Binance has severed its affiliations with five Russian banks that were under sanctions, having been previously featured on the exchange’s peer-to-peer platform for ruble fund transfers, the native currency of Russia.
The move is a part of Binance’s routine system update aimed at adhering to both local and international regulatory standards, as well as sanctions protocols.
As reported initially by the Wall Street Journal, the situation sheds light on how Binance was facilitating the movement of Russian funds across borders, placing the exchange in a complex legal predicament. Throughout this year, Binance has confronted a series of legal complications, notably including a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), alleging non-compliance with federal securities regulations.
Adding to the recent challenges, Binance witnessed the termination of partnerships with two prominent financial institutions, MasterCard and Visa, earlier in the current week.
Binance Cuts Ties with Sanctioned Russian Banks Amid Regulatory Compliance Efforts
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