Binance currently stands as the largest single currency exchange in the world for cryptos. This is why keeping a close eye on its activities can be very informative to crypto enthusiasts. It often sets precedents for many to follow. Binance is currently considering its business within Russia and how to go forward in that market in the context of the recent political climate. This means stopping Binance p2p services there. It may even decide to pull out of the market there entirely, as it has become a rather sore point for the exchange.
This is a difficult decision for the crypto firm, as Russia has been among its most important markets. The final Binance announcement should come soon.
One Binance spokesperson said that any option is available to them, going up to a full withdrawal.
Past Announcements from Binance
The company had previously stated that they had stopped working in the country last year. They thus stated that they had been working in accordance with sanctions from the West, stopping trading there. However, recently, there have been reports that the exchange was still aiding Russian clients in moving their funds to foreign markets. They did limit Binance’s p2p trading with banks in Russia that were under sanctions earlier.
The timing likely has links to the regulatory pressure Binance is currently experiencing. Some have been asking, ‘Is Binance in trouble?’. The US has been putting Binance under great scrutiny recently. This has included lawsuits from regulatory bodies. In order to comply with recent regulations, Binance has stated it intends to change its services accordingly. They have even been hiring important professionals to help them navigate regulatory needs, like Noah Perlman.
Other crypto exchanges have remained active within Russia. OKX is one of these, offering users to exchange rubles for digital currencies, as their intention is to serve clients worldwide. CCData says there are several exchanges that offer such services.
