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Binance Ponders Total Departure from Russia Amid Allegations Abroad

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Recently, Binance used its peer-to-peer platform to drop support with sanctioned banks. However, right now, it is reconsidering the entire Russian business.

According to reports from a reliable news publication yesterday, Monday, August 28, a Binance spokesperson said the exchange is reevaluating options to exit Russia.

Moreover, the exchange has limited trading pairs to only ruble.

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Presently, Binance is combating several lawsuits with the United States regulators. Reportedly, the crypto behemoth contemplated all options yesterday, including a total departure from Russia.

Fast Facts

  • Following the accusations that the world’s largest crypto exchange, according to trading volume, is assisting nationals to launder money abroad earlier this year, Binance has revealed its intention to take measures to comply with the global sanctions.
  • The crypto exchange’s Russian position was revealed a few days following a media report that disclosed that Binance was helping its users within Russia to buy cryptos on its P2P trading platform via six sanctioned banks.
  • The information regarding the possible full exit of Binance from the Russian markets came together with an update to Binance’s Russian Telegram outlet, which declared various new regulations for Peer-to-Peer (P2P) exchange users.
  • According to the crypto exchange, its Russian users can, at present, trade on the Peer-to-Peer platform in fiat in RUB (Rubles) only. Moreover, this option is limited only to Know-Your-Customer-verified users living in Russia.
  • In addition, the latest rules state that the exchange’s users residing outside Russia will no longer trade rubles on the P2P exchange. Also, those consumers are barred from trading with the EUR (euro), United States Dollars, etc.
  • Reportedly, Binance dropped support to sanctioned banks such as Tinkoff Bank, which is second to the largest credit card provider in Russia and Rosbank, formerly owned by Societe Generale, on its P2P platform, dubbing the move a “gap” in its service.

What’s Happening In Crypto Today?

At the time of this writing, the price of Bitcoin is at $25,969.44, with an increase in market cap by 0.26% and an increase in trading volume by 26.57%.

On the side of Ethereum, it is presently trading at $1,644.32, with an increase in market cap by 0.71% and an increase in trading volume by 23.61%.

  • Meanwhile, Tether is currently trading at $0.9996, with an increase in market cap by 0.02% and an increase in trading volume by 14.09%.
  • BNB is currently trading at $217.46, with an increase in market cap by 0.75% and a drop in trading volume by 18.80%.

 

 

 

 

 

 

 

 

 

 

 

 

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