BINANCE Exchange blocks Russian users targeted by sanctions

 

                                                                                                                 By:- NILESH MISHRA

Crypto exchange Binance blocks the accounts of any Russian clients targeted by sanctions, he told Reuters on Monday, but will not suspend the accounts of others after Ukraine imposed a ban on Russian users on major digital currency platforms.

"We are blocking the accounts of those on the sanctions list (if they have Binance accounts) and ensuring that all sanctions are fully met," a spokesman for the company said on Monday, declining to give further details.

The United States, Britain, Europe and Canada announced new sanctions on Russia on Saturday, which include blocking access to certain lenders in the SWIFT international payment system, following Russia's invasion of Ukraine.

Ukraine's Deputy Prime Minister Mykhailo Fedorov said on Sunday he had requested a major crypto exchange to block the digital wallet addresses of Russian users, allowing crypto currency transactions.

Fedorov, who is also the minister of digital reform, on Saturday presented a "huge reward" for information on digital funds held by Russian and Belarusian politicians.

"It is important to establish not only addresses linked to Russian and Belarusian politicians, but also to the detriment of ordinary users," he wrote.

A separate Binance spokesman told Reuters: "We will not stop millions of innocent users' accounts independently. Crypto was intended to provide greater financial freedom to people around the world."

Binance, the world's largest cryptocurrency exchange, said last month it wanted to expand to Russia and neighboring regions. Russia is Binance's largest market, with more than 113,000 members of its  Russian-language Telegram channel. Since 2019, Binance has allowed users to deposit and withdraw Russian rubles through the payment company Advcash. Advcash, headquartered in Belize, told Reuters that users would be able to continue making quick cash and withdrawals from Binance with its digital wallets. On our platform, some users may have restrictions due to sanctions imposed on certain banks," he added. "Ensuring that our services are transparent, fully regulated and provided in accordance with all applicable laws is and has always been a priority for us."

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