Binance accused of hiding names of sanctioned Russian banks behind color codes Binance accused of hiding names of sanctioned Russian banks behind color codes
Binance has repeatedly claimed that it complies with global sanctions imposed on Russia.
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Updated: Aug. 24, 2023 at 5:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance reportedly renamed sanctioned Russian banks on its peer-to-peer (P2P) platform to allow them to continue operations, local media RBC-Crypto reported on Aug. 23.
According to the report, Binance renamed the bank cards for Sber and Tinkoff to “green” and “yellow” local cards on its payment options for P2P trading.
Through its P2P services, Binance users can trade between themselves and process payments via banks despite the strict Western sanctions imposed on the country’s financial system.
Earlier in the week, the Wall Street Journal revealed that Binance has continued to enable several sanctioned Russian banks, including Sber and Tinkoff, to conduct transactions on its platform. The exchange, however, denies having any relationship with the banks and claims it complies with the global sanctions.
Meanwhile, the new revelation could further complicate things for Binance, which is already struggling with regulators in several Western countries. It could even provide further ammunition for the U.S. Department of Justice, reportedly investigating Binance and its CEO, Changpeng Zhao, for violating anti-money laundering laws.
As of press time, Binance was yet to respond to CryptoSlate’s request for comment.
Russian company creates blockchain service for international payments
In a separate development, a Russian blockchain company Web3Tech launched a platform to enable international payments through cryptocurrencies, RBC-Crypto reported on Aug. 24.
According to its website, the platform would reduce Russia’s financial system’s dependence on SWIFT as it can process local and international payments. The website further shows that the platform could work with other public blockchains as it creates circulation smart contracts and bridges for transferring popular cryptocurrencies such as Tether’s USDT and USD Coin.
Russia’s financial system has come under heavy pressure since the country invaded its neighbor, Ukraine, last year. Since then, the Russian government has increasingly leaned towards using crypto and central bank digital currencies (CBDCs) for international payments.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Tether
$0.99968
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.