A Binance crypto exchange claims to comply with international sanctions by denying sanctioned Russian individuals and entities access to its platform.
“Compliance with the regulations in force remains our top priority. We are committed to maintaining our users’ trust and confidence in our platform. We put a lot of energy into our systems and our people to protect our customers”Binance said.
The trading platform claims to restrict access to its platform to Russian individuals and entities that are subject to international sanctions.
“The crypto exchange adheres to international rules and fully complies with restrictions against natural and legal persons and countries against which sanctions have been imposed. Accordingly, it denies access to the Binance platform to such parties”can be read in TASS in a statement given to a Russian news agency.
This is in line with Binance’s policy of complying with global sanctions against Russia and other sanctioned countries, which affects many users.
The platform is currently limiting the range of services available to existing Russian users to ensure the security of their digital assets. According to Binance itself, it is reevaluating its operations in the region.
The crypto exchange also explained that it is putting a lot of emphasis on developing its compliance framework: “Our goal is to create industry-leading compliance programs that can effectively work with regulatory bodies around the world”.
However, Binance does not only regulate its Russian users with a heavy hand, it also recently came up with serious regulations for its European customers, a real ban list.
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