Key Points:

• Binance ruble payment partnership with Advcash has ended due to regulatory challenges.
• Advcash allowed Binance users to deposit and withdraw Russian rubles, even from sanctioned Russian banks.
• This move is part of Binance’s strategy to discontinue associations with payment processors amid the DOJ investigation.

Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations.

Binance Ruble Payment Partnership Suspended Amid Regulatory Challenges

The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement.

According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership.

This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud.

In September, Binance took significant steps to exit the Russian market entirely, selling its firm to a newly launched crypto exchange known as CommEX.

Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Binance Ruble Payment

CommEX

Ruble Payment

Russia

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Binance Ruble Payment Partnership Completely Terminates Amid Regulatory Challenge

Key Points:

• Binance ruble payment partnership with Advcash has ended due to regulatory challenges.
• Advcash allowed Binance users to deposit and withdraw Russian rubles, even from sanctioned Russian banks.
• This move is part of Binance’s strategy to discontinue associations with payment processors amid the DOJ investigation.

Binance, one of the world’s leading cryptocurrency exchanges, is set to terminate its partnership with payment processor Advcash, also known as Advance Cash. This decision comes as part of Binance’s ongoing efforts to navigate regulatory challenges and increase compliance in its operations.

Binance Ruble Payment Partnership Suspended Amid Regulatory Challenges

The partnership, established in 2019, allowed Binance customers to deposit and withdraw Russian rubles, even from sanctioned Russian banks, through Advcash. However, recent developments suggest that Binance is now distancing itself from this arrangement.

According to the Wall Street Journal, Binance informed a client of its decision through an email, though Advcash claims it has not received any official communication regarding the termination of the Binance ruble payment partnership.

This move is in line with Binance’s strategy to discontinue associations with payment processors across Europe and the Americas amidst an investigation by the U.S. Department of Justice. The investigation centers on concerns related to money laundering, sanction evasions, and alleged fraud.

In September, Binance took significant steps to exit the Russian market entirely, selling its firm to a newly launched crypto exchange known as CommEX.

Despite facing substantial regulatory hurdles and compliance challenges due to Western sanctions against Russia, Binance continued to serve Russian users until August 2023. The departure from the Russian market also saw top Russian executives leave the company in early September.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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