Crypto exchange Binance has dropped Russian banks under sanctions from the payment options on its peer-to-peer (P2P) platform. Russian traders can no longer use cards issued by these banks to make payments while transactions in foreign fiat currencies are also restricted for them.
Binance No Longer Offers P2P Traders Option to Pay Through Sanctioned Russian Banks
The world’s largest digital asset exchange, Binance, has dropped Russian banks placed under Western sanctions from its P2P service, the Wall Street Journal reported. The move comes after the crypto giant faced criticism for facilitating payments through such institutions.
A few days ago, Russian crypto media revealed that Binance has renamed bank cards issued by Russia’s largest bank, Sberbank, and the neobank Tinkoff to “green local card” and “yellow local card” after the publishing of an earlier WSJ article alleging that the exchange is helping Russians move money abroad in circumvention of sanctions.
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