According to a recent report by the Wall Street Journal, cryptocurrency giant Binance has ceased offering its clients the option to conduct peer-to-peer transactions through sanctioned Russian banks.
This decision comes just days after a Wall Street Journal exposé shed light on how the exchange allegedly facilitated the movement of funds from Russia to other countries.
Binance Halts Peer-to-Peer Transactions With Sanctioned Russian Banks
Previously, Binance’s peer-to-peer service allowed users to transfer rubles to one another using five sanctioned Russian lenders. However, these banks have now been removed from the platform as a transfer method.
When questioned about the removal of the banks, a spokesperson from Binance remarked:
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.
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