Key Points:
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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