov