In recent weeks, the European Union has continued tightening sanctions on Russia. The recent wave of sanctions has forced several crypto exchanges to stop offering services to Russian locals.
Binance Keeps Offering Services to Russians
Despite the sanctions being implemented by the European Union, the largest crypto exchange Binance has continued operating for the Russians.
The reports confirm that the Binance exchange has continued offering cryptocurrency services to Russian nationals who are non-sanctioned.
Although many have shared their concerns that the exchange has continued offering services to the Russian locals, it does not mean that the exchange is non-compliant.
The exchange is not at all involved in offering services to the sanctioned Russian entities. Instead, it is offering services to the Russian locals who are not included in the sanctions.
The statement has been made by the newly appointed executive at Binance who is dealing with sanctions.
Chagri Poyraz’s Comments
Chagri Poyraz made a statement in regard to the exchange’s strict compliance with the regulations. He specifically talked about how the exchange complies with the sanctions imposed by the EU.
The global head of sanctions talked about the challenges the exchange has been facing in regard to the western sanctions imposed against Russia.
The exchange is doing whatever it can to deal with the situation and stay vigilant in complying with the sanctions.
Poyraz stated that ever since the Russia-Ukraine conflict has begun, their exchange has blocked territories such as Luhansk and Donetsk.
These two regions are territories that are not controlled by the Ukrainian government. Therefore, they ceased to provide services to these particular areas.
War is Still Active
Poyraz stated that even though several months have passed, the war still remains active, and the situation is not getting resolved at all.
As the war is still ongoing, Binance is closely monitoring the situation to find any problems and act fast so it does not end up breaching any regulations.
The sanction head also stated that they have over 500 executives spread all across the globe who are dedicated to compliance.
More than half of these executives are directly dealing with sanctions control. Some of the major compliances they monitor include Anti-Money Laundering.
They are responsible for monitoring all other compliance-related matters including the screening processes that involve KYC.
Actions Taken by Other Exchanges
While Binance is trying to make sure it does not end up being unjust to the Russian nationals, multiple exchanges have already banned services to the locals.
These exchanges include Coinbase, Gemini, FTX, and many more, as they have stopped providing services following the sanctions imposed by the EU.