BNB Drops after Russian Controversy
BNB value plunges following Wall Street Journal's claims of Binance aiding Russian transactions.
Wall Street Journal says Binance helps Russians move funds. Binance says it's not true and they have no ties with Russian banks. Because of this news, BNB's price fell to $204, its lowest in a year.
The Wall Street Journal (WSJ) reported that Binance, a big crypto company, helps Russians send money. This report says Binance works with at least five Russian banks that are not allowed to work with Western countries. People have already been talking about Binance since July because they think it helps with illegal money transfers in Russia.
In February, Binance said it stopped money transfers in U.S. dollars and euros for Russian customers because of EU rules. But WSJ says Russian users still use Binance with banks like Tinkoff Bank and Rosbank.
People who support Binance, called Binance Angels, chat on Telegram. They say Binance does not limit its Russian customers.
Last April, Binance set rules for Russian users because of EU laws. If Russians in Russia had more than 10,000 EUR in crypto, Binance had to check their address. But in April, a Russian news source, RBC, said Binance stopped the €10,000 limit. This meant Russian users could put and use more than €10,000 on Binance.
When WSJ talked about Binance, the company replied. After this, BNB's price went down to its lowest since last year's big drop.
