Due to sanctions against Binance by the US and other countries

Transform business strategies with advanced india database management solutions.
Post Reply
tanjimajuha20
Posts: 464
Joined: Thu Jan 02, 2025 7:52 am

Due to sanctions against Binance by the US and other countries

Post by tanjimajuha20 »

Binance is considering a full exit from the Russian market, a representative of the crypto exchange told The Wall Street Journal (WSJ). "All options are on the table, including a full exit [from the market]," the Binance representative said.

, the crypto exchange is now forced to re-evaluate the pros and cons of continuing business in Russia, writes WSJ.

On August 26, Binance germany whatsapp resource announced new restrictions for users from Russia, who will now be able to trade on the exchange with other users (P2P transactions) from fiat currencies only in rubles. Russians living outside the country who have passed verification with address confirmation can continue to trade on Binance P2P in all fiat currencies except rubles, euros, US dollars and Ukrainian hryvnia.

When considering the prospects for further work in Russia, the crypto exchange takes into account several factors. Firstly, the possibilities for continuing work in the context of problems with regulation of the cryptocurrency market are assessed. Secondly, the financial risks for Binance are calculated, since sanctions and restrictions imposed on Russia may affect its operations and profitability. In addition, the need to comply with regulatory requirements is also an important factor for Binance, since the exchange strives to maintain its reputation as a compliant and trustworthy platform.

Leaving Russia could mean not only changes to Binance's trading options and payment methods available to users, but also a loss of market share in Russia as users look for alternative platforms to trade cryptocurrencies. Leaving a major market would also raise questions about the exchange's ability to cope with the challenges posed by regulation of the cryptocurrency market.

Binance is currently being investigated by the US Department of Justice for possible violations of sanctions against Russia, the WSJ reported, citing a source familiar with the matter. Amid the investigation, Binance has restricted P2P trading with Russian banks under sanctions for Russians. As Forbes reports, other crypto exchanges, including OKX and Bybit, have also suspended transactions with sanctioned Russian banks such as Sber, Tinkoff, and Alfa Bank.
Post Reply