The management of the Binance crypto exchange is considering the possibility of leaving the Russian market. A platform representative reported this to The Wall Street Journal (WSJ).
“We are considering all options, including a full exit,” said a Binance employee.
The cryptocurrency exchange has come into the spotlight for working with sanctioned Russian banks. According to the publication, she helped Russians withdraw funds abroad. After a wave of criticism, Binance introduced new restrictions for users from the Russian Federation.
On August 27, 2023, Binance announced that clients living in Russia will be able to trade P2P exclusively in rubles. Other fiat currencies were banned. In addition, users must undergo KYC verification.
Binance is now under the radar of several US regulators. In March 2023, the Commodity Futures Trading Commission accused the crypto exchange and its founder Changpeng Zhao (CZ) of violating regulations.
In June, the US Securities and Exchange Commission (SEC) also sued CZ for allegedly violating federal securities laws. The company later stated that the regulator was misleading the public and filed a counterclaim against the SEC.
