Binance To End Ruble Payments As It Winds Up Partnership With Russian Payment Firm Advcash, WSJ Says
Release: 2023/11/03 06:01 Reading: 759
According to the Wall Street Journal (WSJ), Binance intends to terminate its partnership with Advanced Cash (AdvCash), a Russian payment provider. As a result, ruble-based transactions will no longer be supported.
Sources familiar with the matter reported to the WSJ that AdvCash was utilized to transfer money between Russian banks that were subject to sanctions and the exchange.
Binance intends to end its partnership with Advcash, according to a report by WSJ.
The reason for this decision is that Advcash enables the transfer of funds to customers of Russian banks that have been subjected to sanctions. #CRYPTO #Bitcoin #web3 #NFTs #ETHEREUM pic.twitter.com/UX2euPY5hn
NFT expert Big Mike, also known as the NFT Guru, shared a tweet on November 1, 2023.
This aligns with the exchange's objective to completely withdraw from the Russian market due to thorough legal examination prompted by the Ukraine invasion.
Binance entered into a partnership with Advcash in 2019, allowing consumers to make deposits and withdrawals in rubles.
In this partnership, Advcash offered links to "independent exchange providers" capable of facilitating transfers from customers' accounts at Russian banks to the cryptocurrency trading platform. This allowed users to easily convert between fiat and crypto currencies, both from their Advcash and Binance accounts.
According to an Advcash spokesperson, The Block was informed that Binance has not provided any updates regarding the termination of their partnership.
The spokesperson stated that Advcash did not assist in transferring any funds between sanctioned banks and Binance. They also mentioned that Advcash ceased processing credit card deposits in Russian rubles from their customers in March 2022.
The individual stressed that AdvCash is a regulated platform that is "dedicated to adhering to all relevant laws."
According to the statement made to The Block, the individual mentioned that the process involves checking all users against all available lists of sanctioned individuals and implementing complete KYC and AML procedures through reliable KYC providers.
Operating In Russia Doesn’t Meet Binance’s Compliance Strategy
In an announcement last month, the world’s largest crypto exchange shed more light on its decision to cease operations in Russia. The firm entrusted its operations to the crypto exchange CommEX following a legal probe into whether the firm assisted Russians in evading sanctions.
This marked a significant step in Binance’s endeavour to comply with global regulatory standards, given the legal issues it is facing in different countries around the world.
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