Binance Confirms Access Restrictions on Sanctioned Russian Users

Crypto exchange Binance says it is complying with international sanctions by denying sanctioned Russian individuals and entities access to its platform. “Compliance remains our top priority. We are deeply committed to our users and maintaining their trust in our platform. We constantly invest in our teams and systems to protect our users,” Binance claimed.

Binance Says It Complies With International Laws on Sanctions

Cryptocurrency exchange Binance says it is restricting access to its platform for Russian individuals and organizations that are under international sanctions. The company’s press office told Tass last week:

Binance sticks to global rules on sanctions and fully observes restrictions against individuals and legal entities and countries, against which international sanctions have been imposed, thus denying access to the Binance platform to such parties.

This aligns with Binance’s policy of adhering to global sanctions against Russia and other sanctioned nations, affecting a range of restricted users.

While the platform continues to provide limited services to existing Russian users to ensure the security of their digital assets, Binance explained that it is reassessing its operations in the region. The company stressed:

Compliance remains our top priority. We are deeply committed to our users and maintaining their trust in our platform. We constantly invest in our teams and systems to protect our users.

The exchange also underlined its dedication to developing compliance frameworks, noting: “Our goal is to create industry-leading compliance programs that effectively cooperate with legislative bodies across the world.”

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