Binance is reportedly exploring the possibilities of conducting business in Russia, including the possibility of total withdrawal from the jurisdiction.
A representative from the platform told the Wall Street Journal that “all options are under consideration, including a complete exit.”
In light of the US sanctions, Binance, Bybit and OKX trading platforms have recently removed Sberbank, Tinkoff, and Alfa from their P2P platforms.
In addition, Binance has prohibited Russians from exchanging transactions with any fiat currencies other than the ruble.
Across the board, substitution of sanctioned banks are being made with more ambiguous terms such as “yellow”, “green”, “Yellow Oleg”, etc.
However, the possibility of blocking said restrictive platforms in Russia is being considered.
In the past, Binance has evaded the ban in Belgium by agreeing on a contract with Poland.
Moreover, suspicions of failure to comply with sanctions against the Russian Federation were surfacing in mid-May, initiated by the US Department of Justice Department of Homeland Security and the alleged instructions from the Binance support team to bypass such sanctions.
