Binance Stops Working with Blacklisted Russian Banks

Binance, a big crypto exchange, has stopped doing transactions with five blacklisted banks in Russia. Earlier, in April 2022, they stopped some Russian people from trading cryptocurrencies. By March 2023, they stopped Russians from using euros and U.S. dollars. But they still allowed trades in Russian money, the ruble, especially with big banks like Sberbank and Tinkoff Bank.

Binance used codes like "green" and "yellow" for these banks on their P2P platform (where people can trade directly with each other). But now, those codes have been removed.

P2P platforms let users trade directly, making it hard to check and control all transactions. The U.S. has noticed that this can be a problem.

Recently, a report said Binance helped Russian groups send money to other countries. But Binance said they always follow the rules and have stopped working with the blacklisted banks. They denied this accusation.

Regardless, Binance has problems. The U.S. government is looking to know if Binance helped Russians avoid U.S. rules. The U.S. also claims that  Binance broke other laws.

In other news, another exchange called Bybit in Dubai also stopped using ruble with the blacklisted Russian banks.