Binance Will Align with the Western to Sanction Russia?

Binance will take action against Russia?

Following Russia’s invasion of Ukraine, Binance, the world’s largest cryptocurrency exchange, stated it is preparing to take action against people that Western countries have sanctioned.

“We have assembled a dedicated global compliance task force, including world-renowned sanctions experts, and are taking the steps necessary to ensure we take action against those that have had sanctions levied against them, while minimizing impact to innocent users,” a Binance spokesman said.

Crypto has taken on a new role in the Ukraine conflict, with millions of dollars in digital asset contributions pouring in to fund the Ukrainian defense. At the same time, Russian businesses and investors may look into crypto services to avoid sanctions.

Recently, the crypto exchange has committed $10 million minimum to help the humanitarian crisis in Ukraine through its Binance Charity Foundation.

The donation will be split between major intergovernmental organizations and nonprofit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, iSans, and People in Need, to help support displaced children and families in Ukraine its neighboring countries.

Since the invasion began, the Ukrainian government and NGOs have received a total of $18.9 million in crypto donations, according to Ellipcit’s update. Furthermore, a single $3 million Bitcoin donation was made to one NGO.

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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