Binance has closed access to P2P transactions for Russian users
Binance has closed access to P2P transactions for Russian users
Cryptocurrency exchange Binance has closed access to the peer-to-peer (P2P) payment service of five Russian banks under sanctions.
The decision by Binance's management was made after information emerged that the exchange's P2P platform continues to work with Russian banks on the international sanctions list.
The popularity of P2P payment services has skyrocketed in Russia after cryptocurrency exchanges stopped or severely limited their ruble offerings due to sanctions imposed because of the Kremlin's full-scale military invasion of the neighboring peaceful state, according to BeInCrypto.
The Wall Street Journal previously reported that Binance users from Russia have access to peer-to-peer ruble trading for cryptocurrencies involving Russian banks hit by the sanctions, including Tinkoff Bank and Rosbank.
It's worth noting that on the P2P platform, cards issued by Sber and Tinkoff were not identified by name but by color (yellow and green), indicating Binance's intention to hide the actual payment methods used.
On August 25, the cryptocurrency exchange banned payments using cards issued by five Russian banks under international sanctions and also blocked Russian users from accessing P2P transactions with non-ruble currencies.
Now, the United States has launched an investigation into Binance for its assistance in violating international sanctions, which will increase the pressure on the cryptocurrency exchange, which is already under intense scrutiny from many global watchdogs.
Earlier, Mastercard and Binance stopped issuing cards in some countries.
