Binance removes five sanctioned Russian banks from P2P trading: WSJ
Aug. 25, 2023
By Mike Dalton
Controversy around those Russian banks emerged earlier in the week, when WSJ claimed that the company continued to allow peer-to-peer trading involving the Russian banks in question.
Binance has removed several sanctioned Russian banks from its peer-to-peer (P2P) trading service, The Wall Street Journal reported on Aug. 25.
The news outlet cited a quote from Binance, which stated:
“We regularly update our systems to ensure compliance with local and global regulatory standards. When gaps are pointed out to us, we seek to address and remediate them as soon as possible … [Payment methods that] do not fit with our compliance policies are not available on our platform.”
The report detailed that five banks are no longer available on Binance’s P2P crypto trading service. That service otherwise includes options allowing users to make direct transfers to and from bank accounts in exchange for crypto.
Controversy around those Russian banks emerged earlier in the week. On Aug. 22, WSJ reported that the company continued to allow peer-to-peer trading involving the Russian banks in question. Furthermore, Binance volunteers allegedly advertised an absence of Russian trading restrictions on Telegram.
Later, reports from Russian media suggested that Binance renamed certain bank options to hide their sanctioned status. The Russian majority state-owned Sberbank and the branchless neobank Tinkoff were displayed as “green local card” and “yellow local card,” matching the respective logo color schemes of those two banks.
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