Binance Exchange Blocks Many Russian Users

by nativetechdoctor

On February 28, cryptocurrency exchange Binance blocked the accounts of Russian customers who were subject to sanctions.

“We are blocking the accounts of those on the sanctions list (if they have a Binance account) and ensuring that all sanctions are fully met,” a spokesperson for the exchange Binance told Cointelegraph. know.

This move was made by Binance after the US, UK, Europe and Canada announced new sanctions against Russia on February 26.

Earlier, on February 27, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation Mykhailo Fedorov posted on the social network Twitter calling on major cryptocurrency exchanges to block digital wallet addresses of Russian users.

At the same time, Mr. Fedorov has offered a large “reward” for information about digital wallets held by Russian and Belarusian politicians.

Talking to Reuters, a representative of Binance said: “We will not unilaterally freeze millions of accounts of unrelated users. Cryptocurrencies aim to provide greater financial freedom for everyone on the planet Global”.

Binance said last month it wanted to expand into Russia and neighboring countries. Russia is the major market of this world . Currently, more than 113,000 members have joined the Russian-language Telegram channel.

As of 2019, Binance allows users to deposit and withdraw Russian rubles through the payment company Advcash. According to Advcash, users can continue to instantly deposit and withdraw funds on Binance through the Advcash digital wallet, however “some users may experience limitations arising from sanctions on particular bank”.

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