Binance has decided to curtail its operations in the Russian Federation following the initiation of an investigation by the US Department of Justice. From December 29, the crypto exchange will begin to close the remaining open accounts of Russians.
Russians registered on the Binance crypto exchange must close their accounts and withdraw all money before December 29. A corresponding reminder was sent to those whose location is “temporarily or permanently” determined in the territory of Russian Federation, RosSMI report.
The platform warns that from December 29 it will begin to close the remaining open accounts of Russians, so they should have time to pay all obligations and withdraw funds either to the CommEX exchange or to another crypto platform without restrictions.
Binance, the world’s largest exchange by volume, has announced that it will exit Russia and sell its local business to CommEX at the end of September. The official statement said that operating in the country “is not consistent with Binance’s compliance strategy.”
Interestingly CommEX was created a week before the deal was published. The company’s beneficiaries were not disclosed, but Binance denied any involvement.
Binance decided to reduce its work in the Russian Federation after the start of an investigation by the US Department of Justice: American authorities suspect that with the help of the exchange the Russians are avoiding sanctions imposed for the war in Ukraine. The Wall Street Journal reported that the platform still helps Russian citizens transfer money abroad, despite its pledge to abide by Western restrictions.
We remind you that in March, Binance banned dollar and euro transactions for Russians. This decision is explained by the restrictions within the tenth package of EU sanctions against the Russian Federation.
In September, it became known that the Binance exchange decided to leave the Russian market, and in November Binance announced that it was blocking deposits in rubles.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.