The world's largest cryptocurrency exchange, Binance, may completely leave the Russian market due to international sanctions imposed on Russia by Western countries.
"All options are on the table, including a full exit," a spokesperson for the cryptocurrency exchange told the Wall Street Journal.
Binance began reviewing its Russia policy after reports surfaced that the exchange was helping Russians transfer funds abroad to circumvent sanctions, despite announcing last year that it would cease operations in Russia.
Binance also recently took steps to restrict peer-to-peer trading involving Russian banks on an international sanctions list. On Monday, the exchange also imposed additional restrictions on Russian users of the peer-to-peer trading service, saying they would only be able to exchange digital tokens for rubles
It is worth noting that the U.S. Department of Justice (DOJ) has opened an investigation into Binance for possible violations of U.S. sanctions related to Russia.
The DOJ alleges that after the sanctions were imposed, Binance maintained significant trading volumes using the ruble.
In response, the cryptocurrency exchange admitted to the violations and stated its commitment to compliance and regulation.
