Binance Discontinues Peer-to-Peer Service with Sanctioned Russian Banks Binance has ended its relationship with five Russian banks under sanctions on the exchange's peer-to-peer service for ruble fund transfers.
Binance received criticism from The Wall Street Journal (WSJ) on August 22 for offering sanctioned Russian banks like Tinkoff and Rosbank as transfer options.
This raised concerns about potential sanctions violations,
as Binance seemed to endorse these banks as payment methods. The report highlighted Binance's operational connections in Russia,
potentially violating sanctions after the Russia-Ukraine conflict.
The US Justice Department was investigating
Binance for possible sanctions breaches, alleging unauthorized access for Russian citizens. The report also noted external data suggesting significant ruble trade volumes
on Binance.
The WSJ emphasized Binance's involvement in peer-to-peer ruble-to-digital asset transactions, especially with banks under Western sanctions,
referring to user screenshots and chat messages.
However,
Binance disagreed, saying it had no affiliation with any Russian bank, as stated by a spokesperson.
